1. Baidu's expected shift from AI affordability to AI monetization in 2025 justifies upgrading Baidu to a Buy rating. 2. Baidu's AI Cloud and Intelligent Driving businesses, along with the ERNIE bot, are poised for monetization, leveraging strong user acquisition and market share. 3. Despite expected revenue contraction in 2024, Baidu's valuation at 9x 2025 earnings looks attractive, with potential for revenue and earnings growth.