120.55 0.00 (0.00%)
After hours: 7:27PM EDT
|Bid||119.01 x 900|
|Ask||120.99 x 800|
|Day's Range||119.05 - 121.29|
|52 Week Range||82.00 - 147.38|
|Beta (5Y Monthly)||1.45|
|PE Ratio (TTM)||9.39|
|Earnings Date||Aug 17, 2020 - Aug 21, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||144.01|
In the latest trading session, Baidu Inc. (BIDU) closed at $118, marking a -1.52% move from the previous day.
(Bloomberg) -- The leaders of Alphabet Inc., Apple Inc. Facebook Inc. and Amazon.com Inc. defended themselves in Congress on Wednesday against allegations that their companies have broken antitrust rules and need to be reined in.Unlike previous hearings, most of the politicians came armed with tough, focused questions, backed up by a mountain of subpoenaed documents and other information gathered in a yearlong investigation.The event featured some of the typical beltway grandstanding. But there were also moments when lawmakers forced executives to concede new information, some of which could be used to rewrite aging U.S. competition law for the digital age.“There were a lot of members of the committee who had really engaged with a lot of the competition problems and had turned up some pretty damning information,” said Rebecca Allensworth, a professor at Vanderbilt Law School.Here’s a rundown of the most critical moments:FacebookFacebook Chief Executive Officer Mark Zuckerberg had the toughest time as politicians repeatedly cited internal documents to show how the social network has either copied or simply acquired competitors that threatened to compete.Representative Jerrold Nadler, a Democrat from New York, cited an email between Zuckerberg and then CFO David Ebersman, where Zuckerberg said acquiring an app like Instagram would buy the company time “before anyone can get close to their scale again.”Zuckerberg conceded that he saw Instagram “both as a competitor and as a complement to our services,” but noted that the Federal Trade Commission approved the deal back in 2012. Nadler dismissed that argument, saying the Instagram acquisition was “exactly the type of anticompetitive acquisition that antitrust laws were intended to prevent.”Representative Pramila Jayapal, a Democrat from Washington state, also pressed Zuckerberg on the company’s strategy of copying competitor features. “We’ve certainly adapted features that others have led in,” Zuckerberg said.What about copying a company while simultaneously trying to acquire them? Jayapal asked. When Zuckerberg replied, “not that I recall,” Jayapal reminded him that he was under oath. Zuckerberg once threatened Snap Inc. CEO Evan Spiegel that he would copy his app after Spiegel rejected Facebook’s acquisition attempts.Instagram co-founder Kevin Systrom also feared that Zuckerberg might try to destroy his app if he rejected the CEO’s overtures, documents show. After one of Systrom’s investors told him Zuckerberg was interested in buying Instagram in early 2012, Systrom asked if Zuckerberg “would go into destroy mode if I say no?” The investor, a former Facebook executive, replied “probably.”“It is a violation of the Sherman Act to buy out a direct competitor to eliminate them as a danger and protect a monopoly,” Columbia University professor and antitrust expert Tim Wu wrote on Twitter. The 1890 Sherman Antitrust Act has broad provisions that tech critics like Wu say need to be more aggressively enforced.AmazonThis was the first appearance by Amazon CEO Jeff Bezos at a Congressional hearing. He got almost no questions during the first part of the hearing, but members of the House antitrust subcommittee eventually turned to him and his e-commerce empire.Most of their questions focused on the company’s treatment of small merchants who use Amazon’s online marketplace to reach customers. The committee interviewed frustrated sellers, some of whom characterized their experience with Amazon as one of fear, panic and bullying. One bookseller said Amazon had treated her unfairly, putting in limbo a business that supports 14 people with no recourse for appeal.“I’m surprised by that,” Bezos said. “It’s not the systematic approach that we take, I can assure you.”Committee members also asked Bezos repeatedly about a report in the Wall Street Journal that said Amazon had used data from sellers on its platform to make copycat products, in apparent violation of the company’s own policies. Bezos said he couldn’t guarantee the policy had never been violated.Documents published by the committee on Wednesday also showed that Bezos pushed ahead with an acquisition of video-doorbell maker Ring to grab market share despite security and compliance concerns about the startup.GoogleSundar Pichai, CEO of Alphabet and its main Google unit, got the most questions about perceived anti-conservative bias, and was variously accused of supporting the Chinese military, censoring conservative media and shifting search results to try to sway U.S. elections. But he also got some tough questions on topics that may be at the center of an imminent antitrust lawsuit from the Justice Department.Several times, he struggled to answer questions on advertising technology, where the company has built a dominant position, mostly through acquisitions. Asked about the company’s decision to restrict ad buying on YouTube to companies that used its ad-routing software, Pichai said the tactics are common in the industry.