Stock Track | Baidu Plummets 5.11% Intraday Amid AI Disruption Fears and Tech Sector Selloff

Stock Track02-05

Baidu's stock plummeted 5.11% during intraday trading on Wednesday, reflecting a sharp downturn for the Chinese tech giant.

The decline followed a broader selloff in the technology sector, driven by fears that artificial intelligence will disrupt traditional software business models. The immediate catalyst was AI company Anthropic's launch of a new legal tool for its Cowork product, which sparked concerns that AI automation could compress pricing power and lower barriers for new competitors in the software industry.

Additionally, the tech sector faced pressure from speculation about possible value-added tax adjustments targeting internet-related companies and from overnight losses on Wall Street, contributing to the negative sentiment across Asian markets.

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