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Baidu shares drop to 8-week lows after company reveals ChatGPT rival

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BEIJING — Chinese tech company Baidu on Thursday gave the public a peek at what its Chinese-language ChatGPT alternative can do, while warning of its imperfections.

During a livestreamed release event, Baidu CEO Robin Li emphasized the company's product — called Ernie bot — is not perfect.

Shares fell nearly 6.4% in Hong Kong, amid a wider fall for Asian stocks, and posted their lowest close since Jan. 19. Li emphasized how the product would improve through users' ability to give it feedback.

Baidu is prioritizing initial Ernie bot access for what it calls 650 ecosystem business partners, which include some media companies, banks and car firms.

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