Yesterday (March 16) afternoon, Baidu held a press conference in Beijing, the theme around its artificial intelligence product "Wenxin Yiyan" to carry out, Baidu founder and CEO Robin Li showed the five functions of Wenxin Yiyan, the company's share price has plummeted, because most investors believe that the long-awaited conference did not show the substantive content of Wenxin Yiyan, just through the recorded video simply shows Wenxin Yiyan to answer some simple questions。

But after a day of trial, Wenxin Yiyan's evaluation has been reversed, including Citigroup, Macquarie, after the trial, all gave a positive evaluation。Baidu's share price also rose sharply today, finally closing up nearly 14%。

Specifically, Citigroup released a research report that the bank participated in Baidu's "Wen Xin Yi Yan" conference in Beijing, at the briefing, although the company's CEO's comments on "Wen Xin Yi Yan" modest, and pre-recorded presentations or disappointed investors and the media, but after the event the bank and the CEO and other meetings of the live demonstration, so that the bank's ability to generate "Wen Xin Yi Yan" was reassured.。

Citi says that while Wenxin is not perfect at the moment, it has the ability to answer most complex or strange questions。On the other hand, more than 650 business partners have joined its ecosystem before the launch of "Wenxin Yiyan," indicating a strong desire for enterprises to integrate generative AI capabilities to strengthen their operations, products and service capabilities.。

The bank believes that the "Wen Xin Yi Yan" liquidity opportunities may include cost per query / use, cost per sale, licensing and cloud services, etc., the initial focus is on enterprise customers.。The management also said that the decision to launch "Wen Xin Yi Yan" is to promote real customer feedback.。Citi believes that Baidu's share price decline after the release of "Wen Xin Yi Yan" is only the result of market overreaction, Citi said it will continue to maintain its shares of the "buy" rating。

Macquarie also released a research report after the trial of Wenxin Yiyan, saying that the bank participated in Baidu's "Wenxin Yiyan" conference, and the market was disappointed with its content because the launch was carried out in stages.。Macquarie believes Baidu has reduced its own effectiveness by playing pre-recorded demos and limited release scale。But after demonstrating "Wen Xin Yi Yan," Macquarie believes that its speed, accuracy and cross-mode capabilities have exceeded expectations。And says commercialization is the next focus of AI-generated content in China。At the same time, Macquarie believes that faster time to market will be the key to consolidate the "Wenxin Yiyan" commercial competition moat, so Baidu "outperform the market" rating.。

In addition, CICC also released a research report saying that Baidu's "Wenxin Yiyan" is expected to be a client-side integrated search engine, the business side is equipped on the cloud for external output, and continues to pay attention to the user growth after the launch of Wenxin Yiyan and the feedback from corporate customers, if the effect is significant, due to the obvious first-mover advantage, CICC believes that it is a new opportunity for Baidu.。

CICC also said that it will continue to be optimistic that the general artificial intelligence AGI led by Chat GPT is a long-term trend.。For regulatory and security considerations, CICC believes that self-research on core AI technologies in the Mainland is the trend, and among its Mainland counterparts, Baidu is relatively ahead in terms of large model technology, data accumulation and computing power, and its high competitive threshold and Baidu's rapid response will help the company grasp the critical time window.。Therefore, CICC will continue to maintain Baidu's "outperform industry" rating unchanged.。