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☆ Baidu posts 3% drop in third-quarter revenues, beating market expectations
▼ + stars: | 2024-11-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

BEIJING — Chinese tech giant Baidu on Thursday posted a 3% annual drop in third-quarter revenue, nevertheless beating market expectations amid AI cloud growth. Baidu noted a 12% surge in its non-online marketing revenue to the equivalent of $1.1 billion, mainly driven by its artificial intelligence cloud business. Beijing-based Baidu operates one of the major web browser search engines in China, along with a frequently used maps app. Baidu has promoted its Ernie chatbot as a local alternative to OpenAI's ChatGPT, which isn't available in China. "AI Cloud continued to show healthy and sustainable development in the third quarter," he said in the earnings release.

Persons: Robin Li, Ernie, Baidu, Ernie chatbot, Li, Baidu hasn't, Rong Luo, Apollo Organizations: Baidu, CNBC Locations: BEIJING, U.S, Beijing, China

☆ Why the Biggest City in America Can’t Get Big Things Done
▼ + stars: | 2024-06-14 | by ( Dana Rubinstein | Emma G. Fitzsimmons | ) www.nytimes.com time to read: +1 min

With New York on the verge of becoming the first city in the nation to adopt congestion pricing, a sudden, familiar chill fell over the city last week, as another ambitious project was shelved. This time, it was Gov. Chris Christie of New Jersey. In the adjoining garbage bin lies other big development projects like a football stadium on Manhattan’s West Side and smaller initiatives with potentially outsize impact, like all-door bus boarding. For a place where change is the rule and unbridled ambition the guiding light, New York can be a remarkably hard place to get things done.

Persons: Kathy Hochul, Chris Christie Organizations: York, La Guardia Airport, Port Authority, Queens, Gov Locations: Staten Island, La, Brooklyn, Hudson, New Jersey, New York

☆ Elon Musk predicts smarter-than-humans AI in 2 years. The CEO of China's Baidu says it's 10 years away
▼ + stars: | 2024-05-23 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Chesnot | Getty ImagesPARIS — Robin Li, CEO of one of China's biggest tech firms Baidu , said artificial intelligence that is smarter than humans is more than 10 years away, even as industry staple Elon Musk predicts it will emerge very soon. Artificial general intelligence, or AGI, broadly relates to AI that is as smart or smarter than humans. Li, whose company Baidu is one of China's leading AI players, signals this isn't realistic. I think [it] is more than 10 years away," Li said during a talk on Wednesday at the VivaTech conference in Paris. "[My] fear is that is that AI technology is not improving fast enough.

Persons: Robin Li, Porte de Versailles, Musk, AGI, Sam Altman, Li, it's, Everyone's Organizations: Baidu, Viva Technology, Parc, Getty, PARIS, Elon Locations: Paris, France, Europe

☆ China's Baidu beats quarterly revenue estimates on ad recovery, cloud
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +1 min

China's Baidu beat analysts' estimates for first-quarter revenue on Thursday, driven by a recovery in advertising sales and higher demand for its AI-powered cloud products. The company, China's largest search engine provider, reported revenue of 31.51 billion yuan ($4.37 billion) for the three months ended March 31, compared to analysts' average estimate of 31.21 billion yuan as per LSEG data. "Baidu Core's online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter," said co-founder and CEO Robin Li in an earnings release. Revenue from Baidu Core, which includes its search-based ad sales, cloud offerings and autonomous driving initiatives, grew 4% to 23.8 billion yuan. Baidu reported adjusted net income of 7 billion yuan for the quarter, beating the analysts' average estimate of 5.57 billion yuan, according to LSEG data.

Persons: ERNIE Bot, Baidu, Robin Li Organizations: Baidu Locations: ZHEJIANG, CHINA

☆ Baidu releases new AI tools to promote application development
▼ + stars: | 2024-04-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Baidu's newly announced AI tools allow people with no coding knowledge to create generative AI-powered chatbots for specific functions, which can then be integrated in a website, Baidu search engine results or other online portals. watch nowThe basic Baidu tools are generally available to try for free, up until a certain usage limit, similar to some of Google's cloud and AI functions. Baidu this week also announced three new versions of its Ernie AI model — called "Speed," "Lite" and "Tiny" — that coders can selectively access, based on the complexity of the task. In a demonstration hall, Baidu business departments showed off how the AI tools could be integrated with virtual people doing livestreams, or directing search engine traffic to an AI-based interactive buying guide. Also on display was a humanoid robot developed by Shenzhen-based UBTech Robotics that used Baidu's Ernie AI model for understanding commands and reading written words.