“This is consistent with how many services, like Facebook, Snapchat or Pinterest -- you work with their ad tools to buy advertising on their properties,” he said.In this exchange and others, such as on Google’s work on ad-tracking cookies, Pichai cited concern for user privacy. “You’re trying to use privacy as a shield,” said Representative Kelly Armstrong, a Republican form North Dakota. “But what your company is really doing is using it as a cudgel to beat out the competition.”AppleApple CEO Tim Cook took the least heat, fielding about half a dozen questions that focused on the company’s App Store.Representative Hank Johnson, a Democrat from Georgia, suggested that Apple’s App Store review guidelines are changed on a whim to benefit the company and shut out smaller developers. Cook said Apple treats all developers the same.But the Committee had evidence refuting Cook’s assertion, publishing internal emails showing that in 2016 Apple executive Eddy Cue and Bezos negotiated a lower App Store fee for Amazon’s Prime Video app.In another email from 2014, Cook told an executive from Chinese tech giant Baidu Inc. that he would assign two key contacts -- a pair of marketing executives -- to assist Baidu with app approvals.What now?Federal and state antitrust investigations are proceeding. The House committee that held Wednesday’s hearing is expected to release its final report by early September. That could include recommendations for new or updated legislation.“It was sort of long on problems and short on solutions. Although you know you would expect that at this stage as well,” said Allensworth, the law professor. “It’s the solutions that are the really hard part.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shares of Sogou (NYSE: SOGO), China's second-largest online search provider after Baidu (NASDAQ: BIDU), surged over 40% on July 27 after the company received a buyout offer from its top stakeholder, Tencent (OTC: TCEHY).
(Bloomberg) -- Tencent Holdings Ltd. has offered to buy out and take private search engine Sogou Inc. in a $2.1 billion deal, adding to a slew of Chinese technology giants seeking to delist from U.S. bourses.Shares of the social media heavyweight climbed as much as 4.7% Tuesday, buoyed by speculation it will more closely integrate Sogou’s AI technology with its own services and devices to gain an edge on rivals like TikTok-owner ByteDance Ltd.Tencent has in past years come under pressure from ByteDance and other up-and-coming rivals in the emergent short-video arena. Beijing-based Sogou -- whose name translates as “search dog” -- has long been the default in a slew of Tencent products including its marquee social app WeChat. It’s also been making a push into artificial intelligence.A takeover of Sogou also raises the prospect of a lucrative listing in Hong Kong or Shanghai in the future, on the heels of well-received debuts by Alibaba Group Holding Ltd. and JD.com Inc. It’s become an increasingly attractive route for tech giants such as Jack Ma’s Ant Group, which is speeding toward what could be the city’s biggest float in years. Sogou Chief Executive Officer Wang Xiaochuan in 2018 declared his ambition to list on mainland bourses when regulations permit.Chinese internet companies are exploring listings closer to home after a proposed U.S. bill threatened to force them to delist from New York by imposing stricter disclosure requirements -- a prospect that looks increasingly plausible as the Trump administration amps up action against Beijing on multiple fronts. Online gaming company Changyou.com Ltd. got taken private this year by Sohu.com Ltd., and 58.com Inc. is being bought out by a private equity consortium for $8.7 billion.The “market has been anticipating more companies to pursue secondary listing in Hong Kong,” Jefferies analysts led by Thomas Chong wrote. “We consider there will be more synergies between Sogou and Tencent in search and smart devices in the future.”What Blomberg Intelligence SaysTencent’s return to the search engine business may pose a challenge to China leader Baidu, and help fend off competition from potential market entrants ByteDance and Alibaba. Tencent sold search engine Soso to Sogou in 2013. Its bid to buy the 61% of Sogou it doesn’t yet own at $9 per ADS will cost more than $2 billion.