Feb 10 (Reuters) - China’s search engine giant Baidu Inc is in talks to raise cash for an artificial intelligence semiconductor company, CNBC reported on Wednesday, citing a person familiar with the matter.
Venture capital firms GGV and IDG Capital are in discussions with Baidu, which is looking to diversify, to invest in its new venture to make chips, the CNBC report said. (cnb.cx/3a7z5h0)
The company would make chips targeted at various industries including automobile manufacturing and would be a unit of Baidu.
The company’s U.S.-listed shares were up 3% in trading before the bell.
Baidu did not immediately respond to a Reuters request for comment. (Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)