Persons: Robin Li, Ernie bot, OpenAI, Ernie, Bo Du, Baidu, Buysmart.AI, Andy Qiu, That's, Qiu Organizations: Bloomberg, Getty Images, Baidu, CNBC, WestSummit Capital Management, Robotics Locations: Shenzhen, China, Getty Images SHENZHEN, Weibo, U.S

☆ Baidu says its ChatGPT-like Ernie bot exceeds 200 million users
▼ + stars: | 2024-04-16 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. Florence Lo | ReutersSHENZHEN — Baidu CEO Robin Li said Tuesday the company's ChatGPT-like Ernie bot has exceeded 200 million users. Li, who is also co-founder and chairman of Baidu, was delivering an opening speech titled "Everyone is a Developer" at Baidu's AI Create conference. Smartphone companies Samsung and Honor have integrated Ernie's AI capabilities with certain mobile devices. Li said in February that Baidu's AI chip reserve "enables us to continue enhancing Ernie for the next one or two years."

Persons: Florence Lo, Robin Li, Ernie, Li, Joe Tsai Organizations: Baidu, Reuters SHENZHEN, Samsung, Norges Bank Investment Management Locations: Beijing, China

☆ 8 things you need to know about EV startup founder William Li — known as China's version of Elon Musk
▼ + stars: | 2024-03-30 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +6 min

The Shanghai-based premium EV company was co-founded in 2014 by its CEO, William Li. William Li, also known as Bin Li, has been dubbed the "Elon Musk of China" for his push to develop self-driving EVs and his loyal fan base. He co-founded his first major company in his mid-twentiesBitauto, a car comparison website, was co-founded by Li in 2000. AdvertisementAnyone who purchases a Nio car can access "Nio Houses" equipped with meeting rooms, lounges, baristas, and supervised kids' play areas. To Li's dismay, Nio cars are not yet available for sale in the USLi has expressed dissatisfaction with the US tariffs on Chinese-made EVs.

Persons: William Li, Li, —, Bin Li, Elon, EVs, he's, Tesla, Zoey Zhang Li, Nio, Li livestreamed, HECTOR RETAMAL, ET7, ALY, Elon Musk Organizations: Service, REUTERS, Peking University, New York Stock Exchange, NYSE, CNBC, Reuters Locations: China, Shanghai, Anhui, Nio, Europe, Xiamen, Mexico

☆ Baidu revenue grows 6% in fourth quarter as AI and advertising boost business
▼ + stars: | 2024-02-28 | by ( ) www.cnbc.com time to read: +1 min

Baidu has launched a slew of AI applications after its Ernie chatbot received public approval. China's Baidu said fourth-quarter revenue rose 6%, helped by gains from its artificial intelligence applications and a growing advertising business. For the three months through December, the company reported revenue of 34.95 billion yuan ($4.92 billion), broadly in line with analysts' average estimate of 34.97 billion yuan, according to LSEG data. The company's adjusted net income rose by 44% to 7.76 billion yuan, compared with 5.37 billion yuan for the same period a year earlier, beating analysts' forecasts for 6.32 billion yuan. The company said ERNIE AI services have already started to contribute to Baidu's revenues.

Persons: Ernie chatbot, Baidu, ERNIE Bot, ERNIE, Robin Li Organizations: Baidu

☆ Passengers found a live snake in an overhead bin like a real-life 'Snakes on a Plane'
▼ + stars: | 2024-01-17 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +2 min

Read previewAn AirAsia Thailand flight from Bangkok to Phuket erupted into chaos after passengers discovered a live snake in an overhead luggage bin, according to CNN. A video appearing to be from the incident, shared by the Malaysian news outlet UtusanTV on TikTok, shows the small snake slithering above the overhead bin. In the video, a flight attendant can be seen trying to capture it with a water bottle, before switching to a garbage bag. AdvertisementTikTok users in the comments referred to the 2006 movie, "Snakes on a Plane," which starred Samuel L. Jackson and involved dozens of venomous snakes being released onto a passenger plane. Phol also told CNN that certain passengers were relocated from the area as a precautionary measure, and that the flight landed without incident.

