百度回应分拆昆仑芯上市传闻！

Core Viewpoint - Baidu is evaluating the potential spin-off and independent IPO of its AI chip subsidiary Kunlun Chip, with no guarantee that the process will proceed [3] Group 1: Company Developments - Baidu has clarified that it is assessing the proposed spin-off of Kunlun Chip for an independent listing, which will require regulatory approval [3] - The company has shifted its business model to prioritize AI, with AI cloud services now accounting for approximately 25% of Baidu's core revenue, becoming a major growth driver [3] - Kunlun Chip has experienced rapid business growth, with external customers making up about 40% of its client base, including internet giants and state-owned enterprises [6] Group 2: Financial Projections - Morgan Stanley forecasts that Baidu's self-developed AI chip revenue will surge from 1.3 billion yuan this year to 8.3 billion yuan next year, a sixfold increase, contributing to a doubling of Baidu's GPU computing revenue by 2026 [3] - Kunlun Chip is expected to achieve revenue exceeding 1 billion yuan in 2024, surpassing other companies that have filed for or completed IPOs [6] Group 3: IPO Plans - Reports indicate that Kunlun Chip initially planned to list on the Sci-Tech Innovation Board but has since decided to pursue a listing on the Hong Kong Stock Exchange, with a timeline aiming for an application in Q1 2026 and an IPO by early 2027 [4] - The company has completed a new round of financing, with a post-investment valuation of approximately 21 billion yuan (about 3 billion USD) [4] Group 4: Product Development - Kunlun Chip has launched its second-generation AI chip, which is based on a 7nm process and significantly enhances performance and versatility, supporting major deep learning frameworks [7][8] - The latest AI chips, Kunlun M100 and M300, were announced, with M100 targeting large-scale AI inference and M300 designed for ultra-large-scale multimodal model training and inference, expected to be available in early 2026 and early 2027, respectively [8]