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☆ China's answer to ChatGPT? Baidu shares tumble as it unveils Ernie Bot
▼ + stars: | 2023-03-16 | by ( Eduardo Baptista | ) www.reuters.com time to read: +4 min

"For sure we cannot say that it's perfect," said Baidu CEO Robin Li, presenting Ernie Bot. But the limited presentation of Ernie Bot, restricted to brief, pre-recorded videos, failed to match market hopes and Baidu's Hong Kong-listed shares in the firm tumbled as much as 10% before clawing back some ground. Starting Thursday, Ernie Bot will be open to an initial group of users with invitation codes, and companies can apply to embed the bot into their products via Baidu's cloud platform. "Ernie Bot is not a tool of confrontation between China and the United States," he said. Chinese state media outlets and a Shaolin temple were among the first sign-ups to become Ernie Bot partners.

☆ Stocks making the biggest premarket moves: Credit Suisse, Snap, Adobe, PagerDuty & more
▼ + stars: | 2023-03-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading:Credit Suisse — U.S.-listed shares of Credit Suisse gained nearly 6% after the Swiss bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. Occidental Petroleum — Shares rose nearly 1% after Warren Buffett's Berkshire Hathaway bought another 7.9 million shares, totaling $466.7 million. Baidu — U.S. listed shares of Baidu sank nearly 6% after the Chinese tech company unveiled its ChatGPT alternative, Ernie bot. PagerDuty — Shares rallied nearly 6% after the digital operations management platform's earnings and revenue topped estimates for the fourth quarter. Adjusted earnings per share came in at 8 cents per share, versus the 2 cents expected, per Refinitiv.

The company's Ernie bot is based off its AI-driven deep learning model, Ernie - short for "Enhanced Representation through Knowledge Integration". During the presentation at Baidu's Beijing headquarters that was also livestreamed over nine platforms, Li cautioned it was not perfect. "After the release of ChatGPT, only Baidu has made a benchmark product among the major tech companies in the world," it said. "We continue to advise investors to patiently hold BIDU shares as the best 'national champion' play in China’s (semi-segregated) AI space," he said. "Ernie Bot is not a tool of confrontation between China and the United States," he said.

☆ Baidu shares drop to 8-week lows after company reveals ChatGPT rival
▼ + stars: | 2023-03-16 | 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. During a livestreamed release event, Baidu CEO Robin Li emphasized the company's product — called Ernie bot — is not perfect. Baidu is prioritizing initial Ernie bot access for what it calls 650 ecosystem business partners, which include some media companies, banks and car firms. Within an hour of the Ernie bot announcement, Baidu said 30,000 corporate clients had joined the waitlist for access to the chatbot. Baidu's Li said Ernie bot had similar issues if used enough, and that it wasn't perfect.

☆ Jim Cramer's top 10 things to watch in the stock market Thursday: Banks, Fed, TikTok and Amazon
▼ + stars: | 2023-03-16 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Shares of FRC drop roughly 30% in premarket trading despite the Swiss National Bank extending a lifeline to embattled Credit Suisse (CS). Susquehanna upgrades chipmaker and Club stock Qualcomm (QCOM) to buy. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ Meet China's latest AI news anchor, a young woman who runs virtual Q&A sessions to teach people propaganda
▼ + stars: | 2023-03-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Chinese state media outlet People's Daily has unveiled its digital news anchor, who'll be online 24/7. The anchor, a virtual young woman called Ren Xiaorong, introduced herself to Weibo, China's version of Twitter, in a video published on Sunday by state media People's Daily. Sporting a black jacket and shoulder-length hair tucked behind her ears, Ren claims to harness the professional skills of "thousands of news anchors." So far, however, the virtual anchor is no rival to ChatGPT. Ren now joins a small crowd of digital AI news anchors in China, the first of which debuted on state agency Xinhua in 2018.

☆ Baidu Hurries to Ready China’s First ChatGPT Equivalent Ahead of Launch
▼ + stars: | 2023-03-09 | by ( Raffaele Huang | Karen Hao | ) www.wsj.com time to read: 1 min

Baidu plans to roll out Ernie Bot in stages, first opening it up for public testing to a restricted pool of users. A week away from the March 16 launch of Baidu Inc.’s ChatGPT equivalent, employees at China’s biggest search-engine operator said they are racing to meet the deadline with the chatbot still struggling to perform some basic functions. To develop the artificial-intelligence-powered chatbot, dubbed Ernie Bot, hundreds of people have been working around the clock, people familiar with the project said. Other teams have been asked to lend their staff and their powerful computer chips, which Chinese companies can no longer buy because of U.S. sanctions, they said.

