Stock is down like 40% from last year and ad revenue is falling off a cliff, down 19% last quarter.
But there is a twist. Their AI cloud stuff is exploding. Up 43% in one quarter. AI now makes up over half their revenue for the first time ever. Ernie bot hit 200 million monthly users.
The big question is whether AI cloud can outrun the dying ad business. If you think AI wins, maybe it's a bet. If you think China's economy stays weak, stay away.