EV Dreams Power Baidu But May Not Last

Electric vehicle hopes have supercharged shares of Chinese search giant Baidu, long a laggard among Chinese tech stocks. Such a move would make a certain amount of sense for a tech company with plentiful cash and investments in artificial intelligence and automated driving. But given the lack of detail or official confirmation, investors may be getting ahead of themselves. Baidu shares have surged 25% in less than a month after a report from Reuters last month said the company is considering making its own EVs and has held talks with other auto makers. Baidu's shares had been languishing for the past couple of years and were trading at nearly half a peak in 2018 before the recent rally.