Persons: —, Samuel L, Jackson, Phol Poompuang, Phol Organizations: Service, AirAsia, CNN, Business, Business Insider Locations: AirAsia Thailand, Bangkok, Phuket, Malaysian

☆ Baidu’s live streaming plans suffer as it calls off $3.6 billion Joyy deal
▼ + stars: | 2024-01-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Baidu’s bid to expand its live streaming business in China and diversify its revenue has suffered a blow with the collapse of a planned $3.6 billion acquisition. The Chinese tech giant announced Monday that one of its affiliate companies had terminated a 2020 agreement with Nasdaq-listed Joyy (YY), the owner of popular live streaming platform YY Live. Baidu CEO Robin Li said at the time that the acquisition would “catapult Baidu into a leading platform for live streaming and diversify our revenue source.”Like other live streaming platforms in China, YY Live makes money from users who buy virtual gifts for performers. Live streaming revenues fell by nearly 9% to $495.8 million. But as China’s economic outlook deteriorates, Beijing has shown signs of easing the crackdown, frequently talking up tech companies’ role in the economy.

Persons: London CNN —, ” Joyy, “, Robin Li, Joyy Organizations: London CNN, Nasdaq, Baidu, Hong Kong Stock Exchange, Big Tech Locations: China, , Beijing

☆ Chinese tech giant Baidu's shares rise 2% after revenue beat
▼ + stars: | 2023-11-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese tech giant Baidu reported Tuesday third-quarter revenue that beat expectations, although growth was slower than during the previous three months. Revenue grew by 6% year-on-year to 34.45 billion yuan ($4.72 billion) in the quarter that ended Sept. 30. Online marketing revenue at the search engine provider was up by 5% from a year ago, while non-online marketing revenue was 6% higher over the same period. It comes after revenue in the previous quarter surged 15% from a year ago, with online and non-online marketing revenue growing by double digits. "Baidu reported solid third-quarter financial results, demonstrating resilience in a challenging economic climate," Robin Li, Baidu CEO and co-founder of Baidu, said in a release.

Persons: Robin Li Organizations: Baidu, Revenue Locations: Beijing, China, BEIJING, U.S

☆ The Best Holiday Storage Solutions, According to Pro Organizers
▼ + stars: | 2023-11-16 | by ( Korin Miller | ) www.wsj.com time to read: +7 min

We asked professional organizers for the holiday storage solutions they use and suggest to clients when it’s that time of year. Brenna Peyton, owner and lead organizer of One Organized Girl, likes this tree storage bag for its durability and ease of use. “You simply wrap the wires around the storage and put it into a storage container to keep it in great shape for the following year,” she says. Best storage for holiday dishesHoliday-themed dinnerware is prone to breakage, making it important to get your storage right. Best general holiday storageIt’s difficult to have a designated storage container for every single holiday item.

Persons: Korin Miller, Brenna Peyton, ”, Naeemah Ford, ” Peyton, Peyton, Goldson, Goldston, “, Leigh Achenbach, “ They’re, Achenbach Organizations: Elm Locations: Balsam, West Elm

☆ Baidu CEO warns China's rush to develop AI models risks wasting resources
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

[1/2] Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. "A large language model itself is a basic foundation akin to an operating system, but ultimately developers need to rely on a limited number of large models to develop various native applications. Li said there are many large models in China, but AI applications developed based on large models are still very few. Baidu's own large language model, called Ernie, was opened to public use in August, joining other products that have received government approval for release. Last month, Baidu unveiled the newest version of its generative AI model Ernie 4.0, whose first version was first rolled out in March.

