5 Generative AI Stocks To Watch Amidst Copyright Concerns

2. Baidu, Inc. (NASDAQ:BIDU)

Number of Hedge Fund Holders: 43

Upside Potential: 33.32%

Average Analyst Price Target: $190.58

Baidu, Inc. (NASDAQ:BIDU) was spotted in the portfolios of 43 hedge funds during the first quarter, with a total stake value of $2.1 billion.

Baidu, Inc. (NASDAQ:BIDU) is a Chinese company that has launched its own AI chatbot, the Ernie bot, as a rival to ChatGPT in the generative AI space.

Morgan Stanley’s Gary Yu upgraded shares of Baidu, Inc. (NASDAQ:BIDU) from Equal Weight to Overweight on June 20. The analyst also raised his price target from $160 to $190.

Here’s what Tweedy, Browne said about Baidu, Inc. (NASDAQ:BIDU) in its first-quarter 2023 investor letter:

“Many, if not most, stocks held in the Funds’ portfolios performed quite well in the first quarter. This was particularly true for the Funds’ non-US equity holdings, many of which have come into their own over the last two quarters, despite years of underperformance versus their US counterparts – a welcome shift given that our Funds’ portfolios have been somewhat non-US-centric in terms of their portfolio allocations for well over a decade. The Funds also received a long overdue boost from their Chinese and Hong Kong-based holdings in the wake of China’s reopening and the government’s signaling of a relaxation of their interventionist policies. This included strong returns in Baidu, Inc. (NASDAQ:BIDU) among others.”