\- Vey-Sern Ling and Tiffany Tam, analystsClick here for the research.Tencent is offering $9 in cash for each American depositary share it doesn’t already hold in Sogou, backed by fellow internet giant Sohu. That’s a 57% premium to the target company’s Friday close. Sogou said in a statement it was considering the takeover offer, though Tencent already owns about 39.2% of Sogou but controls a majority of voting power.Sogou, founded in 2005 and merged with Tencent’s Soso search business in 2013, has counted on its partnership with the larger company to help it catch search leader Baidu Inc. Its 2017 IPO also helped bankroll a longer-term AI effort -- about three quarters of its employees are now involved in research and development, according to its website.Sohu’s shares gained 40% in New York, their most in a decade, while Sogou leapt a record 48% to close the gap with the offer price.(Updates with Tencent share action from the second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
It's been seven years since Tencent picked up a 36.5% stake in Sogou to fend off rival Baidu in the online search market. The social and gaming giant is now offering to buy out and take private its longtime ally. NYSE-listed Sogou said this week it has received a preliminary non-binding proposal from Tencent to acquire its remaining shares for $9 each American depositary share (ADS) it doesn't already own.
(Bloomberg) -- The blockchain world today is thousands of disparate platforms that can’t talk to each other. So a little-known startup hatched one of the most ambitious plans yet to bridge all the divides -- and it’s got the backing of the Chinese government.Beijing-based Red Date Technology is at the heart of China’s first state-backed blockchain initiative, envisioned as a one-stop hub for developers to build decentralized applications (dapps) for everything from money transactions to drug-delivery tracing. Think of it as the crypto-world equivalent of a cloud service like Amazon Web Services or Microsoft Azure that hooks up and supports a multitude of software and platforms. Since its April roll-out, the Blockchain-based Service Network (or BSN) has attracted more than 6,000 enterprise, government and individual users primarily from China.Red Date, backed by the nation’s top economic planner, is the mastermind of the undertaking. The startup’s goal is to push out BSN globally, allowing anyone to create blockchain-based apps without having to then publish offerings on siloed platforms one by one, Chief Executive Officer He Yifan said.“The internet took off only after it became cheap for everyone to build websites,” He said in a video interview. “Our mission is to put everything blockchain-related onto BSN’s platform.”Connecting fragmented blockchains is key to moving the technology underpinning cryptocurrencies like Bitcoin beyond just trades and speculation. Projects like Cosmos and Polkadot are competing to establish industry standards, much like the http protocol for the web. BSN, however, simply aspires to be the glue that joins various networks and protocols.It’s all about doing it fast and cheap, He says. BSN will support its first batch of six public blockchains including Ethereum, EOS and NEO in August, and it’s looking to integrate more than 100 public chains within a year, He said. By leveraging BSN’s tools and data storage services, developers will be able to slash 90% off the cost of creating and running a dapp, he estimates.“It’s physically bringing the cloud resources needed online to power global blockchains,” said Matthew Graham, CEO of Beijing-based crypto consultancy Sino Global Capital. “BSN is the first and only project to bring this to blockchain in an agnostic way.”A former private-equity investor, the 44-year-old He founded Red Date in 2014 with his own money as a tech supplier to Chinese smart-city projects. That was when he established relationships with national champions China Mobile and UnionPay, as well as the State Information Center, a think tank under the country’s top economic planning agency. The four entities created BSN in 2018, and the three firms have since spent around 200 million yuan ($30 million) to build out the technology, He said.The initial idea -- which the likes of Baidu Inc. and crypto exchange Huobi support -- was to provide tools to develop software on tokenless, permissioned blockchains, without worrying about the complicated infrastructure. Some of the most-popular real-world applications enabled by BSN involve government documentation and supply-chain management, He said, without naming them.Beijing is in a love-hate relationship with blockchain: It wants to use the technology to serve the real economy, but