China’s tech major, Baidu (NASDAQ:BIDU), has unveiled multiple new artificial intelligence-based applications. This development comes fresh on the heels of its Ernie bot gaining regulatory approval for a mass rollout in China.
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The company’s newest product introductions include WPS AI, a word processing solution with AI integrations, as well as AI-powered products for traffic management and financial research.
Furthermore, its cloud platform for AI models, Qianfan, is currently being actively used by about 10,000 businesses every month.
Chinese AI Competitors
OpenAI’s ChatGPT is currently not available in China, and major tech names in the country are swooping in to tap into the AI trend. Recently, Alibaba (NYSE:BABA) introduced two new AI models that can comprehend images and execute complex conversations. These models are expected to enable researchers and companies to create AI applications without the need to train their own systems.
Overall, the Street has a consensus price target of $185.07 for Baidu, along with a Strong Buy consensus rating. Shares of the company have trended nearly 23% higher for the year so far.
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