$Baidu(BIDU.US)Baidu is bearish in the long term. Previously, it was due to the diversion of advertising by new media, and now Baidu's search moat is about to be disrupted by large language model search. Baidu has been involved in AI for a long time, but its lack of strategic focus has resulted in its AI technology not being competitive. Its autonomous driving solutions have failed to generate significant revenue and profits over the long term. Against the backdrop of macroeconomic contraction, Baidu's R&D and capital expenditures are decreasing, but its cash flow continues to decline. It has struggled just to maintain a barely acceptable performance. Next year could be even worse, and it wouldn’t be surprising if it reports losses. The key issue is the lack of promising potential growth drivers.