<p>凱西·伍德在週三做了一件近四個月來沒有做過的事情。作為 Ark Invest 的創始人兼首席執行官，她增加了對 <strong>百度</strong>(BIDU -1.88%) 的持股。現在似乎是購買中國領先搜索引擎運營商的好時機。最近，隨着分析師對百度的看好，該股正在上漲。</p>
<p>百度在關税貿易戰中成為了一個意想不到的贏家。儘管最近增長乏力，百度卻成為了中國對強大人工智能（AI）芯片進口限制的受益者。再加上一個標誌性的本土品牌和極低的估值，百度可能成為市場最新的動量股。</p>
<h2>回到未來</h2>
<p>百度正處於低迷期。收入在過去六年中第四次下降。上個月的第二季度報告未能令人印象深刻。收入下降了 4%。在損益表的另一端，調整後的收益暴跌 35%。一個月前，該股幾乎沒有上漲，但自那時以來，百度的股價飆升了 53%。</p>
<p>你可以感謝中國對 <strong>Nvidia</strong> 的 H20 芯片和其他美國 AI 解決方案的進口限制，推動了百度的上漲。Nvidia 及其同行可能在今年夏天早些時候，當與白宮達成交易框架時，股價已經上漲。Nvidia 將向美國提供其在中國產生的 15% 的收入，以便重新進入世界第二大經濟體。由於受到限制，它每季度損失數十億美元，因此保留 85% 的高利潤率 AI 訓練芯片的收入總比沒有好。</p>
<p>不幸的是，交易需要雙方合作。本週來自中國的報道發現，北京的互聯網監管機構阻止公司購買像 Nvidia 的中國專用 RTX Pro 6000D 芯片，這為本土解決方案的前景注入了活力。這正是百度一直在等待的機會。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMzkvZ2V0dHlnYW1lci5qcGVnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMzkvZ2V0dHlnYW1lci5qcGVnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>百度在人工智能領域是中國的先驅，早在它流行之前就已經開始佈局。它在中國的 AI 相關專利申請數量超過 5700 項，領先於其他公司。雖然早期佈局並不足夠。其 AI 雲業務在最新季度實現了 34% 的同比收入增長，但仍不足以將整體收入提升至正增長。由於其旗艦搜索引擎的在線廣告業務持續低迷，幾乎佔據了百度核心收入的三分之二，推動整體業績的難度很大。</p>
<p>分析師本週開始將各個因素聯繫起來。Arete 在週二將百度的評級從賣出上調至買入，這是一次罕見的雙重升級。該公司認為，百度的崑崙 AI 芯片業務將受益於中國的供應短缺，考慮到與 Nvidia 的交易限制。兩週前，新的目標價 143 美元似乎偏高，但經過兩天的上漲後，該股現在距離這一目標僅有 4% 的漲幅。週三，<strong>Jefferies</strong> 的 Thomas Chong 將該股目標價從 108 美元上調至 157 美元，也提到了百度 AI 芯片的黃金機會。</p>
<h2>一隻便宜的 AI 芯片股票</h2>
<p>經營國家最大的搜索引擎仍然有很多錢可賺。儘管收入可能在錯誤的方向上，但這仍然是一頭值得榨取的搖錢樹。其他業務——如其 iQIYI 視頻流媒體服務——表現更糟。搜索為百度提供了在新興行業進行大規模早期投資的手段，就像它在 AI 領域所做的那樣，這可能是使其再次成為市場寵兒的關鍵。</p>
<p>與此同時，百度的估值比你想象的要便宜。儘管在過去一個月中上漲超過 50%，該股的交易價格仍低於調整後收益的 13 倍。利潤目前確實在下降，但分析師預計明年將恢復底線增長。分析師預計，百度在 2028 年的交易價格僅為其利潤目標的 9 倍，到 2029 年則低於 8 倍。股價的上漲自然也會推動這些倍數的上升，但華爾街的專業人士並沒有考慮到如果百度的 AI 芯片業務繼續蓬勃發展，它能夠實現的盈利能力。AI 的利潤率不會像搜索業務那樣寬，但如果百度繼續簽約主要的中國客户，這可能會成為一個重要的貢獻者。</p>
<p>如果你在尋找一隻便宜的 AI 股票，而它在與 Nvidia 和貿易戰的對抗中逐漸成為贏家，這可能就是它。Ark Invest 的伍德似乎這麼認為。看看她是否會繼續增持股份，值得關注，因為分析師們重新審視這隻曾經的市場滯後股。</p>

