$百度 (BIDU.US)百度长期看跌，之前是新媒体对其广告的分流，现在百度搜索的护城河即将被大预言模型搜索颠覆。百度很早就在 ai 布局，但战略不坚定，导致其 ai 技术在竞争中并不占优势，自动驾驶方案长期无法带来大量收入和盈利。百度在宏观收缩的背景下，研发和资本支出越来越少，但现金流持续下降，费了大劲才勉强看得过去。明年可能会更惨，出现亏损也不为奇，关键没有值得期待的潜在增长点。
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