Name of opportunity: 👀
Baidu, Inc
New ideas: 💡
While Baidu is most well known as an internet search provider, the company is currently investing in growth into other areas, including AI cloud technology and its autonomous driving business, Apollo Go. As of July, Apollo Go had already got a fleet of 500 robotaxis in the city of Wuhan, China. The cheap fares are getting people talking and increasing the amount of passengers who are trying them out. Baidu hopes to double the number of robotaxis on the roads to 1000 by the end of 2024.
How hot is this investment opportunity? 🔥🔥🔥
Analysts predict the price of Baidu, Inc. will increase from $95.83 to $152.99 in the next 12 months. If you invested $1000, you might profit $596.44.
Apollo Go has already delivered 899,000 rides in Q2, showing that demand is strong - this brings the total number of rides provided to more than 7 million.
Baidu’s cloud services have been showing steady growth too. The Q2 earnings revealed that the AI Cloud business was instrumental in boosting non-online marketing revenue by 10% up to $1.03 billion.
Analysts at The Motley Fool have highlighted Baidu as potentially a very good opportunity for investors, if the company’s efforts to diversify in these areas pay off.
Tech giant: 💻
Baidu Inc is the leading internet search provider in China, commanding a 56% share of the Chinese search market. Its market cap is $43 billion and as we’ve discussed in this Hot Stocks column, the company also delivers a range of other products and services from AI cloud computing to a ‘robotaxi’ ride-hailing service.
Which neme?: 🔍
‘Made in China’, ‘Top Stocks in AI’
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