Ac t i o n | 18 Aug 2026 17:54:32 ET │ 18 pages Baidu.com (BIDU.O) Accelerating GPU Revs Offset by Lack of Consistency in AI Cloud Infra CITI'S TAKE We believe the >13% share price correction in ADR likely reflects 1) decelerated growth (from 79% yoy in 1Q26 to 50% yoy in 2Q26) in AI Cloud Infra revs despite GPU cloud revs further accelerating to 283% yoy; 2) net profit missed due to decrease in investment asset fair value and FX and 3) lack of visibility on the timing of proposed Kunlunxin spin-off. Baidu ...