Asia Pacific Equity Research 14 November 2025 Baidu.com (BIDU US & 9888 HK) Baidu World 2025: "AI in Action" Marks a Shift from Potential to Productivity We recently attended Baidu World 2025 in Beijing, where management unveiled a comprehensive AI stack, from chips and compute infrastructure to multimodal foundation models and agentic applications. Our key takeaways are twofold: 1) Baidu's new AI offerings redefine value creation for consumers, enterprises, and ecosystem partners through real-world product ...