Forbes News

08/23/2024

Sales of Baidu Fall as It Fumbles to Profit from AI

Due to the challenges of switching from search ads to AI amid China's economic slump, Baidu Inc.'s income fell.
In contrast to expectations of 34.1 billion yuan, revenue for the three months ended in June decreased by 0.4% to 33.9 billion yuan ($4.7 billion). 5.5 billion yuan was the net income as opposed to a projected 5.06 billion yuan. Approximately 1% of Baidu's shares decreased in New York pre-market trading.

08/23/2024

Chipmaker Kioxia Plans to Go Public in October in Tokyo Says Nikkei

Nikkei reported that Japanese chipmaker Kioxia has filed for an October initial public offering on the Tokyo exchange, launching a highly anticipated debut at a time when AI development is driving demand for semiconductors.
Without specifying its sources, the Nikkei said that the company is projected to attract a valuation of more over 1.5 trillion yen ($10.3 billion).

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