On July 14, Baidu fell 5.54% in pre-market trading, trading at $108.28 per share, with turnover of $1.6924 million.

On the news front, Morgan Stanley lowered its target price on Baidu from $140 to $130, maintaining a neutral rating, while cutting operating profit forecasts for fiscal years ending in the next two years by 11% to 12%. The bank projects Baidu's Q2 core advertising revenue at approximately 13 billion RMB, representing an 18.5% year-over-year decline, primarily driven by a weak macro environment and AI transformation diverting traditional advertising traffic.

Additionally, Goldman Sachs issued a strategy note emphasizing that sustained recovery in H-share internet names hinges on earnings rather than valuation, with subsidy losses and heavy AI capital expenditure continuing to compress margins. The broader AI chip sector also came under pressure as multiple international institutions including Fidelity International and BlackRock warned about the sustainability of rallies in related stocks, with index concentration and leveraged bets amplifying volatility.

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