Baidu Ranks as China’s Cheapest Internet Stock Amid AI Concerns

Sharp stock underperformance for Baidu Inc. on concerns over its outlook have left it trading at the cheapest valuation among China's major internet firms.

Baidu has suffered from investor concerns over its competitiveness in artificial intelligence development as well as the high costs it is incurring in an effort to catch up. Its shares slumped as much as 3% in Hong Kong on Thursday after the company posted its worst quarterly revenue drop in over three years.