Baidu Creates $140 Million Fund to Back ChatGPT-Like Startups

(Bloomberg) — Baidu Inc. has set aside 1 billion yuan ($140 million) to fund Chinese startups that explore generative AI, joining a global investment wave keen on riding a frenzy around ChatGPT-like services.

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China’s internet search leader will use the pool to incubate projects built atop its Ernie AI model, in deployments as high as 10 million yuan apiece, Baidu said in a statement Wednesday. Venture investors including IDG Capital will take and judge pitches from founders, who then build demo products before receiving a verdict on whether they get seed funding,…