has banned exchange trading and crowdfunding facilitated by crypto tokens like Bitcoin and Ether. Within the country’s borders, developers won’t be able to use BSN to access public networks like Ethereum and NEO, which incentivize users via their digital tokens.This, along with distrust of Chinese-made technology amid escalating geopolitical tensions, is a major obstacle to BSN’s global ambitions. But BSN will set up an offshore branch to integrate with public chains, He said. Red Date, through its Hong Kong offices, will choose at least seven partners without Chinese affiliations to co-manage a new foundation dubbed BSN International, he said, adding details have yet to be finalized.BSN will charge dapp creators fees based on their use of cloud storage space, which are deployed in global cities and purchased from companies like Amazon Web Services, He said. He estimates it will take three to five years to make the project profitable. He says Red Date won’t take funding from China’s government or state enterprises, preferring to remain independent -- even though it works hand-in-glove with a government think tank and two powerful Beijing-backed corporations. The entrepreneur said the project will become more transparent by going open-source in two to three years.”Whatever your concern is, you can check our source code,” He said.(Updates with target for open-sourcing in the penultimate paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Baidu App, the flagship mobile platform of Baidu Inc. (NASDAQ: BIDU), today kicked off the official naming selection process for China's first Mars rover, which was launched into space yesterday from Wenchang, Hainan province, as part of the Tianwen-1 Mars exploration mission. As the exclusive partner for the rover's naming campaign, Baidu App will leverage its expansive user base to allow netizens to contribute to the selection of the rover's name and view interactive content about the mission.
Alibaba (NYSE:BABA) stock had a rare bad run last week, falling almost 6%.Source: testing / Shutterstock.com Considering its attractive business model and historical growth multiples, many analysts would find this development surprising. However, escalating tensions in Southeast Asia and a resurgent novel coronavirus are pushing the stock down.Still, these developments have little to do with the operational metrics of the business. Hence, I believe there are plenty of reasons to remain bullish on Alibaba stock stock. Chinese demand is rebounding, and the U.S. economy is also showing signs of life. Meanwhile, the business-to-business platform operated by Alibaba continues to give it a significant leg-up on its competition, especially with respect to its more famous American counterpart, Amazon (NASDAQ:AMZN).InvestorPlace - Stock Market News, Stock Advice & Trading TipsDespite the occasional hiccup, Alibaba stock has a lot going for it. You won't go wrong investing in this one. What Sets Alibaba Stock Apart?The reason why Alibaba is different from a lot of its peers is the unique business model. Although it did not pioneer the business-to-business e-commerce system, it is now its foremost expert, giving it a massive edge over the likes of Amazon, which operates a business-to-customer model. * 10 Cybersecurity Stocks We Need Now More Than Ever The critical difference between the two systems is that Alibaba does not need logistics facilities and warehouses to store goods that need to be shipped. Not having to do so makes for higher operating margins. Even from a liquidity standpoint, Alibaba is cash-rich, and its debt-equity ratio stands at 0.20 times, which is prudent, considering the industry average is 0.67 times. China-India Tensions Are Pressuring Alibaba StockThe Indian government's decision to ban 59 Chinese apps has jolted several Chinese tech companies, including Tencent Holdings (OTCMKTS:TCEHY), Baidu (NASDAQ:BIDU) and Alibaba.This is not great news for Alibaba. The tech giant has long sought to diversify its revenue sources away from China to other geographies. But those ambitions have hit a snag due to tensions between the two nuclear-armed states.Since we are still in the early days of this conflict, we don't know where this is going. At the moment, the administration of Prime Minister Narendra Modi is targeting apps developed in China. However, the government may want to punish every company that has even the remotest link to Beijing.For example, Alibaba has a significant stake in several platforms in India. Through two subsidiaries, the company holds a 40% share in payment app Paytm. Meanwhile, Alibaba affiliate, Ant Group, formerly known as Alipay, is the largest stakeholder in Zomato, India's most prominent food delivery provider.A recent news report revealed that due to rising tensions, the company could find it challenging to tap into the $100 million equity capital it attracted in its last funding round from Ant. U.S.