---
title: "\"Big Banks\" JP Morgan: Baidu's pullback creates opportunities, Kunlun Core's fundamentals remain unchanged"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/277711944.md"
description: "JP Morgan's report indicates that Baidu's stock prices in the US and H shares are expected to rise approximately 85% and 89% respectively from August 2025 to mid-January 2026. Since January 22, 2026, Baidu's stock price has corrected by 24% and 22%, mainly due to a shift in capital style towards other AI companies. JP Morgan believes this correction has created an investment opportunity, with Kunlun Core's long-term profit potential being higher, valued at $40 billion to $49 billion. JP Morgan recommends buying Baidu during weak stock prices, setting a target price of $200 for US shares and HKD 195 for Hong Kong shares, with a rating of \"Overweight.\""
datetime: "2026-03-04T02:22:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/277711944.md)
  - [en](https://longbridge.com/en/news/277711944.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/277711944.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277711944.md) | [繁體中文](https://longbridge.com/zh-HK/news/277711944.md)


# "Big Banks" JP Morgan: Baidu's pullback creates opportunities, Kunlun Core's fundamentals remain unchanged

JP Morgan published a report stating that the stock prices of Baidu (BIDU.US) in the US market and Baidu-SW (09888.HK) in the H-share market have cumulatively increased by approximately 85% and 89%, respectively, from August 2025 to mid-January 2026. This is mainly due to the market entering a value discovery phase around Baidu's AI infrastructure (led by Kunlun Chip), while the group level also experienced a broader revaluation. Since January 22, 2026, Baidu's US and H-share stocks have corrected by 24% and 22%, respectively. The bank believes that this correction is primarily due to a shift in capital style from Baidu to "pure AI" listed companies (such as ZhiPu AI and MiniMax), rather than a change in the fundamentals of Kunlun Chip.

The bank believes that this capital rotation creates investment opportunities, as its research indicates that Kunlun Chip's long-term profit potential is higher and more defined than that of China's listed model development companies. The bank has independently valued Kunlun Chip at $40 billion to $49 billion, while Baidu's current market capitalization is only $43 billion. As the catalysts for Kunlun Chip's IPO become more specific, the bank recommends that investors accumulate Baidu's US and Hong Kong stocks during price weakness. JP Morgan has set a target price of $200 for Baidu's US stock and HKD 195 for its Hong Kong stock, with a rating of "Overweight" for both

### Related Stocks

- [BIDU-SW (09888.HK)](https://longbridge.com/en/quote/09888.HK.md)

## Related News & Research

- [China's Search Giant Baidu Struggles With Weak Ad Spending Despite AI Push](https://longbridge.com/en/news/277056050.md)
- [J.P. Morgan Sticks to Its Buy Rating for Baidu (BIDU)](https://longbridge.com/en/news/277323585.md)
- [Zetrix AI Completes Private Placement of Shares](https://longbridge.com/en/news/277724680.md)
- [DBS Reaffirms Their Buy Rating on Baidu (BIDU)](https://longbridge.com/en/news/277156503.md)
- [MiniMax’s ARR tops USD 150 million as it pivots toward an AI platform model](https://longbridge.com/en/news/277591914.md)