Baidu shares tank after ChatGPT rival Ernie Bot a flop at launch party

The stock tumble shaved over $3 billion off the Chinese search engine giant’s market valuation.

China’s Baidu unveiled its much-awaited artificial intelligence-powered chatbot known as Ernie Bot on Thursday, but disappointed investors with its use of pre-recorded videos and the lack of a public launch, sending its shares tumbling.

, which took the world by storm after showcasing the power of so-called generative AI, which can create new text, imagery and other content based on inputs from past data. Baidu did not immediately respond to a request for comment on the share drop but after the presentation published a statement saying that over 30,000 corporate users had applied to test the API of Ernie Bot’s business-facing edition and that traffic on Baidu’s cloud website soared.

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