Baidu: Since 2023, it has invested over 100 billion RMB in AI and will continue to increase its investment

Baidu (09888.HK) reported a 36% decline in Non-GAAP net profit for the third quarter to RMB 3.77 billion, still exceeding market expectations. According to domestic media reports, Baidu's Chief Financial Officer He Haijian stated that since the launch of Wenxin Yiyan in March 2023, Baidu's investment in the AI sector has exceeded RMB 100 billion, and it will continue to increase its investment in AI in the future.

He also mentioned that with the development of AI business, higher operational leverage is expected to be achieved. The company has advanced its streamlining and optimization efforts from three aspects, including forming a more streamlined and efficient asset base through optimization, ensuring capital efficiency, and continuously improving the utilization of AI infrastructure through dynamic allocation of computing power and optimization of internal processes.

The night before (18th), Baidu's U.S. stock (BIDU.US) rose 2.66%, closing at $117.14