Multiple institutions have unveiled their earnings forecasts for Baidu's third-quarter performance, uniformly upholding a 'buy' recommendation. These institutions project that Baidu's revenue from AI cloud infrastructure will surge by 90% to 99% year-on-year in the third quarter. This represents a notable acceleration compared to the 50% growth achieved in the second quarter. Specifically, Citi anticipates a 99% year-on-year revenue increase for this business segment in the third quarter, amounting to RMB 8.35 billion, with an additional 14% quarter-on-quarter growth expected in the fourth quarter. Daiwa highlighted that major clients have secured GPU capacity through multi-year prepaid agreements, enhancing the predictability of demand. From a valuation perspective, UBS observed that Baidu's market capitalization is currently below its total net cash and investments. Numerous institutions consider the anticipated initial dividend distribution and the advancements in Kunlunxin's spin-off and listing process as significant drivers for future growth. Out of the 36 institutions tracking Baidu, 30 have issued a 'buy' rating.