Sell BIDU by Oct 9, 2031.

* Baidu looks cheap: about $41B in cash and investments, a full-stack AI business, and AI cloud revenue growing 50%. But what holds the stock back is AI cloud, not search. * AI cloud revenue is about $4.3B a year. I estimate it earns between –$30 and +$10 of free cash flow per $100 of revenue. Growing faster requires more capital spending, and cutting capital spending slows growth. Baidu hasn’t escaped that trade-off. * Since 2024, free cash flow has …