Yahoo Finance Baidu (BIDU) Expands Presence in AI Space With Chongqing Deal
Baidu, Inc. BIDU is leaving no stone unturned to bolster presence in the AI space.
The ever-growing Chinese Internet company has partnered with the municipal government of Chongqing, which is the most populous municipality in China.
Per the deal, both will work together in important growth areas namely autonomous driving, smart cities, smart government and blockchain solutions.
The strategic motive behind the deal is to accelerate the municipality’s intelligent development, and thereby strengthen Baidu’s presence in areas of automated driving, connected cars and smart mobility.
Baidu, Inc. Price and Consensus
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Inside the Headlines
The latest deal is inline with the company’s strategy of accelerating the use of smart vehicles in China and shaping the future of smart mobility globally.
The deal is aimed at accelerating technological advancement, automotive industry and urban traffic management of Chongqing using Baidu’s Apollo autonomous driving platform and ecosystem. In addition, Baidu will set up an Apollo autonomous driving test and operation center in the Yongchuan district to accelerate the operation of robotaxis.
Its endeavors do not stop here. Baidu also plans to start a smart AI city demonstration project in Chongqing, which will take care of varied things including autonomous valet parking, smart court systems and intelligent meteorology.
Moreover, Baidu will work with local providers to offer healthcare blockchain solutions in the Yuzhong district, Chongqing. It also plans to develop the AI technology ecosystem and promote talent in the district.
Bottom Line
AI techniques have gained immense traction over the last couple of years due to massive demand for analyzing unstructured data such as tweets, social-media posts, photos and videos across different industries.
This partnership underscores Baidu’s growing interest in this highly promising space. It appears that the company is flexing its muscles in this space to leverage the concept of consumer convenience, in a bid to impress both customers and investors.
Zacks Rank and Stocks to Consider
Baidu currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Alphabet Inc. GOOGL, Itron, Inc. ITRI and Teradyne, Inc. TER, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth for Alphabet, Itron and Teradyne is currently projected at 17.5%, 25% and 11.4%, respectively.
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