-China Trade IssuesThe recent troubles in India come at a particularly bad time for Alibaba. Just a month ago, the U.S. Senate passed a bill that imposed greater regulation on Chinese companies. According to the law, any company found in violation of U.S. Securities and Exchange Commission rules could face delisting.There are several reasons why the bill was tabled in the first place. Although trade tensions between the U.S. and China are on the decline, there is still a lot of bad blood. There is also a feeling in Washington that companies that are either indirectly or directly controlled by the Chinese government must face greater scrutiny.Finally, fraud cases like Luckin Coffee (OTCMKTS:LKNCY) reinforce the notion that the regulatory environment in China is not as robust as the U.S., so there is a need for greater regulation when dealing with Chinese companies. Ant Group IPOOne of the driving forces of Alibaba stock stock recently has been the impending IPO of Ant Group, formerly known as Ant Financial. The fintech firm has revealed that the IPO will take place simultaneously on the Hong Kong Stock Exchange and Shanghai Stock Exchange's Star Market.Reuters said that bankers are valuing the IPO at over $200 billion. It's a no-brainer that every Chinese investor would love to get their hands on this company, considering that it's a crucial linchpin in digitizing China's service industry. My Final WordAlthough I have highlighted a significant number of risks Alibaba is facing, I remain bullish on the stock. It has an attractive business model and wide moat, relative to peer Amazon, Alibaba stock trades at a 33.78x trailing price-earnings ratio. That may seem steep, but Amazon trades at 152.74x, just to put things in perspective.The company's ambitions to spread its wings beyond China may not have borne fruit. But there is plenty to cheer for if you are an investor that values fundamentals. The business model remains enticing, holdings are diversified, and its business divisions are flourishing. Covid-19 has also done little to dent the company's business prospects. In fact, it has led to increased traffic on Alibaba's various platforms.Bottom line: You can't go wrong parking your capital in the Asian tech juggernaut.Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. He has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio. He does not directly own the securities mentioned above. More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * America's 1 Stock Picker Reveals His Next 1,000% Winner * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * Radical New Battery Could Dismantle Oil Markets The post The Growth Story Remains for Alibaba Stock Despite Troubles in India appeared first on InvestorPlace.
(Bloomberg) -- Jack Ma’s timing is frequently spot-on. Now, he’s signaling to a host of Chinese startups it’s time to race ahead with multi-billion-dollar stock sales before the coronavirus pandemic or trade war does more damage to the global economy.Ant Group, Ma’s financial services juggernaut, is seeking to raise about $10 billion in Hong Kong and potentially more in Shanghai for its initial public offering. That decision is likely to encourage smaller brethren to accelerate their own public debuts, catching markets at multi-year peaks and avoiding longer-term uncertainty. China has birthed more than a hundred startups valued at $1 billion or more in recent years, led by TikTok-parent ByteDance Ltd. and ride-hailing giant Didi Chuxing.“The economy has its own timeline. Right now liquidity is available, but the Chinese and global economies are fraught with risk,” argues Brock Silvers, chief investment officer for Adamas Asset Management Ltd. in Hong Kong. “Everyone thus wants to strike now, while the iron is hot.”Chinese companies have raised $36 billion of share sales this year in Hong Kong alone and Ant’s IPO is almost certain to push that total past $45 billion. That raises questions over whether the greater China market is deep enough to sustain a flood of listings. Like a summer Hollywood blockbuster steamrolling smaller films, Ant’s enormous undertaking threatens to overshadow even the largest would-be debutantes.Bankers and investors say there’s no lack of eager buyers, at least for now. Ant is riding a swell of interest in the world’s No. 2 economy, which has sprung back faster than anticipated from the pandemic. A series of spectacular summer debuts -- chipmaker Semiconductor Manufacturing International Corp. tripled on opening day -- demonstrate there’s ample money chasing outsized returns in an era of highly volatile markets.At least a dozen corporations are seeking to tap the well: Chinese search leader Baidu Inc. and Ctrip are said to be exploring secondary listings in Hong Kong. ByteDance, owner of viral video sensation TikTok, is a possible contender. Local media report Didi is about to kickstart its own IPO process in Hong Kong, though a spokeswoman denied that Wednesday. UBS estimates 42 U.S.