Baidu's stock declined 8.09% on October 10, 2025, closing at $121.69, extending a four-day losing streak despite receiving a significant upgrade from Macquarie on the same day. Macquarie raised Baidu from "Neutral" to "Outperform" and increased its price target to $176 from $91, citing "hidden value" in the company's AI pivot, including its AI cloud services, robotaxis, and Kunlun in-house AI chips. The firm noted that Kunlun's AI chips could represent one-third of Baidu's valuation as China pushes for semiconductor self-sufficiency, and emphasized that weakness in core advertising revenue through late 2025 is already priced in. The sharp decline came as part of a broader correction from the stock's 57% year-to-date gains driven by AI cloud business strength, with the stock falling from $144.91 on October 6, 2025, to its current level of $118.75, representing a cumulative drop of approximately 18% over the past week.