Persons: Florence, Robin Li, OpenAI, Li, Ernie, Yelin, Brenda Goh, Eduardo Baptista, Kim Coghill Organizations: Baidu, REUTERS, Rights, HK, Thomson Locations: Beijing, China, Rights BEIJING, Shenzhen, Yelin Mo, Shanghai

☆ Baidu's newest AI model Ernie 4.0 fails to wow investors, but analysts maintain 'buy' ratings
▼ + stars: | 2023-10-18 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

ZHEJIANG, CHINA - MARCH 16 2023: A view of the logo of ERNIE Bot, an AI chatbot service developed by Chinese search engine Baidu, March 16, 2023. Analysts are bullish on Chinese tech giant Baidu's latest version of its generative artificial intelligence model, Ernie 4.0, but investors did not react positively to the development. "We came away positively following the announcement of several new products including the official debut of Ernie 4.0," said Citi analysts in a report, after Baidu announced a "significantly improved" version of Ernie 4.0 on Tuesday. The Chinese tech giant claimed Ernie 4.0′s capabilities are on par with those of ChatGPT maker OpenAI's GPT-4 model. "It has been significantly improved compared to the online version of Ernie bot and now it is not inferior to GPT-4," Li told an audience of analysts, investors and journalists.

Persons: ERNIE Bot, Ernie, Robin Li, Li, Jefferies, OpenAI's, Ernie bot Organizations: Baidu, Citi Locations: ZHEJIANG, CHINA

The logo of Baidu's AI chatbot Ernie Bot is displayed near a screen showing the Baidu logo, in this illustration picture taken June 28, 2023. REUTERS/Florence Lo/Illustration Acquire Licensing RightsBEIJING, Oct 17 (Reuters) - Chinese technology giant Baidu (9888.HK) on Tuesday unveiled the newest version of its generative artificial intelligence (AI) model, Ernie 4.0, saying its capabilities were on par with those of ChatGPT maker OpenAI's pioneering GPT-4 model. He also showed Ernie 4.0 creating advertising posters and videos. Baidu, owner of China's largest internet search engine, is at the forefront of AI models in China amid a global craze over the technology sparked by the introduction of ChatGPT last year. In August, Baidu was among a number of firms to receive government approval to release AI products to the public.

Persons: Ernie Bot, Florence Lo, Ernie, Robin Li, ChatGPT, Baidu, Yelin Mo, Eduardo Baptista, Brenda Goh, Christopher Cushing Organizations: Baidu, REUTERS, Rights, HK, Thomson Locations: Rights BEIJING, Beijing, China, United States

☆ Chinese tech giant Baidu says its latest update to ChatGPT rival Ernie is 'not inferior in any respect' to GPT-4
▼ + stars: | 2023-10-17 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Chinese search giant Baidu has unveiled the latest version of its Ernie generative AI model. The company says that it is a match for GPT-4, the large language model behind OpenAI's ChatGPT AI. AdvertisementAdvertisementChinese AI companies are racing to match ChatGPT — and now, one says it has a chatbot that can go toe-to-toe with OpenAI's GPT-4 model. The chatbot is now also able to provide video and audio responses — unlike OpenAI's GPT-4, which currently only generates text responses. "Ernie is not inferior in any respect to GPT-4," said Li, in comments reported by Bloomberg .

Persons: —, ChatGPT —, OpenAI's, Ernie, Robin Li, Li Organizations: Baidu, GPT, Service, Bloomberg, Microsoft, US Locations: Beijing, China, Taiwan

☆ Baidu says its AI is in the same league as GPT-4
▼ + stars: | 2023-10-17 | by ( Michelle Toh | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Chinese tech giant Baidu is officially taking on GPT-4. The new ERNIE Bot “is not inferior in any aspect to GPT-4,” Baidu’s billionaire CEO, Robin Li, told an audience at its annual flagship event. Baidu CEO Robin Li announcing an upgrade of ERNIE Bot, its generative AI chatbot. Baidu (BIDU) has been a frontrunner in China in the race to capitalize on the excitement around generative AI, the technology that underpins systems such as ChatGPT or its successor, GPT-4. The Chinese company also announced Tuesday it had updated its suite of services to integrate the latest upgrades from ERNIE.

