Baidu Stock Jumps on Plans To List AI Chip Unit Kunlunxin in Hong Kong

Group 1 - Baidu's AI chip subsidiary, Kunlunxin, has filed for an initial public offering (IPO) on the Hong Kong stock exchange, with a potential valuation of up to $23 billion [3] - Baidu operates the leading online search engine in China and is experiencing stock fluctuations amid broader concerns about the Chinese economy [6] - Uber's stock gained after announcing a partnership with Baidu to test robotaxis in London next year, indicating a strategic collaboration in the autonomous vehicle sector [3][6] Group 2 - Concerns are rising about China's economy, which has led to a decline in shares of major companies including Alibaba, JD, and Baidu [6] - Baidu's stock has faced challenges following its Q2 report, where an advertising slump impacted sales despite ongoing AI initiatives [6][8] - The stock market's resilience is being tested, with questions surrounding the performance of key players like Nvidia and Walmart, as well as upcoming jobs data [6]