- Baidu ( NASDAQ: BIDU ) shares rose nearly 8% in premarket trading on Wednesday as asset manager Blackrock ( BLK ) disclosed that it had increased its stake in the Chinese tech company.
- According to a 13-G filing, Blackrock ( BLK ), which has roughly $10T in assets under management, disclosed that it had raised its passive stake in the company to 6.6% as of the last quarter, up from a previous ownership stake of 3.5%.
- Several other Chinese technology firms rose on back of the disclosure, including Alibaba ( BABA ), JD.com ( JD ) and Pinduoduo ( PDD ).
- Last month, it was reported that Baidu ( BIDU ) is getting ready to unveil an artificial intelligence chatbot service similar to OpenAI’s ChatGPT .
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Baidu pops as Blackrock increases stake in Chinese tech firm