China’s Baidu scraps showcase of ChatGPT rival, shares sink
Investing.com | Author Ambar Warrick
Published Mar 27, 2023 02:14AM ET
Updated Mar 27, 2023 02:28AM ET
By Ambar Warrick
Investing.com -- Chinese internet firm Baidu Inc (NASDAQ:BIDU) on Monday canceled a planned livestream for the launch of its artificial intelligence-driven ChatGPT rival “Ernie bot,” opting instead for closed-door meetings, which saw its Hong Kong shares tumble.
The search engine firm said in a statement on Monday that it had opted for closed-door meetings with companies that were testing the product, and had canceled a planned webcast. The firm said it was facing “strong demand” from 120,000 companies that had lined up to test the Ernie bot, and that it will hold multiple closed-door meetings to test the bot.
Baidu’s Hong Kong shares (HK:9888) fell as much as 5%, and were down 3.1% at HK$149.60 as trading resumed after the midday break. The broader Hang Seng index was down 0.9%.
Ernie bot, which is intended to rival the likes of OpenAI’s ChatGPT, saw a limited launch earlier this month to a somewhat mixed reaction from investors. Baidu’s shares had initially plummeted after the launch, which was a pre-recorded session with CEO Robin Li. But positive anecdotes from research firms that tested the bot triggered a delayed rally in Baidu’s shares.
Analysts say that China’s attempts to make an AI similar to ChatGPT are expected to be hampered by the country’s tight internet controls, which limit the amount of information available to chatbots.
But the Chinese government has outlined plans to support AI development, with Baidu’s regional rivals including Alibaba Group Holding Ltd (HK:9988), Tencent Holdings Ltd (HK:0700), and Huawei all working on their own versions of the technology.
Baidu had revealed plans for an artificial intelligence-driven chatbot earlier this year, amid the increasing popularity of generative AIs sparked by the launch of OpenAI’s ChatGPT. OpenAI is backed largely by Microsoft Corporation (NASDAQ:MSFT), which intends to refine and adopt the technology in its suite of office software.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.