中國低成本開源模型 GLM 5.2 與百度的全棧 AI 資源配置，正透過極致的推理成本優化破壞西方定價，商業變現路徑明確且晶片業務拆分上市在即。

Baidu has successfully demonstrated a disciplined approach to the AI spending race by maintaining strong cloud revenue growth and positive operating cash flow. The company's vertical integration from custom Kunlun chips to its Ernie foundational model and Apollo Go robotaxis gives it a robust data flywheel. Furthermore, the planned spin-off and separate listing of its chip design asset in Hong Kong should unlock significant shareholder value and allow its hardware to find broader market adoption.