Gerstner notes Baidu lost 50% of value while other Chinese platforms multiplied due to WeChat and ByteDance.
“I mean, Baidu's worth 50% less today than it was six years ago. Notwithstanding the fact that all of the big internet platforms in China are worth multiples today of what they were five years ago because you had the rise of WeChat, you had the rise of ByteDance,”
Gerstner notes stocks are up 60% in six quarters since Q1 2023 when ChatGPT launched.
“So that's just six quarters ago. Right after chat GPT hit the screens, you know, stocks are up 60%.”