☆ Baidu Scrambles to Ready China’s First ChatGPT Equivalent Ahead of Launch
▼ + stars: | 2023-03-09 | by ( Raffaele Huang | Karen Hao | ) www.wsj.com time to read: 1 min

☆ Discount chains Ross, T.J. Maxx, and Burlington are planning to add more than 300 new stores. Here's why major retailers should be nervous about their growing off-price rivals.
▼ + stars: | 2023-03-08 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +5 min

Off-price chains are likely to get a boost in the months ahead as shoppers seek low prices. Ross Stores is planning to open 100 new locations this year, while T.J. Maxx plans 150 openings, and Burlington as many as 80. 2023 is looking like a strong year for off-price chains like Burlington Stores, Ross Stores and T.J. Maxx, as shoppers look to save money where they can. Off-price chains could benefit from retail closures and bankruptciesAs other retailers close swaths of stores nationwide, discounters are expanding. Paul Weaver/SOPA Images/LightRocket via Getty ImagesAnalysts see a banner year ahead for BurlingtonBurlington may be the smallest of the major off-price retailers, but it's poised to have a big year.

☆ How to invest in the ChatGPT-driven AI boom: Credit Suisse shares 6 stocks they're labeling as "top picks" as their exposure to AI development opens them up to new revenue streams
▼ + stars: | 2023-03-05 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Badri's price 12-month price target for shares of Microsoft is $285. The analysts said that growing AI use cases will help Taiwan Semiconductor Manufacturing Company and their high performance computing business, which has already doubled since 2016. Credit Suisse's 12-month price target for the stock is $330, which is upside of 16%. Chou has a price target of NT$1,100 for the stock, meaning 13.5% upside. Both Taiwan Semiconductor Manufacturing Company and Baidu are traded on US exchanges, while Accton and Wiwynn are traded in Taiwan.

☆ TJ Maxx says its assortment of discounted brands is better than ever thanks to store closures elsewhere. Here's how it keeps prices so low.
▼ + stars: | 2023-03-03 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +4 min

TJ Maxx sells products at 20% to 60% cheaper than department stores and retailers. TJ Maxx says its thriving because of this. A network of experienced buyersTech accessories on display at TJ Maxx. Buying in bulkThe massive selection of purses and handbags at TJ Maxx. Well-known brands like Ralph Lauren have been known to make items for TJ Maxx in the past, but pulled back in a bid to address worries about brand exclusivity.

☆ China appears to be pulling another U-turn, saying it'll promote the use of AI in daily life just days after reports it blocked ChatGPT
▼ + stars: | 2023-02-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China said it sees broad potential in the use of AI tech and wants to integrate it into daily life. But that's amid reports China — which controls information tightly — blocked access to ChatGPT. It now wants to integrate the tech into daily life, just days after reports emerged that it had blocked its citizens from accessing viral AI chatbot ChatGPT. Search engine giant Baidu — China's answer to Google — said on Wednesday it plans to launch its own AI chatbot Ernie Bot in March. "AI technology has reached a tipping point and all industries will inevitably go through transformation," Li said in the memo.

☆ 'Stubborn' food inflation leaves U.S. shoppers with slim appetite for other goods
▼ + stars: | 2023-02-23 | by ( Siddharth Cavale | ) www.reuters.com time to read: +4 min

Higher prices on food led to soft sales of electronics, toys, home and apparel in the most recent quarter at Walmart. McMillon said he believed inflation on dry groceries and items made for immediate consumption would remain high "for a while". "Food inflation has been the most stubborn of all the categories," Walmart's U.S. CEO John Furner said. Sharp sales declines in categories other than food are forcing retailers like Target (TGT.N) to slash prices on everything from toys to electronics. While groceries comprise 56% of Walmart sales, they make up about 20% of sales at Target, which depends more on home furnishings, apparel and beauty.

