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南山小鱼人
2025-11-19

太惨了，是大空头，我们没救了

'Big Short' Michael Burry Slams Baidu For $2.2 Billion Impairment In Q3 After 50% Of 2024 Net Income Gain Driven By 'Useful Life' Tweaks<blockquote>“大空头”Michael Burry猛烈抨击百度在“使用寿命”调整推动2024年净利润增长50%后，第三季度减值22亿美元</blockquote>

Michael Burry slams Baidu: Flags 50% net income rise to accounting tweaks, not growth, despite a massive $2.2 billion asset impairment.

'Big Short' Michael Burry Slams Baidu For $2.2 Billion Impairment In Q3 After 50% Of 2024 Net Income Gain Driven By 'Useful Life' Tweaks<blockquote>“大空头”Michael Burry猛烈抨击百度在“使用寿命”调整推动2024年净利润增长50%后，第三季度减值22亿美元</blockquote>

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He pointed out the irony of Baidu extending the useful life of servers in 2021 and 2024 to smooth earnings, only to write off half the value of its property, plant, and equipment in 2025.</p><p><blockquote>Burry指出：“对301亿元人民币的净个人防护设备（超过50%）计提了162亿元人民币的减值。”他强调了这种脱节。他指出，具有讽刺意味的是，百度在2021年和2024年延长服务器的使用寿命以平稳盈利，却在2025年注销了其财产、厂房和设备价值的一半。</blockquote></p><p> In 2024, Baidu's net income rose over 50% largely due to a decision to extend the estimated “useful life” of its servers from five to six years. Burry highlights, this accounting tweak artificially lowered depreciation expenses and boosted the bottom line, creating the illusion of growth.</p><p><blockquote>2024年，百度的净利润增长了50%以上，这主要是由于决定将其服务器的预计“使用寿命”从五年延长至六年。伯里强调，这种会计调整人为地降低了折旧费用并提高了利润，造成了增长的假象。</blockquote></p><p> <figure><div> <p dir=\"ltr\" lang=\"en\">\"But it's Baidu\"2021:Useful life 4-&gt;5 years for servers2024: Useful life 5-&gt;6 years for serversTook a RMB 16.2 billion impairment on RMB 30.1B net PPE. (over 50%)Had RMB 8-11 billion cap ex each of last 4 years, and Depreciation RMB 6.8 billion in 2024In 2024, net income… pic.twitter.com/VriykpzLV0</p><p><blockquote><figure><div><p dir=\"ltr\" lang=\"en\">“但这是百度”2021年：服务器使用寿命4-&gt;5年2024年：服务器使用寿命5-&gt;6年人民币301亿元净个人防护设备减值162亿元。（超过50%）过去4年每年的资本总额为80-110亿元人民币，2024年折旧为68亿元人民币2024年，净利润……pic.twitter.com/VriykpzLV0</p></div></figure></blockquote></p><p>— Cassandra Unchained (@michaeljburry) November 19, 2025 </div></figure> <strong>See Also: Baidu’s AI Cloud Takes Off, But Ad Slump Steals Spotlight</strong></p><p><blockquote>——被解放的卡桑德拉(@michaeljburry)2025年11月19日<strong>另请参阅：百度的人工智能云起飞，但广告低迷抢尽风头</strong></blockquote></p><p> <h2><strong>Management Says Q3 Impairment Is For New AI Infrastructure</strong></h2> During the third-quarter earnings call, Baidu management defended the massive write-down as a necessary step for their AI pivot.</p><p><blockquote><h2><strong>管理层表示第三季度减值是针对新的人工智能基础设施</strong></h2>在第三季度财报看涨期权上，百度管理层为大规模减记辩护，认为这是其人工智能转型的必要步骤。</blockquote></p><p> “We are accelerating investments in the latest AI computing technologies without any hesitation,” said Baidu CFO <strong>Haijian He</strong>.</p><p><blockquote>百度首席财务官表示：“我们正在毫不犹豫地加速对最新人工智能计算技术的投资。”<strong>何海建</strong>.</blockquote></p><p> “Some of the existing assets no longer meet today’s computing efficiency requirements. So we actually proactively did some impairments.”</p><p><blockquote>“现有的一些资产已经不符合今天的计算效率要求。所以我们其实主动做了一些减值。”</blockquote></p><p> However, the core business numbers for the third quarter struggled to back up the bullish narrative. Total revenue dipped 7% year-over-year to $4.38 billion, and free cash flow turned negative as AI spending ramped up.</p><p><blockquote>然而，第三季度的核心业务数据难以支持看涨的说法。总收入同比下降7%至43.8亿美元，随着人工智能支出的增加，自由现金流转为负值。</blockquote></p><p> While CEO <strong>Robin Li</strong> insisted that “AI is driving transformative value,” Burry's analysis suggests that Baidu’s earnings history is colored by shifting accounting goalposts, leaving investors to question the true useful life of the company's assets.</p><p><blockquote>而首席执行官<strong>李彦宏</strong>伯里坚称“人工智能正在推动变革性价值”，他的分析表明，百度的盈利历史受到会计目标转变的影响，让投资者质疑该公司资产的真实使用寿命。</blockquote></p><p> <h2><strong>Baidu Outperforms Nasdaq In 2025</strong></h2> Shares of BIDU have risen 41.64% year-to-date, whereas the Nasdaq Composite and Nasdaq 100 indices have returned 16.35% and 16.82%, respectively.</p><p><blockquote><h2><strong>2025年百度将超越纳斯达克</strong></h2>百度股价今年迄今已上涨41.64%，而纳斯达克综合指数和纳斯达克100指数的回报率分别为16.35%和16.82%。</blockquote></p><p> On Tuesday, the shares closed 2.66% higher at $117.14 apiece and dropped by 2.64% overnight. The stock has gained 36.18% over the year.</p><p><blockquote>周二，该股收盘上涨2.66%，至每股117.14美元，隔夜下跌2.64%。该股年内上涨36.18%。