Goldman Sachs research report highlights: GPU cloud makes a difference, AI-driven businesses expected to surpass traditional businesses next year?

Goldman Sachs research report states that Baidu's cloud business accelerated in the first quarter, with GPU cloud making a significant contribution, and AI-driven business is expected to grow over 30% year-on-year, with AI cloud infrastructure growth exceeding 50%. By the end of 2026, AI-driven business may surpass traditional business. Management states that in the next few quarters, cloud growth will lead the market, with tokens shifting from training to inference to expand customers. The mid-term GPU cloud gross margin target is 35-40%, and CPU/memory gross margin is 25-30%. Baidu strives for AI-driven business to account for over 50%, shortening the holding discount through cloud/chip growth.