Persons: ERNIE, ERNIE Bot “, ”, Robin Li, Li, ERNIE Bot, “, Charlie Dai, Forrester, Baidu, I’m, Goldman Sachs, Dai, JD Cloud Organizations: Hong Kong CNN, Baidu, CNN, Huawei, JD Locations: China, Hong Kong, Beijing, United States

☆ China's AI 'war of a hundred models' heads for a shakeout
▼ + stars: | 2023-09-21 | by ( Josh Ye | ) www.reuters.com time to read: +5 min

Additionally, companies have also announced dozens of "industry-specific LLMs" that link to their core model. However, investors and analysts say that most were yet to find viable business models, were too similar to each other and were now grappling with surging costs. Several other big name entrepreneurs and tech executives are behind new Chinese AI startups, such as Google China's former chief Kai-Fu Lee and Yan Juejie, a former vice-president of SenseTime (0020.HK). Others said that China's largest tech companies Alibaba, Tencent and Baidu ultimately had the biggest headstart and deep pockets to succeed, given their large user bases and wide range of services. For instance, they could easily offer generative AI services as an additional plug-in to their cloud users.

Persons: Baidu's, Robin Li, Ernie Bot, Tingshu Wang, OpenAI's, Esme Pau, Pau, Yuan Hongwei, Meta, Baichuan, Wang Xiaochuan, China's, Wang, Yuan, Kai, Fu Lee, Yan Juejie, SenseTime, Tony Tung, Tung, Josh Ye, Brenda Goh, Sam Holmes Organizations: Baidu, REUTERS, HK, Huawei, Nvidia, China, Macquarie Group, Y, Baichuan Intelligence, Inc, Sogou, Google, Partners, Thomson Locations: Beijing, China, HONG KONG, Alibaba, United States, Washington, Shenzhen

☆ Baidu CEO says more than 70 large AI language models released in China
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 5 (Reuters) - More than 70 large artificial intelligence language models with over 1 billion parameters have been released in China, Baidu Inc (9888.HK) CEO Robin Li told an industry event in Beijing on Tuesday. Baidu joins several other Chinese companies that launched AI chatbots last week after securing regulatory approval for mass market releases. These include facial recognition firm SenseTime (0020.HK) and AI startups Baichuan Intelligent Technology, Zhipu AI, and MiniMax. Li said the latest version of Baidu's AI chatbot, Ernie 3.5, has processing speed twice that of the previous version with 50% improved efficiency.

Persons: Aly, Robin Li, Baidu, Li, Ernie, Yelin Mo, Brenda Goh, Muralikumar Organizations: Artificial Intelligence, REUTERS, Rights, Baidu Inc, HK, Technology, Baidu, Thomson Locations: Shanghai, China, Rights BEIJING, Beijing

☆ Baidu gets China's green light to release its ChatGPT-like Ernie bot to the public
▼ + stars: | 2023-08-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

In this article BIDU Follow your favorite stocks CREATE FREE ACCOUNTPictured here is the Ernie bot mobile interface, with the Baidu search engine home page in the background. Future Publishing | Future Publishing | Getty ImagesBEIJING — Chinese tech giant Baidu announced Thursday its ChatGPT-like Ernie bot was now open to the public at large. Baidu released Ernie bot on March 16. At the time, Li said the company was "still waiting for the green light for large-scale rollout of Ernie bot for use in consumer facing apps." Last week, Opera web browser parent Kunlun Tech released to the public an AI-powered chatbot and search engine called Tiangong AI search.

Persons: Ernie, Baidu, OpenAI's ChatGPT, ChatGPT isn't, China's, Robin Li, Li, Tiangong, Ernie bot Organizations: Ernie, Baidu, Publishing, Getty, CNBC, Google, Facebook, Tech, Microsoft, Bank of America Locations: BEIJING, Beijing, China

☆ Baidu, SenseTime stocks rise from launch of ChatGPT-style AI bots to the public
▼ + stars: | 2023-08-31 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Chinese tech firms Baidu and SenseTime launched their ChatGPT-style AI bots to the public on Thursday, marking a new milestone in the global AI race. The news sent its shares 3.1% higher in New York on Wednesday and 4.7% higher in Hong Kong on Thursday. Meanwhile, SenseTime, an AI startup based in Hong Kong, also announced the public launch of its SenseChat platform on Thursday. China published new rules on generative AI in July, becoming one of the world’s first countries to regulate the industry. Since then, competitors such as Alibaba (BABA) and SenseTime have announced plans to launch their own ChatGPT-style tools, adding to the list of Chinese businesses jumping on the bandwagon.

