Baidu: Buy The AI Infrastructure, Not The Chatbot Hype

Core Viewpoint - The investment thesis on Baidu (BIDU) is centered around AI Infrastructure, particularly focusing on Cloud, Compute Capacity, Inference, and Proprietary Chips, rather than on ChatBot/Consumer AI [1]. Group 1: Investment Strategy - The company is rated as a "Buy" based on its potential in AI Infrastructure [1]. - The analysis combines top-down macroeconomic factors with bottom-up stock selection to identify mispriced opportunities [1]. Group 2: Analyst Background - The analyst has over 10 years of experience in global markets, managing multi-asset strategies and equity portfolios at a European asset manager [1]. - The focus areas include earnings, technological disruption, policy shifts, and capital flows [1].