Baidu, Inc. (BIDU) Q2 FY2026: Management highlighted robust training and inference demand plus a new Hong Kong robotaxi permit, but noted industry-wide supply constraints and questioned whether monetization can keep pace with spending

Baidu reported RMB 31.3 billion in revenue, missing estimates by 5%, while EPS fell 35% short as legacy online marketing dropped 19% and failed to offset AI gains. AI-powered revenue reached half of Baidu Core at RMB 12.5 billion, up 25% YoY, with AI Cloud Infra rising 50% and GPU Cloud surging 283%, driving cloud margin expansion despite rising capex. Management highlighted robust training and inference demand plus a new Hong Kong robotaxi permit, but noted industry-wide supply constraints and questioned whether monetization can keep pace with spending.

Company: Baidu, Inc. (BIDU) — Q2 FY2026

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