On May 29, Baidu rose 5.04% in pre-market trading, trading at $132.9/share, with trading volume of $1.562 million. The stock was driven higher by multiple catalysts including the advancement of its AI chip subsidiary Kunlun Chip toward dual listings and upgrades from major investment banks.

According to regulatory filings, Kunlun Chip officially initiated its STAR Market IPO guidance on May 7, while having already confidentially filed a listing application with the Hong Kong Stock Exchange in early January. JPMorgan assigned Kunlun Chip an independent valuation range of $40 billion to $49 billion, while Haitong International estimated it could contribute $48.7 billion in market value to Baidu. Separately, Nomura Securities raised its target price on Baidu to $190, and Haitong International lifted its target to $201, both maintaining buy-equivalent ratings.

Additionally, Baidu's Q1 AI-driven revenue surged 49% year-over-year to 13.6 billion yuan, accounting for 52% of core revenue and surpassing the 50% threshold for the first time. The company also signed a strategic cooperation agreement with Shanghai Pudong Development Bank to expand AI applications in financial services.

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