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Baidu (NASDAQ:BIDU) is a Chinese internet and technology firm that holds an effective government-enforced monopoly for search. BIDU has a market share representing some 700 million monthly active users and a family of over a dozen applications and companies across sectors. With the growth of China’s middle class set to hit 700 million people in FY23, BIDU is set to benefit from policies promoting domestic innovation and technological advancements. BIDU’s AI cloud revenue has grown 18% year over year in FY22, and Chinese firms expressed a 70% preference for Chinese-owned providers. Our Estimated Fair Value for BIDU is $207.36.