Zhi Tong Cai Jing·2025-11-25 01:46Core Viewpoint - Baidu is undergoing a fundamental transformation from a traditional search advertising company to an AI infrastructure provider, with significant revenue growth expected from Kunlun chip sales and GPU computing demand [1] Group 1: Financial Performance - Baidu's stock opened nearly 4% higher and is currently up 3.85%, trading at HKD 116.1 with a transaction volume of HKD 100 million [1] - Morgan Stanley projects that Baidu's cloud business revenue will grow by 61% by 2026 [1] Group 2: Product Development - The 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] - Baidu's Kunlun project has become a core validation case for large-scale domestic demand, with the company disclosing a training cluster of 30,000 P800 chips [1] Group 3: Market Adoption - The Kunlun chip solution has gained external adoption from China Bank and internet companies, confirming its viability for enterprise-level workloads [1]