-traded Chinese firms are qualified to list in Hong Kong over the next 12 months and could raise an estimated $27 billion assuming a 5% float.Ant will be the largest of that cohort, a potentially $200 billion-plus first-timer that’s likely to dwarf all peers apart from major backer Alibaba Group Holding Ltd. and arch-foe Tencent Holdings Ltd. Depending on when Ant floats -- it could be a matter of months if everything goes smoothly -- some may seek to get in ahead of the financial services titan or make sure they debut well after liquidity loosens again.“With China being the only major economy to offer clear growth prospects, the appetite for China related securities will only increase,” said Andy Mok, senior research fellow at the Center for China and Globalization. “Despite the large size of the Ant IPO, the pool of liquidity seeking acceptable returns is even larger.”Hong Kong and Shanghai have become red-hot IPO destinations in 2020, hosting household names from JD.com Inc. to SMIC in a span of months. China’s biggest corporations are selling stock closer to home after a proposed U.S. bill threatened to force its companies to delist from New York by imposing stricter disclosure requirements -- - a prospect that looks increasingly plausible as the Trump administration amps up action against its geopolitical rival. That will only contribute to the impending deluge.Ant’s float will create other unwelcome ripple effects. Share sales from Meituan, JD.com and Netease Inc. have all strained available capital and triggered consequent spikes in the Hong Kong dollar. Demand for the currency had already begun to swell Tuesday -- before Ant has even had a chance to pin down a timeframe.“There could be liquidity pressure in the short term,” said Julia Pan, a Shanghai-based analyst with UOB Kay Hian. “It’s likely for example that people will sell some of their shares in Alibaba to buy Ant.”There’re signs the city may not be fully equipped to handle the deluge. Since last year’s $13 billion secondary listing, Alibaba’s Hong Kong stock has drawn just a fraction of the trading activity it typically generates in New York, partly due to a local stamp duty that curbs high frequency trading. While the city led the world in listings last year, volume on the exchange is just about a quarter of its U.S. peers in dollar terms.Longer term, a growing roster of bona fide tech giants can only benefit the city’s exchange, diversifying its investment base while finally helping it fulfill its ambition of becoming the go-to destination for a new generation of technology enterprises. The Hong Kong exchange is now pushing out a series of efforts to increase liquidity and turnover.“While there might be liquidity pressure in the short term when Ant lists, it’s a good thing for Hong Kong in the longer run,” said Hong Kong-based Bernstein analyst David Dai.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
This week, the team unveiled a deep learning-based model that can predict the risk of coronavirus patients developing critical illness. The details were published in Nature Communications, recounting how the lab devised the model based on a cohort of 1,590 patients from 575 medical centers in China, with further validation from 1,393 patients. The joint lab made the predictor available online, allowing clinical staff around the world to calculate patients' probability of developing critical illness within 5, 10 and 30 days using 10 clinical variables.
Baidu (NASDAQ: BIDU) boasts the highest market share in China's fast-growing artificial intelligence (AI) public cloud services market, according to a recent report by the International Data Corporation (IDC). Baidu beat out such notable local competitors as Alibaba (NYSE: BABA) Cloud and Tencent (OTC: TCEHY) Cloud, as well as industry heavyweights Amazon (NASDAQ: AMZN) Web Services and Microsoft (NASDAQ: MSFT) Azure to win the title. In addition to being the market share leader, Baidu also has the highest number of invocations (the execution of a program or function) and provides the highest number of AI products and capabilities, according to the report.
Baidu, Inc. (NASDAQ: BIDU) boasts the highest market share and highest number of invocations in China's fast-growing AI public cloud services market, a recent report from International Data Corporation (IDC) showed, reflecting the company's continuous investments in building core AI technologies and new infrastructure to power industrial transformation.
