2023-03-27 14:35:16 ET
Baidu ( NASDAQ: BIDU ) shares stumbled more than 2% Monday as the Chinese Internet search giant cancelled an event planned to show off it AI rival technology to OpenAI's ChatGPT.
Baidu ( BIDU ) had planned unveil its Ernie Bot, which would integrate artificial intelligence with its ( BIDU ) cloud services. However, Baidu ( BIDU ), just before the Ernie Bot debuts was set to start, the company said it would instead hold a "closed-door communications meeting" for some of the technology's potential corporate users. According to a report in the South China Morning Post , Baidu ( BIDU ) said it make the change in order to "help clients make better use of the Ernie Bot cloud services."
The company initially showed off the Ernie Bot on March 16, but has only made it available in a modified beta test to a few individual customers. The South China Morning Post said that Baidu's ( BIDU ) business customers are still waiting to receive an application programming interface it order to begin using Ernie Bot.
Baidu ( BIDU ) rivals such as Alibaba ( BABA ) and Tencent Holdings have also said they plan on entering the AI market with technologies that are similar to ChatGPT.
Earlier this month, Baidu ( BIDU ) received the first license in China to provide a fully driverless ride-hailing service .
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Baidu cancels AI event to show off its Ernie Bot technology