During a recent earnings conference call, Baidu's founder, chairman, and CEO, Robin Li, announced a series of remarkable achievements in the development of AI models, showcasing Baidu's strong momentum in the field of artificial intelligence. According to Robin Li, Baidu's Wenxin AI model has surpassed 600 million daily calls, achieving more than a tenfold increase compared to the disclosed 50 million daily calls in the fourth quarter of last year. Additionally, the model processes approximately 1 trillion text tokens daily, demonstrating its powerful data processing capabilities and wide range of applications. The integration of AI technology has brought significant changes to Baidu's core search business. Currently, 18% of search results are generated by AI, a significant improvement compared to the 11% in the first quarter. Furthermore, Baidu's intelligent assistant has a daily distribution volume of over 8 million, double the volume in May, further proving the enormous potential of AI in enhancing user experience. The rapid development of AI technology has not only driven innovation in the search business but also significantly contributed to the growth of Baidu's cloud business. Under non-GAAP, Baidu Intelligent Cloud achieved sustained profitability with a revenue of 5.1 billion yuan this quarter, a 14% year-on-year increase. It is worth noting that AI's contribution to Intelligent Cloud revenue has increased to 9%, a significant improvement from the previous quarter's 6.9%. As of June 2024, Baidu's PaddlePaddle and Wenxin ecosystem have gathered a community of 14.7 million developers, forming a large developer community and ecosystem. On the same day, Baidu released its second-quarter financial report as of June 30, 2024. The report shows that Baidu's total revenue for this quarter was 33.9 billion yuan, roughly the same as the same period last year. Net profit attributable to Baidu was 5.5 billion yuan, a 5% year-on-year increase. Under non-GAAP, net profit attributable to Baidu reached 7.4 billion yuan, showing strong profitability despite an 8% year-on-year decline. In terms of business structure, Baidu's core revenue reached 26.7 billion yuan, a 1% year-on-year increase. Online marketing revenue was 19.2 billion yuan, a 2% year-on-year decrease, while non-online marketing revenue increased by 10% to 7.5 billion yuan, mainly driven by the Intelligent Cloud business. Baidu's core operating profit increased by 23% year-on-year, reaching 5.6 billion yuan. The financial report also pointed out that the increase in Baidu's revenue costs was mainly due to the rise in traffic acquisition costs and costs related to the Intelligent Cloud business. However, sales, general, and administrative expenses, as well as research and development expenses, decreased year-on-year, mainly due to a reduction in personnel-related expenses. Driven by the strong growth of the Intelligent Cloud business, Baidu successfully offset the macro headwinds faced by online marketing revenue, achieving a slight positive growth in core revenue. At the same time, Baidu has accelerated the pace of innovation in the search business, which will help enhance the monetization capabilities of the search business. Integrating intelligent assistants with search has become an important direction for Baidu to reconstruct search using large-scale models. With the empowerment of AI technology, search engines no longer just provide web links but can directly generate answers and content that users need. This change not only enhances user experience but also has a profound impact on traditional search advertising models. Baidu has also made significant progress in the field of autonomous driving. In the second quarter of 2024, Baidu's autonomous driving orders reached approximately 899,000, a 26% year-on-year increase. As of July 28, 2024, Baidu's autonomous driving ride-hailing service has provided over 7 million rides nationwide. Additionally, Baidu has started large-scale fully driverless road testing of the latest RT6 vehicles, further promoting the commercialization of autonomous driving technology. In terms of mobile ecosystem, Baidu's mobile app has reached 703 million monthly active users, a 4% year-on-year increase. Hosted page revenue accounts for 51% of Baidu's core online marketing revenue, demonstrating Baidu's strong competitiveness in the mobile advertising market. Furthermore, Baidu has actively implemented its stock repurchase program. Since the second quarter of 2024, Baidu has repurchased stocks worth $301 million. Under the entire 2023 stock repurchase program, Baidu has accumulated repurchases worth as much as $1.2 billion. In terms of cash reserves, as of June 30, 2024, Baidu's total value of cash, cash equivalents, restricted cash, and short-term investments reached 162 billion yuan (approximately $22.29 billion). Excluding iQiyi, this figure is 155 billion yuan (approximately $21.32 billion), providing solid financial support for Baidu's future development.