Baidu’s $23 billion rally may see boost on ChatGPT rival launch

News Snapshot:

China’s leading internet search provider Baidu Inc. may get a fresh tailwind from the sooner-than-expected launch of its ChatGPT-like Ernie Bot, reigniting a rally that boosted its market valuation by $23 billion from last year’s trough. Most Read from Bloomberg Baidu made its artificial intelligence service available to the public last Thursday, capping a two-week surge in its US-listed stock after the company’s surprisingly strong quarterly results. While China approved several firms’ services, Ernie Bot quickly attracted 1 million users and surged to the top of the nation’s app rankings. “For Baidu, this is undoubtedly a positive surprise, with market...