BIDU-SW (09888.HK)  +2.400 (+1.859%)    Short selling $1.10B; Ratio 40.814%   (BIDU.US)      has snowballed by 50% over the past month, outrunning HSTECH's 13% growth during the same period, primarily driven by positive news from its chip design subsidiary, Kunlunxin, according to Nomura's research report.

Last month, Kunlunxin announced it had secured a chip order worth over RMB1 billion for a CHINA MOBILE (00941.HK)  -0.100 (-0.118%)    Short selling $130.52M; Ratio 7.033%   AI project.

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However, Nomura also pointed out that BIDU-SW's advertising business hadn't improved. Compared to its US peer Google (GOOGL.US)      , BIDU-SW's position in the traditional search market was significantly weakened even before the rise of AI search due to differences in the mobile internet ecosystems between China and the US.

Nomura kept a Neutral rating on BIDU-SW's US shares, with a target price lifted from USD91 to USD135. To the broker, BABA-W (09988.HK)  +6.900 (+4.144%)    Short selling $5.50B; Ratio 23.811%   (BABA.US)      might be a more attractive investment option in the industry.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-29 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)