<p>Chinese search giant Baidu Inc will set up a venture capital fund of 1 billion yuan ($145 million) to back start-ups focused on content generated by artificial intelligence applications, it said on Wednesday.</p>.<p>The company will also launch a competition for developers to build applications off its ERNIE large language model (LLM) or integrate the model into their existing products, it added.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/business/technology/baidu-will-very-soon-officially-launch-generative-ai-model-says-ceo-robin-li-1222146.html" target="_blank">Baidu will very soon officially launch generative AI model, says CEO Robin Li</a></strong></p>.<p>Chinese tech companies have raced to release their own LLMs following the dramatic success of ChatGPT, the AI-powered chatbot released by Microsoft-backed OpenAI.</p>.<p>Almost 80 organisations in China have launched their own LLMs since 2020, with releases this year slightly exceeding those of the United States, a report showed this week.</p>.<p>In March, Baidu unveiled Ernie Bot, its own AI-powered LLM. Ecommerce giant Alibaba Group Holding Ltd was among the other Chinese companies that followed quickly.</p>.<p>In response to the surge of LLMs, China published draft regulations in April on the use of generative AI.</p>
<p>Chinese search giant Baidu Inc will set up a venture capital fund of 1 billion yuan ($145 million) to back start-ups focused on content generated by artificial intelligence applications, it said on Wednesday.</p>.<p>The company will also launch a competition for developers to build applications off its ERNIE large language model (LLM) or integrate the model into their existing products, it added.</p>.<p><strong>Also read | <a href="https://www.deccanherald.com/business/technology/baidu-will-very-soon-officially-launch-generative-ai-model-says-ceo-robin-li-1222146.html" target="_blank">Baidu will very soon officially launch generative AI model, says CEO Robin Li</a></strong></p>.<p>Chinese tech companies have raced to release their own LLMs following the dramatic success of ChatGPT, the AI-powered chatbot released by Microsoft-backed OpenAI.</p>.<p>Almost 80 organisations in China have launched their own LLMs since 2020, with releases this year slightly exceeding those of the United States, a report showed this week.</p>.<p>In March, Baidu unveiled Ernie Bot, its own AI-powered LLM. Ecommerce giant Alibaba Group Holding Ltd was among the other Chinese companies that followed quickly.</p>.<p>In response to the surge of LLMs, China published draft regulations in April on the use of generative AI.</p>