Quick Note - Baidu (BIDU US) (Buy) - Takeaways from NIFA conference

研报英文原文证据摘录

Quick Note - Baidu (BIDU US) (Buy) - Takeaways from NIFA conference

Baidu BIDU.OQ BIDU US Global Markets Research

8 June 2026

EQUITY: INTERNET & NEW MEDIA

RatingTakeaways from NIFA conference Remains Buy

Target price USD 190.00 RemainsQuick Note

Closing priceBaidu management, including the CFO (Mr. Henry He) and IR director (Ms Juan Lin), 5 June 2026 USD 121.66

attended Nomura Investment Forum Asia (2-5 June) in Singapore. Aside from investor

group meetings, the CFO also did a fireside chat at the event to share Baidu’s latest

developments in AI cloud and shareholder return. We summarize the key takeaways from Research Analysts

the investor group meetings and the CFO’s fireside chat as follows. China Internet & New Media

AI crosses the 50% milestone Jialong Shi - NIHK

1Q26 was an important inflection point for Baidu’s AI transition. Baidu Core AI-powered Jialong.shi@nomura.com

Business revenue exceeded CNY13.6bn, up 49% y-y, and accounted for 52% of Baidu +852 2252 1409

General Business (BGB) revenue. This was the first time AI-powered businesses Rachel Guo - NIHK

represented more than half of Baidu’s General Business revenue, suggesting that Baidu’s rachel.guo@nomura.com

growth profile is no longer primarily determined by legacy search advertising. +852 2252 1400

Within AI-powered businesses, AI Cloud Infra was the largest and fastest-growing

component, with revenue of CNY8.8bn, up 79% y-y. Subscription-based GPU Cloud

revenue grew 184% y-y, highlighting the strong demand for AI compute and inference

infrastructure. AI-native Marketing Services also grew 36% y-y to CNY2.3bn, while AI

Applications revenue was CNY2.5bn, broadly stable y-y.

AI Cloud Infra: from commodity cloud to scarce AI compute