Goldman Sachs released a research report stating that Baidu Group-SW (09888, BIDU.US) management indicated the AI industry is shifting toward an "inverted pyramid" structure, where AI models and applications should capture greater value. The company emphasized allocating capital expenditures to areas driving significant commercial value, particularly in B2B and B2C applications. The bank set a target price of HK$150 for Baidu's Hong Kong shares and $154 for its U.S. shares, maintaining a "Buy" rating for both.

Additionally, Baidu unveiled its first five-year plan for its Kunlun chips, with two new chips set for release in early 2026 and 2027, catering to both inference and training needs. The Kunlun P800, launched last year, has already secured orders from diverse clients, including internet platforms, telecom operators, financial institutions, aviation, and government-related sectors.

Regarding Robotaxi, Baidu Apollo recently achieved 250,000 weekly ride orders, with cumulative rides surpassing 17 million since its launch. With profitability already achieved in Wuhan, the company expects rapid global expansion of its Robotaxi business. While short-term growth in certain regions depends on regulatory progress, Baidu remains confident in long-term prospects and is exploring asset-light models, including self-operation and partnerships with third parties or ride-hailing platforms.

In search engines, 70% of queries now involve AI-generated content, particularly multimodal responses incorporating images and videos. AI agents and digital humans have become highlights of Baidu's mobile ecosystem, achieving broad coverage. Overseas expansion presents another growth opportunity, such as licensing digital assistant technology in markets like Brazil.