SHANGHAI - Baidu (NASDAQ:BIDU), Inc. (NASDAQ:BIDU and HKEX: 9888), a prominent AI company, announced at its Baidu World 2024 conference the release of innovative AI technologies, including iRAG, designed to reduce hallucinations in AI-generated images, and Miaoda, a no-code platform for building applications using natural language.
The company's ERNIE foundation model has experienced a dramatic increase in daily API calls, reaching 1.5 billion, signifying a 30-fold growth since last year. Baidu's CEO, Robin Li, highlighted this as indicative of the rapid expansion of generative AI applications in China.
iRAG, or Image-Based Retrieval-Augmented Generation, addresses the issue of hallucinations where AI produces inaccurate visuals. By utilizing Baidu Search's extensive image database and the company's foundational model capabilities, iRAG aims to produce more realistic images while reducing production costs, potentially enhancing the use of AI-generated visuals in various mediums.
Alongside iRAG, Baidu introduced Miaoda, a no-code tool that simplifies application development. Users can describe their application in natural language, and Miaoda's capabilities, including multi-agent collaboration and multi-tool invocation, facilitate the creation process without the need for coding skills. This tool is designed to democratize AI development, making it accessible to a wider audience.
Li also emphasized the significance of agents, which are poised to become a dominant form of AI application. He drew parallels between the potential of agents and the impact of websites and social media accounts in previous technological eras. Baidu's focus on agents was evident as Li showcased the Top 100 Agents and Top 100 Industry Applications on the ERNIE AgentBuilder platform.
In addition to these announcements, Baidu's CTO Haifeng Wang reported that ERNIE Bot has reached 430 million users, and together with PaddlePaddle, they have attracted over 18 million developers. The company also highlighted the expanding role of ERNIE in enterprise applications and the introduction of Xiaodu AI Glasses, which are expected to go on sale in the first half of 2025.
The Baidu World 2024 event served as a platform for Baidu to showcase its advancements in AI technology and its commitment to fostering the growth of AI applications. This article is based on a press release statement from Baidu, Inc.
InvestingPro Insights
As Baidu continues to innovate in the AI space, investors may find value in examining the company's financial metrics and market position. According to InvestingPro data, Baidu's market capitalization stands at $30.96 billion USD, reflecting its significant presence in the tech industry. The company's P/E ratio of 11.02 suggests that it may be undervalued compared to its earnings, which could be attractive to value-oriented investors.
An InvestingPro Tip highlights that Baidu is trading at a low P/E ratio relative to its near-term earnings growth, potentially indicating an opportunity for investors who believe in the company's AI-driven future. This aligns with the company's reported growth in API calls and user base for its ERNIE Bot.
Another relevant InvestingPro Tip notes that Baidu holds more cash than debt on its balance sheet. This strong financial position could provide the company with the flexibility to continue investing in AI technologies like iRAG and Miaoda, supporting its innovation pipeline.
For investors seeking a deeper understanding of Baidu's financial health and growth prospects, InvestingPro offers 11 additional tips that could provide valuable insights into the company's potential. These tips, along with real-time metrics, can help investors make more informed decisions about Baidu's stock in light of its recent AI advancements.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.