Baidu Inc

09888: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Baidu: Moat Downgraded to No-Moat From Wide; AI Segment Growth to Offset Search Decline in Long Run

Chelsey Tam

Mar 8, 2026

We have transferred coverage of Baidu. Non‑artificial intelligence general business revenue, driven largely by search, fell 20% year over year in the fourth quarter. Online marketing revenue, mostly search‑related, is no longer disclosed.

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Baidu Inc

Baidu: Moat Downgraded to No-Moat From Wide; AI Segment Growth to Offset Search Decline in Long Run

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