☆ Baidu's Ernie Bot chatbot has 'tremendous potential,' says investment research firm
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBaidu's Ernie Bot chatbot has 'tremendous potential,' says investment research firmJohn Freeman of CFRA Research discusses the firm's position on Baidu and the Chinese tech company's plan to implement the chatbot in March.

☆ Stocks making the biggest moves after hours: Block, Carvana, Boeing and more
▼ + stars: | 2023-02-23 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Carvana generated revenue of $2.84 billion, lower than the anticipated $3.1 billion. Block — The mobile payment stock climbed 6.5% after Block reported better-than-expected revenue in its fourth-quarter results. The company posted revenue of $4.65 billion, beating Refinitiv consensus estimates for $4.61 billion. However, Block missed estimates, posting adjusted earnings of 22 cents per share compared to expectations for 30 cents per share. The media and entertainment conglomerate reported a loss of 86 cents per share on revenue of $11.01 billion.

☆ Carvana’s losses widen as the used-car market stalls
▼ + stars: | 2023-02-23 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

Auto industry supply chain problems that decreased the supply of new cars led to dramatic increases in the price of Carvana’s product, used cars. Many of thoe issues have begun to resolve in the new car market and, consequently, used car prices have recently started to come down. The number of cars Carvana sold in the fourth quarter last year dropped 23% from a year earlier to about 87,000 while overall revenue declined 24%. For the full year, Carvana sold 3% fewer vehicles while revenue, at $13.6 billion, increased 6%. As the numbers of cars sold has dropped, though, the reductions haven’t yet been visible in per-vehicle profits, they said.

☆ Baidu says its alternative to ChatGPT is coming to the public in March
▼ + stars: | 2023-02-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

Sun Yilei | ReutersBEIJING — Chinese tech giant Baidu said Wednesday its artificial intelligence product Ernie bot is set to open to the public next month. "We will embed Ernie bot into Baidu search first and we'll open it to the public in March," Baidu CEO Robin Li said Wednesday during an earnings call, according to a FactSet transcript. Stock Chart Icon Stock chart icon Baidu 12-month share performanceDespite widespread assessments that ChatGPT is transformative for tech, businesses don't have a clear path to monetization yet. For Ernie bot, public partnership announcements include Baidu-backed video streaming platform iQiyi's plans for connecting to the bot for search and AI-generated content. Baidu-backed electric car startup Jidu — which is set to start deliveries this year — also said it plans to incorporate Ernie bot.

☆ T.J. Maxx and HomeGoods are reaping huge benefits from store closures and shopping slowdowns that are crushing other retailers
▼ + stars: | 2023-02-23 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

T.J. Maxx and HomeGoods are benefiting from the struggles other retailers are facing, parent company TJX says. Store closures and slowdowns mean there's more, better inventory for TJX brands to choose from. TJX is also seeing an influx of customers as competing brands close stores nationwide. Those struggles have led customers to flock to TJX chains, Herrman said. "We're attracting new customers, we're opening new stores, and we're likely to benefit from other home store closures," Herrman said.

Hong Kong CNN —Several popular Chinese apps have removed access to ChatGPT, the artificial intelligence chatbot that has taken the world by storm even as major Chinese tech companies race to develop their own equivalent. Two other apps, ChatgptAiAi and Chat AI Conversation, said their ChatGPT services went offline due to “relevant business changes” and policy changes. Meanwhile, Hanwang Technology and Beijing Deep Glint Technology, both developers of AI products and services, closed 10% and 5.5% lower respectively. Despite these concerns, the success of ChatGPT has spurred a global AI race. In the absence of foreign competition within the domestic market, Chinese tech companies have since grown into major international players — many of which are now revving their gears with an eye toward AI.

☆ Beijing mutes ChatGPT meme rally
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Feb 23 (Reuters Breakingviews) - The rally in Chinese stocks associated with conversational bots, a side-effect of the popularity of OpenAI’s ChatGPT, has been knocked sideways. Beijing has ordered big Chinese technology companies including Tencent (0700.HK) and Ant not to offer ChatGPT services on their platforms, the Nikkei reported citing people with direct knowledge. The latter’s Hong Kong shares surged 45% between the start of the year and early February, before falling by a fifth since. OpenAI, which is backed by Microsoft (MSFT.O), won’t let Chinese residents create ChatGPT accounts. Still, despite warm noises from Beijing about supporting technology companies, its politics still stifles innovation.