百度

百度-SW

<p>阿克投資的首席執行官 Cathie Wood 增加了對百度的持股，暗示該股票可能存在買入機會。儘管最近收入有所下降，但由於中國對人工智能芯片的進口限制，百度的股價已上漲 53%，使其在貿易戰中成為受益者。分析師們已上調了百度的評級，認為其人工智能芯片業務是增長動力。目前，該股票的估值較低，對於尋求便宜且具有增長潛力的人工智能股票的投資者來説，具有吸引力</p>

<p>Cathie Wood did something on Wednesday that she hasn't done in nearly four months. The Ark Invest founder CEO added to her existing stake in <strong>Baidu</strong>(BIDU -1.88%). It seems like a good time to buy China's leading search engine operator. The stock is rallying lately, as analysts warm up to Baidu.</p>
<div class="lb-trans"><p>凱西·伍德在週三做了一件近四個月來沒有做過的事情。作為 Ark Invest 的創始人兼首席執行官，她增加了對 <strong>百度</strong>(BIDU -1.88%) 的持股。現在似乎是購買中國領先搜索引擎運營商的好時機。最近，隨着分析師對百度的看好，該股正在上漲。</p>
</div><p>Baidu is becoming an unlikely winner in the tariff trade war. Despite its recent sluggish growth, Baidu is emerging as a beneficiary of the import restrictions of potent artificial intelligence (AI) chips into China. Toss in an iconic hometown brand with a rock-bottom valuation, and Baidu could be the market's latest momentum play.</p>
<div class="lb-trans"><p>百度在關税貿易戰中成為了一個意想不到的贏家。儘管最近增長乏力，百度卻成為了中國對強大人工智能（AI）芯片進口限制的受益者。再加上一個標誌性的本土品牌和極低的估值，百度可能成為市場最新的動量股。</p>
</div><h2>Back to the future</h2>
<div class="lb-trans"><h2>回到未來</h2>
</div><p>Baidu is in a funk. Revenue is declining for the fourth time in the last six years. Last month's second-quarter report failed to impress. Revenue declined 4%. The news only gets worse at the other end of the income statement, with adjusted earnings plummeting 35%. The stock was barely trading higher in 2025 a month ago, but Baidu has soared 53% since then.</p>
<div class="lb-trans"><p>百度正處於低迷期。收入在過去六年中第四次下降。上個月的第二季度報告未能令人印象深刻。收入下降了 4%。在損益表的另一端，調整後的收益暴跌 35%。一個月前，該股幾乎沒有上漲，但自那時以來，百度的股價飆升了 53%。</p>
</div><p>You can thank Chinese import restrictions on <strong>Nvidia</strong>'s H20 chip and other U.S. AI solutions for the rally in Baidu. Nvidia and its peers may have rallied earlier this summer when the framework of a deal with the White House was in place. Nvidia would offer the U.S. 15% of the revenue it generates in China as a way to get back into world's second-largest economy. It was losing billions in quarterly revenue with the restrictions, so keeping 85% of the revenue of high-margin AI training chips was better than nothing.</p>
<div class="lb-trans"><p>你可以感謝中國對 <strong>Nvidia</strong> 的 H20 芯片和其他美國 AI 解決方案的進口限制，推動了百度的上漲。Nvidia 及其同行可能在今年夏天早些時候，當與白宮達成交易框架時，股價已經上漲。Nvidia 將向美國提供其在中國產生的 15% 的收入，以便重新進入世界第二大經濟體。由於受到限制，它每季度損失數十億美元，因此保留 85% 的高利潤率 AI 訓練芯片的收入總比沒有好。</p>
</div><p>Unfortunately it takes two to trade tango. Reports this week out of China find Beijing internet regulators blocking companies from buying chips like Nvidia's China-specific RTX Pro 6000D, jump-starting the prospects for homegrown solutions. This is the opportunity that Baidu has been waiting for.</p>
<div class="lb-trans"><p>不幸的是，交易需要雙方合作。本週來自中國的報道發現，北京的互聯網監管機構阻止公司購買像 Nvidia 的中國專用 RTX Pro 6000D 芯片，這為本土解決方案的前景注入了活力。這正是百度一直在等待的機會。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMzkvZ2V0dHlnYW1lci5qcGVnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834139%2Fgettygamer.jpeg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>Baidu was a Chinese pioneer in AI before it was cool. It has more AI-related patent applications -- topping 5,700 -- than any other company in China. Being early isn't enough. Its AI cloud business posted 34% year-over-year revenue growth in its latest quarter, but it wasn't enough to lift overall top-line results into positive territory. It's hard to move the needle when the sluggish online advertising business from its flagship search engine continues drum up almost two-thirds of Baidu's core revenue.</p>
