SHANGHAI, May 31 (Reuters) - Chinese search giant Baidu Inc (9988.HK) will set up a venture capital fund of 1 billion yuan ($145 million) to back start-ups focused on content generated by artificial intelligence applications, it said on Wednesday.
The company will also launch a competition for developers to build applications off its ERNIE large language model (LLM) or integrate the model into their existing products, it added.
E-commerce giant Alibaba Group Holding Ltd (9988.HK) was among the other Chinese companies that followed quickly.
In response to the surge of LLMs, China published draft regulations in April on the use of generative AI.
($1=6.9121 Chinese yuan renminbi)Reporting by Josh Horwitz, Samuel Shen and Jason Xue; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
Persons:
Ernie Bot, Josh Horwitz, Samuel Shen, Jason Xue, Clarence Fernandez
Organizations:
Baidu Inc, HK, Baidu, Alibaba, Holding, Thomson
Locations:
SHANGHAI, China, United States