港股异动丨百度涨超4%，获小摩大幅上调目标价

Core Viewpoint - Baidu's stock has seen significant gains, with a more than 4% increase in Hong Kong and over 7% in the US market, driven by a fundamental shift in its business narrative towards AI infrastructure [1] Group 1: Stock Performance - Baidu Group's stock rose over 4% to HKD 116.6, while in the US market, it closed up over 7% at USD 119.21, translating to HKD 116.17 per share [1] - Morgan Stanley has raised Baidu's target price significantly to USD 188 [1] Group 2: Business Transformation - Morgan Stanley's report on November 23 indicates a fundamental transformation in Baidu's business model from a traditional search advertising company to an AI infrastructure provider [1] - The report highlights that revenue from Baidu's Kunlun chips is expected to surge from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, marking a sixfold increase [1] - The market is said to be underestimating the speed and scale of Baidu's AI transformation, with cloud business revenue projected to grow by 61% in 2026 due to increased sales of Kunlun chips [1]