Artificial intelligence (AI) is advancing at breakneck speed, reshaping industries and fueling a global tech race. With governments backing AI innovation and companies pouring billions into research,

Chinese technology firm Baidu Inc. is offering as much as $2 billion in bonds that are exchangeable into Hong Kong shares of online-travel company Trip.com Group Ltd.

The search-engine firm last month reported a 2 per cent decline in quarterly revenue and faces intensifying competition in the AI arena.

Baidu Inc. has acquired the YY Live streaming platform from Joyy Inc., concluding a drawn-out deal that had been in the works since 2020.

China's Baidu will launch the next generation of its artificial intelligence model Ernie in mid-March, which will see improved capabilities in areas such as reasoning, a source with direct knowledge of the matter said.

China's Baidu and electric vehicle battery giant CATL will jointly explore the development of "competitive" driverless vehicles and innovative business models, the companies said on Thursday.

Now, Baidu has finally bought the business, known as YY Live, after Beijing softened its stance towards the tech sector following a regulatory crackdown four years ago. JOYY had received about $1.86 billion in February 2021 as part of the original agreement and an additional cash of about $240 million on Tuesday.

Investors are watching closely as Baidu makes a high-stakes bet, leveraging Trip.com shares in a massive debt deal.

CHINESE technology firm Baidu raised US$2 billion in a sale of bonds exchangeable into the Hong Kong shares of online travel agency Trip.com Group, matching the biggest ever US dollar offering in the format by an Asian issuer.