Nomura: Baidu Bot Update Likely to Be Key Share Driver

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Nomura: Baidu Bot Update Likely to Be Key Share Driver

Dow Jones2023-07-31

Baidu looks set to beat earnings expectations again in 2Q, but Nomura analysts say the update on its AI chatbot will likely dictate its share price.

Nomura is cautious about Baidu's ability to monetize the bot, with rivals like Tencent and Alibaba looking better placed to get cloud enterprise customers to use their AI. Unless Ernie far outshines its competitors, Nomura isn't convinced Baidu's first-mover advantage will be such a strong edge in a fast-evolving area, analyst Jialong Shi says in a note.

Nomura cuts Baidu's FY core operating profit forecast by 13% to reflect expected AI investments. It keeps a neutral call on the stock and raises the target by 5.7% to $149 after raising its valuation for the company's non-ads business to factor in progress in generative AI.

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