.China's biggest search engine operator, reported an 80% plunge in quarterly profit. This could be due to a slump in advertising revenue, with China's efforts to regulate medical beauty advertisements, which have also hit the advertising industry overall.
Still, with a recent slowdown in the pace of new regulatory missives that has stoked market optimism, investors will watch closely for clues on whether the worst is over and executives.
On the other hand, Baidu has recently taken the wraps off a “robocar,” an autonomous vehicle with doors that open up like wings and a big screen inside for entertainment. It is a prototype and the company gave no word on whether it would be mass-produced.
Baidu has also been running so-called robotaxi services in some cities including Guangzhou and Beijing where users can hail an autonomous taxi via the company’s Apollo Go app in a limited area. On Wednesday, Baidu rebranded that app to “Luobo Kuaipao” as it looks to roll out robotaxis on a mass scale.
It’s unclear how Baidu will price the robotaxi service.
In June, Baidu had announced a partnership with state-owned automaker BAIC Group to build 1,000 driverless cars over the next three years and eventually commercialize a robotaxi service across China.
Baidu also announced four new pieces of hardware, including a smart screen and a TV equipped with Xiaodu, the company’s AI voice assistant. Xiaodu is another growth initiative for the company.
Semiconductors and artificial intelligence are two key technologiesin which China is hoping to boost its expertise and strength. Baidu’s rivals likeAlibabaandTencenthave both invested in semiconductors.
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