Baidu (NASDAQ:BIDU); It is reported that it is preparing to introduce the highly anticipated artificial intelligence (AI) rival “Ernie Bot” next month against ChatGPT, which is supported by Microsoft (NASDAQ:MSFT) and developed by OpenAI.
According to China-based financial media outlet Securities Times, Baidu plans to hold a press conference at its headquarters in Beijing on March 16. The company’s CEO Robin Li and CTO Wang Haifeng are expected to attend the event.
Shares of the company soared earlier this month after Microsoft-backed an artificial intelligence project similar to ChatGPT was close to completing testing.
Li said, “Ernie Bot.… will improve the user experience and users will be much more dependent on us for all kinds of tasks and needs, thus significantly expanding the market size of search (engines).” said.
The stock gained even more after the internet company announced a new $5 billion share buyback last week and predicted better days to come in 2023.
“We believe we have a clear path forward to accelerate our revenue growth again in 2023, and we are now well positioned to seize the opportunities that China’s economic recovery presents,” said Robin Li, Co-Founder and Chief Executive Officer. said.
Baidu shares are up almost 22% year-to-date (YTD).