Baidu Profits Drop 48% Despite ChatGPT Rival Spurring Revenue Growth
- Baidu's profits declined by 48% last quarter, missing projections
- Revenue increased 6% due to Baidu's ChatGPT-style service boosting ad sales
- Baidu joining big tech companies like Microsoft and Google to monetize AI
- Over 100 million users for Baidu's ChatGPT rival, but little revenue so far
- AI R&D costs surged 11% last quarter to support generative AI development