Baidu Is Setting Up a Venture-Capital Fund to Back Chinese AI: Report [MarketWatch]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: MarketWatch
The company often referred to as China's Google is hoping to make its own technology the base of the country's AI ecosystem. Baidu (ticker: BIDU) has put aside 1 billion yuan, or $140 million, to back products built upon its own ERNIE AI model, Bloomberg reported, citing a company statement. The move looks like an effort to place Baidu at the heart of future Chinese AI development, as the search company faces challenges from local rivals Alibaba (BABA) and Tencent (TCEHY). Baidu launched its ERNIE Bot generative AI product earlier this year, marking the first major Chinese response to tools such as ChatGPT. Baidu's American depositary receipts were down 1.0% in premarket trading but were up 8.1% this year so far through to Tuesday's close. AI development in China is likely to be conditioned by government restrictions . While that could hold back development of generative AI tools, it could strengthen Baidu's hand as a platform on which to safely build products. Baidu also ha
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