Chinese tech stocks like Alibaba, Baidu, JD.Com dip due to Baidu's AI price war

From Benzinga: 2024-07-05 08:04:13

Chinese tech stocks, like Alibaba, Baidu, and JD.Com, dip as Baidu initiates AI rivalry with a price war. Baidu unveils Ernie 4.0 Turbo language model at 30 yuan per 1 million input tokens, increasing Ernie usage by 150%. Baidu competes with discounts against major tech firms, like OpenAI’s GPT-4 model.

Alibaba slashes AI service prices by up to 97%, prompting Baidu’s strategic pricing. Baidu aims for market advantage by offering innovative AI applications. BABA stocks down 0.62% at $75.09, BIDU down 1.23% at $88.95, JD down 1.60% at $26.44 in premarket trading on Friday. Disclaimer: AI tools assisted in producing this content.



Read more at Benzinga: What’s Going On With Chinese AI Stocks Alibaba, Baidu, JD On Friday? – Baidu (NASDAQ:BIDU)