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Baidu (NASDAQ:BIDU) is reportedly preparing to unveil ‘Ernie Bot’, its much anticipated artificial intelligence (AI) rival to Microsoft (NASDAQ:MSFT) backed, OpenAI-developed ChatGPT, next month.
According to the China-based financial media outlet Securities Times, Baidu is planning to hold a press conference at the Beijing headquarters on March 16. The company’s CEO Robin Li and CTO Wang Haifeng are expected to attend the event.
Shares of the company raced higher earlier this month after the company announced it is close to completing tests of an AI project akin to Microsoft-backed ChatGPT.
“Ernie Bot will … enhance the user experience and users will be much more dependent on us for all kinds of tasks and needs, therefore, significantly expand the market size of search (engines),” Li said.
The stock received a further boost last week after the Internet business announced a new $5 billion stock buyback and forecast better times ahead in 2023.
“In 2023, we believe we have a clear path to reaccelerate our revenue growth, and we are now well positioned to make use of the opportunities that China’s economic recovery offers us,” Co-founder and Chief Executive Robin Li said in a statement.
Baidu shares are up almost 22% year-to-date (YTD).
