What's Happening With Baidu's Shares On Friday?
Baidu Inc. (NASDAQ:BIDU) shares are trading higher in premarket today.
The tech company unveiled an upgraded version of its AI model, Ernie 4.0 Turbo, on Friday as part of its strategy to stay competitive in China’s rapidly evolving AI market.
The launch follows the release of Ernie 4 in October 2023, which Baidu claimed was on par with OpenAI’s GPT-4 in terms of capabilities, reported Reuters.
The new model will be available to the public through web and mobile app interfaces. Developers can integrate the technology through Baidu’s Qianfan AI platform, Wang Haifeng, Baidu’s Chief Technology Officer, stated at a corporate event.
Since its launch, Ernie has amassed 300 million users. Baidu also announced enhancements to its PaddlePaddle AI ecosystem, which now supports 14.65 million developers and serves 370,000 businesses and institutions.
Also Read: OpenAI’s China Exit Sets Stage For Local AI Surge With Baidu, Alibaba As Potential Gainers
OpenAI recently announced it would block access to its API from China and other countries starting July 9.
This decision is likely to impact many Chinese startups that rely on OpenAI’s technology. In response, Baidu, Alibaba Group Holding Ltd. (NYSE:BABA), and other domestic AI firms have launched initiatives to attract these users by offering free migration services and incentives.
The upgraded Ernie 4.0 Turbo aims to provide users with a powerful AI tool that can rival international counterparts.
Baidu stock has lost more than 38% in the last 12 months. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Global X Social Media ETF (NASDAQ:SOCL).
Price Action: BIDU shares are trading higher by 0.42% at $87.40 in premarket at last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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