WeRide, a Chinese autonomous vehicle startup, said on Friday it has become the first autonomous company to start fully driverless vehicle testing in China, as the world's biggest auto market accelerates development of autonomous technologies. Three-year-old WeRide, backed by Nissan, Renault and Mitsubishi, said in a statement that it started tests on Wednesday on open roads in a designated area of Guangzhou after the southern Chinese city granted permission. In China, companies such as Toyota-backed Pony.ai, Baidu Inc, and Didi Chuxing are also testing autonomous cars, but all with one or two safety staff onboard.
Robin Li, the co-founder, chairman, and chief executive officer of Baidu, Inc. (NASDAQ: BIDU), today set out his elaborate vision for the future of AI during a keynote speech at the World Artificial Intelligence Conference (WAIC). Li said that new infrastructure will accelerate the intelligent transformation of various industries, with Baidu playing a key role in this process through its open-source AI platforms that can empower other organizations to adopt AI applications. Li also believes that the development of AI is only in the middle stage of a three-stage historical trajectory, but that AI has already demonstrated its potential to transform economies and societies.
Baidu, Inc. (Nasdaq: BIDU) today announced that it is providing advertisers direct access to Microsoft’s (Nasdaq: MSFT) MSN native desktop inventory via Baidu’s MediaGo ad platform. The agreement enables advertisers around the world to reach consumers in the United States through premium placements on multiple MSN properties.
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 821 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F […]
SINA's (NASDAQ: SINA) stock surged 10% on July 6 after the Chinese tech company received a go-private offer from New Wave MMXV, a British Virgin Islands-based company controlled by SINA's own CEO Charles Chao. New Wave already held a 55.5% voting stake in SINA after a share subscription agreement in late 2017. New Wave wants to acquire the remaining shares of SINA for $41 per share in a $2.7 billion deal.
(Bloomberg) -- Once high-flying Chinese game-streaming platform Chushou TV has shuttered, becoming the latest casualty in a market increasingly dominated by Tencent Holdings Ltd.The mobile-focused streaming network’s demise on July 2 comes just two years after it received $120 million in investment from backers including Alphabet Inc.’s Google. The company, whose name translates as “tentacle,” has asked streamers who play exclusively on the platform to switch to Tencent-backed video-sharing app Kuaishou, according to an in-app notice viewed by Bloomberg News. Chushou and Google representatives didn’t respond to requests for comment sent via email.Chushou’s downfall further underscores Tencent’s supremacy in China’s game-streaming market, which iResearch estimates will generate 23.6 billion yuan ($3.4 billion) in revenue by the end of this year. Now, Tencent effectively controls the two largest platforms -- Huya Inc. and DouYu International Holdings Ltd. -- and has its own esports site eGame. In addition, the social media behemoth has stakes in fast-growing video services Kuaishou and Bilibili Inc., both of which are vying for more gaming content. Chushou said in 2018 it had 8 million unique streamers and 90 million registered users on its platform.Read more: The Billion-Dollar Race to Become China’s Amazon TwitchChina’s streaming companies live and die on fans splurging on virtual gifts to tip performers, leading to bidding wars over the top professional gamers and putting an enormous strain on smaller platforms. Last year, No. 3 player Panda TV also succumbed to competitive forces and shut down its service. Tencent, whose WeChat messaging service is the social media starting point for more than a billion people, can market its services broadly and has forged close ties with influencers, advertisers and content providers across the country.Chushou streamers complained recently online that they’ve not received their cut of virtual-gifting revenue for months and at least one influencer agency is suing Chushou for breach of contract. Last month, Shanghai Xiaren Internet Technology Ltd. secured a court order to freeze 5 million-yuan worth of assets owned by Chushou operator Hangzhou Kaixun Technology Ltd., according to court documents viewed by Bloomberg News. Other investors in Hangzhou-based Chushou include Qiming Venture Partners, GGV Capital, Shunwei Capital and Baidu Inc.’s Netflix-style iQiyi service.Tencent dominates at home but its streaming and social media efforts haven’t progressed far abroad -- something it may be looking to address. The WeChat operator has been quietly testing a mobile-focused streaming network in the U.S. since at least March. Called Trovo Live, the new service closely resembles Twitch in its appearance and functionality, and sports Tencent’s own portfolio of popular games including Fortnite and PUBG Mobile.(Updates with details on Tencent’s business in the fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.