Retail investors are piling into small-cap firms that are into building artificial intelligence tools amid intensifying competition between Google-parent Alphabet and Microsoft to secure leadership in the next big driver of growth.
Microsoft is in a strong position in the AI race due to the combination of its close partnership with OpenAI and its Azure capabilities around compute and data, said Barclays analyst Raimo Lenschow.
U.S.-listed shares of Baidu Inc climbed nearly 15% on Tuesday after the Chinese search engine said it would complete internal testing of a ChatGPT-style project called "Ernie Bot" in March. Earlier in the day, a clutch of Chinese AI stocks had also rallied.
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