Persons: SenseTime, ERNIE Bot, ERNIE, Alibaba, ”, Robin Li Organizations: Hong Kong CNN, Baidu, CNN, Alphabet’s Google Locations: Hong Kong, New York, China, United States

☆ Nio reports wider second-quarter loss amid China slowdown and product line revamp
▼ + stars: | 2023-08-29 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Revenue: 8.77 billion yuan ($1.21 billion), vs. 9.25 billion yuan expected. 8.77 billion yuan ($1.21 billion), vs. 9.25 billion yuan expected. On a GAAP basis, the company reported a net loss of $835.1 million, or 51 cents per share. A year ago, Nio reported a net loss of 2.76 billion yuan, or 1.68 yuan per share, on revenue of 10.29 billion yuan. Nio's gross margin on vehicles for the second quarter was 6.2% in the second quarter, down from 16.7% a year ago but up from 5.1% in the first quarter of 2023.

Persons: Nio's ET5, Nio, William Bin Li Organizations: Central China International, Refinitiv . Locations: Wuhan, China, Abu Dhabi

☆ Baidu beats quarterly revenue estimates on strong advertising
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Baidu sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsAug 22 (Reuters) - Chinese search engine and artificial intelligence company Baidu Inc (9888.HK) beat second-quarter revenue estimates on Tuesday, helped by strength in advertising. Baidu has also been promoting its generative artificial intelligence (AI) large language model (LLM) tool, Ernie, to jump on the AI bandwagon — a trend that has caught the attention of investors and consumers. The company's revenue for the quarter ended June 30 was 34.06 billion yuan ($4.67 billion), compared with analysts' average estimate of 33.28 billion yuan, according to Refinitiv data. ($1 = 7.2928 Chinese yuan renminbi)Reporting by Akash Sriram in Bengaluru and Brenda Goh in Shanghai; Editing by Shilpi Majumdar, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Ernie, Robin Li, Baidu's, Akash Sriram, Brenda Goh, Shilpi Majumdar, Kirsten Donovan Organizations: Baidu, Artificial Intelligence, REUTERS, Baidu Inc, HK, Thomson Locations: Shanghai, China, U.S, Bengaluru

☆ China's Baidu reports 15% revenue growth, beating expectations
▼ + stars: | 2023-08-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese tech company Baidu on Tuesday reported better-than-expected revenue, up by 15% year-on-year in the second quarter and bolstered by growth in advertising. This was the fastest quarterly year-on-year growth pace in two years, according to Refinitiv data. Here's how Baidu did in the June quarter versus Refinitiv consensus estimates:Revenue: 34.1 billion yuan ($4.7 billion) versus 33.28 billion yuan expected. Within Baidu's core businesses, online marketing revenue rose by 15% to 19.6 billion yuan in the second quarter, and non-online marketing revenue added 12% to 6.8 billion yuan. Earnings per American Depositary Share on a non-GAAP basis were 22.55 yuan, versus 15.79 yuan in the year-ago period.

Persons: Robin Li Organizations: Baidu Locations: Beijing, BEIJING, U.S

“In the age of AI, where data is the new oil, China is the new Saudi Arabia”, venture capitalist Lee Kai-fu declared in 2018. Washington may soon tighten export restrictions to China by targeting AI semiconductors, according to the Wall Street Journal. A slowing economy and brutal price war in the fiercely competitive cloud market will only make monetising AI products harder. China’s AI moment has arrived, only with far less promise than initially hoped. China wants to become a world leader in AI by 2030, according to a 2017 roadmap released by the State Council.

Persons: Lee Kai, OpenAI's, Xi Jinping, Goldman Sachs, Robin Li, Baidu’s, Bernstein, SenseTime, Xi, Una Galani, Thomas Shum Organizations: Reuters, Saudi Arabia ”, OpenAI's ChatGPT, European Union, Baidu, HK, Nasdaq, Washington, Wall Street, Nvidia, AMD, Microsoft, CloudWalk Technology, Cyberspace Administration, China, State, Thomson Locations: HONG KONG, China, Republic, Saudi Arabia, United States, Beijing, York, Shanghai

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