Baidu Stock Rallies Even as Doubt Grow Over ChatGPT Rival Ernie … – Bloomberg
Baidu Inc.’s market-beating stock rally this year has held up even in the face of the company’s underwhelming demonstration of its ChatGPT-like bot. Traders increasingly are betting that the gains won’t last.
Shares of the Chinese search engine behemoth stumbled only briefly last month when the launch of its Ernie Bot turned out to be pre-recorded, disappointing investors, and again last week when the company postponed a press briefing to demonstrate integration with cloud computing services.
Yet traders are starting to increase their bets on near-term downside. They’ve sold short about 2% of the free float of its American depositary receipts, according to data from S&P Global Market Intelligence, the highest since November. In Hong Kong, the total open interest of put contracts is near a record. The mania for all things AI has gone too far, given that Baidu is unlikely to make money from it any time soon, skeptics say. It’s a worry similar to chip supplier Nvidia Corp.’s recent…
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source: https://news.oneseocompany.com/2023/04/02/baidu-stock-rallies-even-as-doubt-grow-over-chatgpt-rival-ernie-bloomberg_2023040242948.html
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