2023-03-16 09:26:02 ET
Tech giant Baidu ( NASDAQ: BIDU ) shares fell more than 5% during Thursday's premarket session after the company disappointed investors by introducing a ChatGPT-like AI chatbot in a pre-recorded video rather than a live demonstration.
The company's CEO Robin Li stressed that the "Ernie bot" AI chatbot has drawbacks of its own if it was used frequently. Yet he pointed out that 550 billion facts were used to train the model.
Robin Li, Baidu Co-founder, Chairman and CEO said: “Baidu envisions a future where we join forces with all to drive the evolution of AI, empowering every individual with access to state-of-the-art productivity tools and ensuring that the benefits of these advancements are shared by all.”
As per the company, 30,000 business clients signed up for access to the chatbot's waitlist within an hour of the Ernie bot's introduction.
The company disclosed that more than 650 businesses have joined the ERNIE Bot ecosystem since February.
Earlier this week, Microsoft ( MSFT ) backed OpenAI introduced GPT-4, which claims to beat most people's SAT scores.
The bot's initial public release was made available for free in November, and access to GPT-4 features costs $20 per month.
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Chinese search giant Baidu's shares tanks after its ChatGPT rival 'Ernie bot' disappoints at launch