Company Overview - América Móvil SAB de CV (NYSE:AMX) is a major Mexican telecommunications company specializing in communications, information technology, and digital content, operating in 22 countries across Latin America and Europe [4] Investment Outlook - Bank of America Securities initiated coverage of América Móvil, rating it Neutral with a price target of $26, highlighting a positive outlook for Latin American telecommunications in 2023-2024 due to relaxed capital expenditures and strengthened pricing power from industry consolidation [1] - Improved cash generation in the telecommunications industry has led to increased dividends for investors, with América Móvil having paid dividends for the past 25 years, reflecting a favorable trend for telecom companies in Latin America [2] Strategic Developments - América Móvil has secured broadcasting rights for the Olympics in Latin America, maintaining rights in 16 regions through to the Brisbane 2032 games, covering major events including the Winter Olympics in 2026 and 2030, and the Summer Olympics in 2028 and 2032 [3]

Core Insights - RPD Fund Management has completely exited its position in Baidu, selling all 1.3 million shares during the third quarter, which represents a value of approximately $108 million [2][3][11] - Baidu's stock price as of the latest market close was $125.66, reflecting a 48% increase over the past year, significantly outperforming the S&P 500's 13% rise in the same period [4][5] - Baidu's revenue generation is primarily through online marketing services, cloud computing, AI initiatives, and digital video content, with a dual-segment structure that diversifies its revenue streams [9][10] Financial Performance - Baidu reported a 7% year-over-year decline in third-quarter revenue, amounting to RMB 31.2 billion, alongside a significant operating loss of RMB 15.1 billion, primarily due to a RMB 16.2 billion impairment of long-lived assets [11][12] - Excluding the impairment charge, Baidu's core operations remained profitable, with non-GAAP net income reaching RMB 3.8 billion (approximately $530 million) and adjusted EBITDA totaling RMB 4.4 billion (approximately $622 million) [11][12] Strategic Positioning - The exit by RPD Fund Management removes a significant 4.5% position in the fund, which is now largely concentrated in a single holding [12] - Despite the mixed financial results, Baidu continues to emphasize growth in AI-driven segments, with AI Cloud revenue increasing by 33% and AI-native marketing soaring by 262% [12]