Baidu (NASDAQ:BIDU) stock is in the news Monday as investors react to the news that the Chinese search engine company is developing an AI to rival ChatGPT.
According to insiders, Baidu is planning to release the ChatPGT rival in March. The first version will be a standalone release, but will eventually be integrated into the company’s online search engine. That includes results generated by the chatbot instead of just links when users look something up.
While Baidu is refusing to comment on the recent reports, we do know it’s been delving deeper into the AI market. It previously showed off three AIs focused on different tasks. That includes the ability to perform screenwriter, illustrator, editor, or animator duties.
What This Means for BIDU Stock
Companies are quickly heading down the AI pipeline as they seek more ways to generate content. In the case of Baidu, offering its own AI could result in more deals with other companies that increase its revenue.
An example of this is Buzzfeed (NASDAQ:BZFD) reportedly planning to use AI for content generation. This has it intending to work alongside OpenAI, which is the owner of ChatGPT. If Baidu can land similar deals, it could be a boon to BIDU stock.
BIDU stock is seeing a decent amount of trading today with around 3 million shares changing hands. That’s closing in on its daily average trading volume of about 3.2 million shares. Even so, the company’s stock is down slightly as of Monday morning.
Investors can check out all of the latest stock market news below!
We’ve got all of the hottest stock coverage traders need to know about on Monday! A few examples include what’s happening with shares of Philips (NYSE:PHG), Lucid Group (NASDAQ:LCID), and BigBear AI (NASDAQ:BBAI) stock. You can find more on these matters at the links below!
More Monday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
