Core Insights - Bank of America Securities reports that Baidu has disclosed significant business results driven by its AI technology, with new AI business revenue growing over 50% year-on-year to approximately 10 billion yuan [1] Revenue Breakdown - Intelligent cloud infrastructure revenue increased by 33% year-on-year to 4.2 billion yuan [1] - AI high-performance computing facility subscription revenue surged by 128% [1] - AI application revenue grew by 6% to 2.6 billion yuan [1] - AI-native marketing service revenue experienced a remarkable growth of 262% [1] Future Outlook - The firm indicates that Baidu's core total revenue and adjusted operating profit have bottomed out, expecting gradual improvement starting from the fourth quarter [1] - The "buy" rating for Baidu is reaffirmed, with the target price for US shares raised from $100 to $151, and the target price for H-shares increased from 98 HKD to 148 HKD [1]