Baidu looking to raise funds for its AI chip firm - report

Wednesday, 10. February 2021 11:07

Baidu is looking to raise funds for a standalone artificial intelligence (AI) chip company that would be its subsidiary, CNBC reported on Wednesday, citing people close to the matter.

The Chinese tech firm would be the subsidiary's majority shareholder, the sources added. Baidu is in talks with venture capital companies GGV and IDG Capital regarding the matter. Earlier, Baidu announced it would be developing AI vehicles that use semiconductor chips.

Following the latest report, Baidu shares jumped 5.50% in premarket trading in the United States at 5:06 am ET.

Related Links: Baidu Inc.
Baha Breaking News (BBN) / VP