Citigroup analysts stated in a research report that artificial intelligence (AI) could drive Baidu's revenue in 2026. The firm anticipates that Baidu's chip unit, Kunlunxin, will generate revenue of RMB 13.2 billion in 2026, accounting for 52% of its AI cloud infrastructure income. The analysts project that Baidu's AI-native market revenue could grow by 51% in 2026. They noted that while fourth-quarter revenue met expectations and profit exceeded forecasts, investors might be disappointed by the company's decision not to issue a dividend for the first time. Citigroup maintained its Buy rating on Baidu, citing its attractive valuation and potential benefits from the proposed spin-off of Kunlunxin. The bank increased its price target for Baidu's ADR from $186.00 to $188.00.