Baidu’s $23 Billion Rally May See Boost on ChatGPT Rival Launch
- Company’s release of Ernie Bot was earlier than expected
- ‘Undoubtedly a positive surprise,’ Bernstein analyst Van says
Robin Li, chairman and chief executive officer of Baidu, at the launch event for the company's Ernie Bot in March 2023.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s leading internet search provider Baidu Inc. may get a fresh tailwind from the sooner-than-expected launch of its ChatGPT-like Ernie Bot, reigniting a rally that boosted its market valuation by $23 billion from last year’s trough.
Baidu made its artificial intelligence service available to the public last Thursday, capping a two-week surge in its US-listed stock after the company’s surprisingly strong quarterly results. While China approved several firms’ services, Ernie Bot quickly attracted 1 million users and surged to the top of the nation’s app rankings.