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Chinese search giant Baidu announced plans to establish a 1 billion yuan ($145 million) venture capital fund to support start-ups focused on content generated by artificial intelligence (AI) applications. Baidu also intends to launch a competition for developers to create applications using its ERNIE large language model (LLM) or integrate the model into their existing products. China has seen a rapid increase in the development of LLMs, with nearly 80 organizations launching their own since 2020. In response, China released draft regulations in April regarding the use of generative AI.
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