Baidu (BIDU) shares are soaring 5.03% in pre-market trading on Tuesday, following reports of significant growth in its autonomous ride-hailing business. The Chinese tech giant's Apollo Go division has recorded over 250,000 weekly fully driverless ride-hailing orders as of October 31, according to a company spokesperson.

This milestone puts Baidu's robotaxi service on par with Waymo's paid ride volume in the U.S. as of late April this year, showcasing the rapid advancement of Baidu's autonomous driving technology. The surge in robotaxi usage indicates growing consumer acceptance and confidence in self-driving vehicles, potentially positioning Baidu as a leader in this emerging market.

Investors are likely responding positively to this news, seeing it as a sign of Baidu's successful diversification beyond its core internet search business. As China's economic growth slows, impacting traditional revenue streams like advertising, Baidu's investments in cutting-edge technologies such as autonomous driving and artificial intelligence are becoming increasingly important for the company's future growth prospects.