Baidu Profits Plunge 48% as AI Investment Soars, Though ChatGPT Rival Brings New Users
- Baidu's profit plunged 48% due to increasing costs of AI development
- Revenue rose 6% as Baidu's ChatGPT-style service boosted ad sales
- Baidu gaining users for its ChatGPT rival but revenue is still small
- R&D costs jumped 11% showing large investment in AI
- Core ad business faces challenges from China's economic downturn