What's Going On With Baidu Stock Wednesday?

Baidu, Inc BIDU stock is trading higher Wednesday amid reports of winning domestic regulatory approval for its artificial intelligence models.

The Cyberspace Administration of China will likely approve the first batch of generative AI services for public rollout by this week.

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Search leader Baidu will likely be among the first to win approval from Beijing's top internet watchdog, Bloomberg cites familiar sources.

Within weeks after the sweeping new regulations governing AI, the approval will officially bring ChatGPT-style services to one billion or more internet users for the first time to openly compete with the likes of OpenAI Inc and Microsoft Corp MSFT.

In August, Baidu reported a second-quarter FY23 revenue growth of 15% year-on-year to $4.697 billion, beating the consensus of $4.570 billion. 

Baidu's non-GAAP earnings per ADS of $3.11 beat the consensus of $2.32.

Price Action: BIDU shares traded higher by 3.80% at $146.06 on the last check Wednesday.