AI Cloud GrowthNon-advertising revenue continues to gain traction, now accounting for ~40% of Baidu Core, driven by strong AI Cloud growth (+34% year-on-year in the first half of the year) and a deliberate pivot toward subscription-based revenue for improved stability.
Autonomous DrivingApollo Go adds further depth, with fully driverless rides up 148% year-on-year and global expansion gaining pace through partnerships with Uber and Lyft.
Financial StabilityDownside appears limited, supported by ~$63 net cash per share, a ~5% annual share buyback, and ongoing strength in non-ad revenue.