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Baidu’s ChatGPT Counterpart Ernie Bot Impresses Analysts

Baidu, Inc (NASDAQ: BIDU) shares saw redemption after brokerages, including Citigroup, granted their preliminary approval to its ChatGPT counterpart.
byAnusuya Lahiri
March 17, 2023
1 minute read
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  • Baidu, Inc (NASDAQ:BIDU) shares saw redemption after brokerages, including Citigroup, granted their preliminary approval to its ChatGPT counterpart.
  • The share gains helped reverse loss on Thursday after founder Robin Li marked its ChatGPT rival Ernie Bot’s debut via recorded video instead of a real-time demo, Bloomberg reports.
  • Baidu’s Ernie Bot is helping gauge how China’s AI offerings stack up against those from Alphabet Inc (NASDAQ:GOOG) (NASDAQ: GOOGL) and ChatGPT maker OpenAI Inc.
  • Ernie Bot tests for tasks like advice, analysis, paper writing, and picture generation satisfied Bank of America analysts, including Miranda Zhuang. 
  • Their sample size was small and may not have been representative, but “the product is not static but continuous learning and improving.”
  • Citigroup analysts, including Alicia Yap, also found Erine capable of answering the most complicated or absurd questions.
  • The omission of a live demo raised questions over Ernie’s ability to match OpenAI’s ChatGPT, which posted mixed results since its November launch. 
  • Internally, Baidu execs thought Ernie Bot had reached the same level as ChatGPT when the latter debuted in November. Still, Ernie’s edge lies in its understanding of the Chinese language and culture.
  • Price Action: BIDU shares traded higher by 5.23% at $145.38 premarket on the last check Friday.
 
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Heritage Cannabis’ Stock Plunges On Announcing Creditor Protection, Looks To Pursue Restructuring And Sales Process

By Jelena Martinovic
April 3, 3:06 PM
Heritage Cannabis Holdings Corp. announced on Tuesday that alongside its subsidiaries it sought and obtained an order for creditor protection from the Ontario Superior Court of Justice under the Companies Creditors Arrangement Act. "The difficult but necessary decision to commence CCAA proceedings was made after careful consideration of the Company's financial position while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors," the company said in a press release. The Toronto-based cannabis producer also said that BJK Holdings Ltd., its senior secured lender, made a demand to the company for payment in full of certain indebtedness owing by the Heritage Group to the lender totaling $8,421,088.87. Heritage has entered into binding agreements to sell its real estate properties in Ontario and British Columbia to BJK Developments Ltd. for a net purchase price of $9,714,475 and lease the Ontario and BC Property back from the purchaser in October. The company said at the time the purchase would be used to set off the amount owing by the company to its lender, BJK Holdings Ltd., a related entity of the purchaser, reducing the company's remaining term debt by roughly 64% to $5,256,379. The remaining term financing, as amended within a third amending agreement, has been extended through to Jan. 31, 2025. Additionally, the company said it retains its revolving line of credit of up to $5 million with BJK, which has also been extended until the same date.

CANN