We recently published a list of Top 10 AI News You Shouldn’t Miss. In this article, we are going to take a look at where Baidu, Inc. (NASDAQ:BIDU) stands against other top AI news you shouldn’t miss.
The United States is gearing up to be the leader in artificial intelligence technology. However, other nations are also intensifying their efforts to compete in this rapidly advancing field. To challenge the United States’ dominance in this critical technology, Russia has recently pledged to participate in the global race for artificial intelligence actively.
READ ALSO: 10 AI Stocks Taking Wall Street by Storm and Top 10 AI Stocks on Latest News and Analyst Ratings
Speaking at Russia’s flagship AI conference last week, President Vladimir Putin said Russia would develop artificial intelligence with BRICS partners and other countries.
According to Putin, the new AI Alliance Network would include national associations and development institutions in the field of AI from BRICS countries and other interested states. He also claimed that the country must participate equally in the global AI race.
“Russia must participate on equal terms in the global race to create strong artificial intelligence. It is precisely the advanced solutions that Russian scientists are currently working on. We invite scientists from all over the world to join in the collaboration”.
-Putin told an AI conference in Moscow.
Russia has been subject to Western sanctions which have been directed to restrict the country’s access to technologies it needs in the war against Ukraine. As a result, some of the world’s major producers of microchips have halted exports to Russia, limiting its AI ambitions.
Reuters reports how Russia’s dominant lender Sberbank, who is currently leading the AI development in Russia, admits that the microchips underpinning AI development are the trickiest hardware to replace. In this regard, it noted how national AI associations from BRICS members Brazil, China, India, South Africa, Serbia, Indonesia, and other non-BRICS countries, had joined the AI Alliance Network.
The network will be working toward joint research in technology and AI regulation, offering opportunities for AI products to be sold in other member countries’ markets. Currently, the leading AI powers of the world are the United States and China. It goes without saying that Russia’s alliance with China has the potential to significantly reshape the future landscape of artificial intelligence.
Meanwhile, the US is also gearing up to continue leading in AI. President-elect Donald Trump has already appointed an AI and Crypto Czar. Trump is also set to repeal President Joe Biden’s executive order on AI. Trump plans to repeal Biden’s AI order to reduce regulatory constraints, fostering rapid innovation and maintaining the U.S. edge in the global AI race.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A modern internet space with a person using Baidu services on a laptop.
Baidu, Inc. (NASDAQ:BIDU)
Number of Hedge Fund Holders: 54
Baidu, Inc. (NASDAQ:BIDU) is a Chinese internet giant that specializes in artificial intelligence (AI) and internet services. On December 14, the South China Morning Post reported that China’s Ministry of Industry and Information Technology (MIIT) has announced the establishment of an “artificial intelligence (AI) standardization technology committee”. Comprising executives from tech giants Baidu, Alibaba Group Holding, Tencent Holdings, and Huawei Technologies, the 41-member committee has been formed to make and revise standards for different AI vertical markets, including assessment and testing, data sets, large language models (LLMs), and application development management. The move itself is part of an aspiring three-year plan to lead the nation’s work on setting AI standards and boosting national computing power.
Overall, BIDU ranks 6th on our list of top AI news you shouldn’t miss. While we acknowledge the potential of BIDU as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BIDU but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.