Baidu Inc's stock experienced a pre-market plunge of 5.10% on Tuesday, as the Chinese tech giant grappled with concerns over its position in the highly competitive artificial intelligence (AI) landscape and its perceived standing with the Chinese government.
The decline followed reports that Baidu's founder and CEO, Robin Li, was conspicuously absent from a high-profile meeting between Chinese President Xi Jinping and tech industry leaders on Monday. The meeting, which included prominent figures such as Jack Ma of Alibaba and Ren Zhengfei of Huawei, signaled Beijing's endorsement of the private sector's role in reviving the country's economic growth.
Baidu's absence from the event raised speculation about whether the company is falling out of favor with the Chinese government, which is relying on the private sector to drive innovation and technological self-reliance, particularly in the AI domain. The company's Hong Kong-listed shares plummeted 6.9% following the meeting, wiping out $2.4 billion in market value.
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