Why Is Baidu Stock Trading Higher Today?
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Baidu's stock rose 3.38% to $154.74 as its Ernie AI assistant surpassed 200 million users, reflecting significant growth in AI adoption. The company is also preparing for a Hong Kong IPO of its Kunlunxin chip unit, aiming to raise up to $2 billion. This strategic move is seen as essential for enhancing funding and accountability in the face of increasing competition and export restrictions on AI technology. Analysts predict substantial growth in Baidu's chip revenue, with projections of a sixfold increase by 2026.
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