Chinese tech giant Baidu
saw its shares in Hong Kong soar nearly 16% on Wednesday as it increasingly focuses on its artificial intelligence-related business that has also led to a ratings upgrade.
Shares in the Beijing-based firm, which holds a dominant position in China’s search engine market, had gained nearly 8% overnight in U.S. trading.
The strong stock performance came after equity research firm Arete Research Services lifted its rating on Baidu’s American depositary receipts to buy from sell, based on a positive outlook for its AI chip and cloud-computing revenue.
Baidu has been aggressively trying to grow AI-related chip and computing business, which supports its popular large language model and AI chatbot Ernie Bot.
