A 6x EV/EBITDA multiple. A chip business worth $9 to $13 billion that's currently valued at zero. A revenue mix flip happening at next Q1 earnings. The math doesn't reconcile. This week's Wolf Pick: Baidu There's a $43 billion company trading at roughly 6x EV/EBITDA, a multiple normally reserved for dying businesses. It also owns a soon-to-be publicly listed AI chip subsidiary that one major Wall Street bank values at $9 to $13 billion on its own. Q1 earnings drop May 18. A research briefing reviewed by our ...