BIDU(HK:09888) Sou Hu Cai Jing·2025-12-05 06:08Group 1 - Kunlun Core has initiated preparations for its IPO in Hong Kong, planning to submit its application to the Hong Kong Stock Exchange in Q1 2026 and aiming for completion by early 2027 [2] - The company raised $283 million in its latest funding round, achieving a valuation of approximately 21 billion yuan (about $2.97 billion) [2] - Kunlun Core, originally part of Baidu's intelligent chip and architecture division, has been focused on AI acceleration for over a decade and has significant expertise in architecture, chip implementation, software systems, and application scenarios [2] Group 2 - Baidu recently launched two new AI chips, Kunlun Core M100 and M300, along with two new super nodes, and announced a five-year roadmap for Kunlun Core [2] - JPMorgan believes Baidu is undergoing a fundamental transformation from a traditional search advertising company to an AI infrastructure provider, predicting significant revenue growth driven by Kunlun chip sales and GPU computing demand [2] - JPMorgan forecasts that revenue from Baidu's Kunlun chips will surge from approximately 1.3 billion yuan in 2025 to 8.3 billion yuan in 2026, representing a sixfold increase [2]