![]() Baidu’s relative strength index has breached the overbought threshold of 70, while readings for Alibaba and Tencent remain well below that level. This year’s searing gains have pushed Baidu’s Hong Kong-listed shares to just 1.1% below the consensus target price for the next 12 months, suggesting little room to gain unless its AI progress brings a fundamental revaluation.Ī key technical indicator also shows the rally may be overdone. READ: Baidu Surges as Hope Mounts Over Chinese Answer to ChatGPT Nevertheless, the rollout “should strengthen its competitive moat from other search engines and could potentially enhance the attractiveness of advertising on the platform,” Wang said. It’s difficult to assess “how much valuation should be quantified” from Baidu’s so-called Ernie Bot at this stage, said Kai Wang, a senior equity analyst at Morningstar. READ: AI-Fueled Stock Rally Ignites Debate on Who Wins And Loses that rode on the theme have seen their rallies flop in a matter of days. Meanwhile, smaller stocks like BuzzFeed Inc. Nvidia Corp., touted as a preferred pick for the AI cohort, remains near the top of the S&P 500’s performance ranking. The Wall Street craze sparked by OpenAI’s ChatGPT tool gives a taste of what may come if Baidu manages to convince investors and users of its new service - or vice versa. The move, potentially the nation’s most prominent entry into the next big thing, has pushed Baidu shares into overbought territory, with gains trouncing rivals Alibaba Group Holding Ltd. The stock has jumped 45% in Hong Kong this year, including a 15% gain Tuesday after China’s largest search engine said it will unveil its artificial intelligence chatbot in March. Wall Street Goes Risk-On Without Powell’s Pushback: Markets Wrap Powell Says Further Rate Hikes Needed and Markets Take Heed Trump Charges in Georgia Over 2020 Could Lead to Bigger Fed Case Quake Toll Hits 4,000 in Turkey, Syria as Overseas Aid Flows Meta Asks Many Managers to Get Back to Making Things or Leave ![]() to deliver after the hype surrounding its soon-to-come ChatGPT-style service supercharged a rally in its stock.
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