Kevin Frayer
- Baidu (NASDAQ:BIDU) shares rose nearly 8% in premarket trading on Wednesday as asset manager Blackrock (BLK) disclosed that it had increased its stake in the Chinese tech company.
- According to a 13-G filing, Blackrock (BLK), which has roughly $10T in assets under management, disclosed that it had raised its passive stake in the company to 6.6% as of the last quarter, up from a previous ownership stake of 3.5%.
- Several other Chinese technology firms rose on back of the disclosure, including Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD).
- Last month, it was reported that Baidu (BIDU) is getting ready to unveil an artificial intelligence chatbot service similar to OpenAI’s ChatGPT.