Chinese technology company Baidu Inc (NASDAQ: BIDU) reported earnings after the close yesterday, beating revenue and earnings estimates.
The company’s strong quarter was attributed to strength in advertising revenue, cloud computing and its artificial intelligence business.
It’s been three weeks since Beijing ordered the reopening of China’s borders to the world, and Chinese stocks are rallying.
The world’s second largest economy abruptly ended three years of strict zero-COVID policies late last year, causing a massive spike in COVID cases.
As COVID-19 spreads through China, and the world’s second-largest economy is dealing with an overwhelming wave of new infections, shares of Chinese-based funeral and healthcare companies are going higher.
China will strike the final blow to its COVID-19 restrictions at the beginning of next year, for both citizens of the country and those traveling to the mainland.
What Happened: China will reopen borders and abandon quarantine after it downgrades its treatment of COVID on Jan. 8.
John Paulson is a billionaire investor and hedge fund manager of Paulson & Co., which he founded in 1994 as an investment firm in New York. In the second quarter of 2022, Paulson & Co’s holdings decreased to 32 from 40 in the second quarter of 2021.
On CNBC's "The Final Call," Carter Worth said China is going through “a bottoming out process.” He recommended KraneShares CSI China Internet ETF (ARCA: KWEB) in the current environment.