<div class="lb-trans"><p>百度在人工智能領域是中國的先驅，早在它流行之前就已經開始佈局。它在中國的 AI 相關專利申請數量超過 5700 項，領先於其他公司。雖然早期佈局並不足夠。其 AI 雲業務在最新季度實現了 34% 的同比收入增長，但仍不足以將整體收入提升至正增長。由於其旗艦搜索引擎的在線廣告業務持續低迷，幾乎佔據了百度核心收入的三分之二，推動整體業績的難度很大。</p>
</div><p>Analysts are starting to connect the dots this week. Arete boosted its rating on Baidu from sell to buy on Tuesday, a rare double upgrade. The firm believes that Baidu's Kunlun AI chip business will be a beneficiary of supply shortages in China given the trading restrictions with Nvidia. The new price target of $143 seemed high two weeks ago, but after two days of pops the stock is now just a 4% gain away from hitting that goal. On Wednesday it was Thomas Chong at <strong>Jefferies</strong> raising his target on the shares from $108 to $157, also citing the golden opportunity for Baidu's AI chips.</p>
<div class="lb-trans"><p>分析師本週開始將各個因素聯繫起來。Arete 在週二將百度的評級從賣出上調至買入，這是一次罕見的雙重升級。該公司認為，百度的崑崙 AI 芯片業務將受益於中國的供應短缺，考慮到與 Nvidia 的交易限制。兩週前，新的目標價 143 美元似乎偏高，但經過兩天的上漲後，該股現在距離這一目標僅有 4% 的漲幅。週三，<strong>Jefferies</strong> 的 Thomas Chong 將該股目標價從 108 美元上調至 157 美元，也提到了百度 AI 芯片的黃金機會。</p>
</div><h2>A cheap AI chip stock</h2>
<div class="lb-trans"><h2>一隻便宜的 AI 芯片股票</h2>
</div><p>There is still a lot of money to be made in operating the country's largest search engine. Revenue may be heading in the wrong direction, but this is still a cash cow worth milking. Other businesses -- like its iQIYI video streaming service -- are faring even worse. Search provides Baidu with the means to make big early bets on emerging industries, like it did with AI that could be the ticket to make it a market darling again.</p>
<div class="lb-trans"><p>經營國家最大的搜索引擎仍然有很多錢可賺。儘管收入可能在錯誤的方向上，但這仍然是一頭值得榨取的搖錢樹。其他業務——如其 iQIYI 視頻流媒體服務——表現更糟。搜索為百度提供了在新興行業進行大規模早期投資的手段，就像它在 AI 領域所做的那樣，這可能是使其再次成為市場寵兒的關鍵。</p>
</div><p>In the meantime, Baidu is cheaper than you probably think. Despite soaring more than 50% over the past month, the stock is trading for less than 13 times trailing adjusted earnings. Profits <em>are</em> going the wrong way right now, but analysts see a return to bottom-line growth starting next year. Analysts see Baidu trading for just 9 times their profit targets for 2028 and less than 8 come 2029. The shares moving higher will naturally also drive those multiples higher, but Wall Street pros aren't baking in the kind of profitability that Baidu can achieve if its AI chip business continues to take off. The margins won't be as wide in AI as its search business, but this could become a major contributor if Baidu continues to sign up major Chinese customers.</p>
<div class="lb-trans"><p>與此同時，百度的估值比你想象的要便宜。儘管在過去一個月中上漲超過 50%，該股的交易價格仍低於調整後收益的 13 倍。利潤目前確實在下降，但分析師預計明年將恢復底線增長。分析師預計，百度在 2028 年的交易價格僅為其利潤目標的 9 倍，到 2029 年則低於 8 倍。股價的上漲自然也會推動這些倍數的上升，但華爾街的專業人士並沒有考慮到如果百度的 AI 芯片業務繼續蓬勃發展，它能夠實現的盈利能力。AI 的利潤率不會像搜索業務那樣寬，但如果百度繼續簽約主要的中國客户，這可能會成為一個重要的貢獻者。</p>
</div><p>If you're looking for a cheap AI stock that is somehow becoming a winner at the expense of Nvidia and the trade war, this could be it. Ark Invest's Wood seems to think so. It will be interesting to see if she continues to build up her stake as analysts revisit the former market laggard.</p>
<div class="lb-trans"><p>如果你在尋找一隻便宜的 AI 股票，而它在與 Nvidia 和貿易戰的對抗中逐漸成為贏家，這可能就是它。Ark Invest 的伍德似乎這麼認為。看看她是否會繼續增持股份，值得關注，因為分析師們重新審視這隻曾經的市場滯後股。</p>
</div>

Cathie Wood Just Bought Baidu Stock. Should You?

- Cathie Wood 增持百度股份，反映市場對其前景的看好。  
- 百度受益於美國對中國的進口限制，股價上漲 53%。  
- 分析師對百度的 AI 芯片業務前景持樂觀態度。  

凱西·伍德剛剛買入百度的股票。你是否也應該跟進購買呢？