☆ China tech companies are closely watching ChatGPT's A.I. skills. Here's what they're doing
▼ + stars: | 2023-02-23 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Big tech companies in the U.S. and China rushed this month to announce they are working on similar AI tools. PingCap launched "Chat2Query" for customers outside China in January that uses a publicly available application programming interface from OpenAI. "We think the revolution may not be in AI search but in every business," he said in Mandarin, translated by CNBC. Transformative potentialFang said he was directly inspired by OpenAI's early version of ChatGPT tech in 2020. In contrast, he said generative AI tech can immediately provide value since it operates where users are already producing and consuming content.

☆ Baidu beats fourth-quarter revenue estimates, flags chatbot launch
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +3 min

Revenue for the quarter ended Dec. 31 came in at 33.08 billion yuan ($4.80 billion), inching past analysts' estimates of 32.01 billion yuan, according to Refinitiv data. Revenue from Baidu Core, which includes search-based ad sales, cloud offerings and its autonomous driving initiatives, fell 1% to 25.7 billion yuan. While non-online marketing revenue rose 11% to 7.6 billion yuan, driven by AI and cloud businesses, strict pandemic-related controls in China caused the company's online marketing revenue to drop 6% to 18.1 billion yuan in the reported quarter. A logo of Baidu is seen during the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, November 23, 2020. ($1 = 6.8963 Chinese yuan renminbi)Reporting by Yuvraj Malik in Bengaluru and Eduardo Baptista in Beijing; Editing by Devika Syamnath, Shounak Dasgupta and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Baidu beats fourth-quarter revenue estimates, announces $5 bln share buyback
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - China's Baidu Inc (9888.HK) beat revenue estimates for the fourth quarter on Wednesday, bolstered by strength in its advertising, cloud and artificial intelligence businesses, sending its U.S.-listed shares up 7% in premarket trading. Revenue for the quarter ended Dec. 31 came in at 33.08 billion yuan ($4.80 billion), inching past analysts' estimates of 32.01 billion yuan, according to Refinitiv data. Revenue from Baidu Core, which includes search-based ad sales, cloud offerings and its autonomous driving initiatives, fell 1% to 25.7 billion yuan. While non-online marketing revenue rose 11% to 7.6 billion yuan, driven by AI and cloud businesses, strict pandemic-related controls in China caused the company's online marketing revenue to drop 6% to 18.1 billion yuan in the reported quarter. Baidu stands as the best example of the long-term growth of China's AI market and is advancing at the forefront of this new wave," Li said.

☆ Baidu's ChatGPT-like app will revolutionise its search engine, says CEO
▼ + stars: | 2023-02-22 | by ( Eduardo Baptista | ) www.reuters.com time to read: +3 min

BEIJING, Feb 23 (Reuters) - China's Baidu Inc (9888.HK) will use its ChatGPT-like app Ernie Bot to create a "revolutionary" version of its popular search engine, the company's CEO said on Wednesday. Ahead of Ernie Bot’s launch in March, Baidu CEO Robin Li told reporters on a conference call to discuss fourth-quarter results that users would be more dependent on the Baidu search engine once it was embedded with the chatbot. He added that online advertising, the company's main source of revenue, would also be boosted by the integration of Ernie Bot into the search engine. Since early February, more than 400 companies have signed up to join the Ernie Bot community as early users of the app, Baidu has said. He also said Ernie Bot was "state of the art" among large AI-driven language models in terms of understanding China's language and culture.

☆ Chinese EV startup Jidu plans to use ChatGPT-like tech
▼ + stars: | 2023-02-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Visitors look at a Jidu Robo-01 electric SUV during the 20th Guangzhou International Automobile Exhibition at Canton Fair Complex on Dec. 30, 2022 in Guangzhou, China. BEIJING — Baidu's ChatGPT-like product is set to come to electric, assisted-driving cars, startup Jidu said Tuesday. Jidu, backed by Baidu and Geely , is using Baidu's Apollo system for the in-car user interface and assisted driving tech. The startup plans to deliver its first car this year. Jidu plans to use Apollo with Baidu's ChatGPT-like product, called Ernie bot in English, the startup said.

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