According to a Reuters report, Chinese tech giant, Baidu (NASDAQ: BIDU) is likely to establish a venture capital fund of 1 billion yuan or around $145 million. This fund aims to invest in start-ups that can contribute to the growth and development of AI applications across sectors.
Baidu will also launch a competition for developers to build applications off its ERNIE bot launched back in March or “integrate the model into their existing products.”
The report cited a study that around 80 organizations in China have launched their own large language models (LLMs) since 2020.
Analysts are bullish about BIDU stock with a Strong Buy consensus rating based on a unanimous 12 Buys.