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Baidu Soars After Analysts Give Ernie a Thumbs-Up After Test-Run

Published 03/16/2023, 09:41 PM
Updated 03/16/2023, 10:00 PM
&copy Bloomberg. Robin Li, chairman and chief executive officer of Baidu Inc., during the launch event for the company's Earnie Bot on March 16.

(Bloomberg) -- Baidu Inc (NASDAQ:BIDU). surged almost 9% Friday after brokerages including Citigroup (NYSE:C) tested the company’s just-unveiled ChatGPT-like service and granted it their preliminary approval.

In a meeting on Thursday, Citigroup put “Ernie Bot” through its paces and found that, while it wasn’t perfect, it could answer most complicated or absurd questions put forward, analysts including Alicia Yap wrote.

Baidu’s leap reverses a 6.4% loss on Thursday after founder Robin Li debuted China’s answer to ChatGPT via recorded video, disappointing investors hoping for a real-time demo of the country’s highest-profile entry in a race to dominate the technology.

Some of the questions posed in Baidu’s videos appeared rudimentary and addressable by typical search engines, such as: “Which part of China does the Three Body Problem author come from?” Many users took to Chinese social media to poke fun at the event, with one user calling it a “low-energy” debut.

Citi, Jefferies Positive on Baidu After AI Bot Demo: Street Wrap

©2023 Bloomberg L.P.

 

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