Macquarie upgraded Baidu to Outperform from Neutral, saying investors are underestimating the value of its in-house chip-design unit and the company’s push into artificial intelligence. The brokerage said Baidu’s Kunlun AI chips could account for nearly one-third of the company’s valuation as shipments accelerate and China seeks greater self-sufficiency in semiconductors.The upgrade comes as Baidu pivots away from its weakening search business, which continues to face pressure from competition with short-video and social platforms. Will AI levelise the search engine competition ?
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