Baidu pops as Blackrock increases stake in Chinese tech firm

Baidu (NASDAQ:BIDU) shares rose nearly 8% in premarket trading on Wednesday as asset manager Blackrock (BLK) disclosed that it had increased its stake in the Chinese tech company.
According to a 13-G filing, Blackrock (BLK), which has roughly $10T in assets under management, disclosed that it had raised its passive stake in the company to 6.6% as of the last quarter, up from a previous ownership stake of 3.5%.
Several other Chinese technology firms rose on back of the disclosure, including Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD).
Last month, it was reported that Baidu (BIDU) is getting ready to unveil an artificial intelligence chatbot service similar to OpenAI’s ChatGPT.