On June 23, Baidu Group-SW fell 3.13% in regular trading, trading at 105.2 HKD/share, with turnover of 4.05 billion HKD. The decline comes as the company's previously released Q1 earnings revealed a stark divergence between its legacy and emerging businesses, compounded by broad weakness across the technology sector.

Baidu's Q1 results showed AI cloud revenue of 8.8 billion yuan, up 79% year-over-year, with GPU cloud revenue surging 183%. AI business revenue of 13.6 billion yuan accounted for over 52% of core revenue for the first time. However, traditional advertising revenue declined 28% year-over-year, and Baidu App quarterly users fell by 22 million sequentially, highlighting weakening competitiveness in search. The market's core concern centers on whether traditional ad revenue is eroding faster than AI business growth can compensate during this transition period.

Within the Interactive Media and Services sector, broad selling pressure was evident. Tencent fell 3.56%, Kuaishou dropped 4.13%, Bilibili declined 5.05%, and Newborntown slid 3.70%, reflecting widespread sector weakness that amplified downward pressure on Baidu.

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