</blockquote></p><p> BIDU maintains a weaker price trend over the short term but a strong trend in the medium and long terms, with a strong value ranking. Additional performance details, as per <strong>Benzinga’s Edge Stock Rankings</strong>, are available here.</p><p><blockquote>百度短期内价格走势较弱，中长期走势强劲，价值排名较强。其他性能详细信息，根据<strong>Benzinga的Edge股票排名</strong>，可在此处获得。</blockquote></p><p> <figure><img decoding=\"async\" height=\"154\" loading=\"lazy\" sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE--1024x154.png\" srcset=\"https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE--1024x154.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE--300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE--768x115.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE-.png 1146w\" width=\"1024\"/></figure> The futures of the S&amp;P 500, Nasdaq 100, and Dow Jones indices were trading lower on Wednesday, after closing lower for the second consecutive day on Tuesday.</p><p><blockquote><figure></figure>标普500、纳斯达克100指数和道琼斯指数期货周三走低，周二连续第二天收低。</blockquote></p><p> <strong>Read Next:</strong></p><p><blockquote><strong>阅读下一篇：</strong></blockquote></p><p></p><p> <ul> <li><strong>‘Big Short’ Michael Burry Reaffirms His Long MOH, Short PLTR Stance Days After De-Registering Fund: ‘Peanut Butter And Bananas’ Trade</strong></li> </ul> <strong><em>Disclaimer:</em></strong><em> This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.</em></p><p><blockquote><ul><li><strong>“大空头”迈克尔·伯里(Michael Burry)在注销基金几天后重申了他的多头MOH、空头PLTR立场：“花生酱和香蕉”交易</strong></li></ul><strong><em>免责声明：</em></strong><em>该内容部分是在人工智能工具的帮助下制作的，并由Benzinga编辑审查和发布。</em></blockquote></p><p> <em>Photo courtesy: Tada Images on Shutterstock.com</em></p><p><blockquote><em>照片提供：Shutterstock.com上的Tada Images</em></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n'Big Short' Michael Burry Slams Baidu For $2.2 Billion Impairment In Q3 After 50% Of 2024 Net Income Gain Driven By 'Useful Life' Tweaks<blockquote>“大空头”Michael Burry猛烈抨击百度在“使用寿命”调整推动2024年净利润增长50%后，第三季度减值22亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time smaller\">2025-11-19 15:05</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<p><html><body><strong>Michael Burry</strong>, the investor famed for “The Big Short,” aimed at <strong><a href=\"https://laohu8.com/S/09888\">Baidu</a> Inc.</strong> (NASDAQ:BIDU) following its third-quarter 2025 earnings release, highlighting a pattern of accounting maneuvers that raises doubts about the company’s financial health.</p><p><blockquote><html><body><strong>迈克尔·伯里</strong>这位以“大空头”而闻名的投资者旨在<strong><a href=\"https://laohu8.com/S/09888\">百度</a>公司。</strong>（纳斯达克：BIDU）在发布2025年第三季度财报后，凸显了一种会计操作模式，引发了人们对该公司财务健康状况的怀疑。</body></html></blockquote></p><p> <em>Check out BIDU’s stock price here.</em></p><p><blockquote><em>点击此处查看百度的股价。</em></blockquote></p><p> <h2><strong>Baidu’s 2024 Accounting Changes Lead To Q3 Impairment?</strong></h2> While Baidu management touted an “AI-native” transformation this week, Burry flagged that the company's profit growth in the previous year was driven by administrative estimates rather than operational success.</p><p><blockquote><h2><strong>百度2024年会计变更导致第三季度减值？</strong></h2>尽管百度管理层本周宣扬“人工智能原生”转型，但伯里表示，该公司上一年的利润增长是由管理估计推动的，而不是运营成功。</blockquote></p><p> Burry's critique centers on the contradiction between that 2024 “life extension” and the reality revealed in the current third-quarter 2025 report.</p><p><blockquote>伯里的批评集中在2024年“寿命延长”与当前2025年第三季度报告中揭示的现实之间的矛盾。</blockquote></p><p> <em>Benzinga has reached out to Baidu for a comment.</em></p><p><blockquote><em>Benzinga已联系百度寻求评论。</em></blockquote></p><p> On Tuesday, Baidu announced a massive RMB 16.2 billion ($2.2 billion) impairment charge, effectively admitting that much of its existing infrastructure is now obsolete—less than a year after claiming those same assets would last longer.</p><p><blockquote>周二，百度宣布计提162亿元人民币（合22亿美元）的巨额减值费用，实际上承认其现有的大部分基础设施现已过时——距离声称这些资产可以持续更长时间还不到一年。</blockquote></p><p> “Took a RMB 16.2 billion impairment on RMB 30.1B net PPE (over 50%),” Burry noted, emphasizing the disconnect. He pointed out the irony of Baidu extending the useful life of servers in 2021 and 2024 to smooth earnings, only to write off half the value of its property, plant, and equipment in 2025.</p><p><blockquote>Burry指出：“对301亿元人民币的净个人防护设备（超过50%）计提了162亿元人民币的减值。”他强调了这种脱节。他指出，具有讽刺意味的是，百度在2021年和2024年延长服务器的使用寿命以平稳盈利，却在2025年注销了其财产、厂房和设备价值的一半。</blockquote></p><p> In 2024, Baidu's net income rose over 50% largely due to a decision to extend the estimated “useful life” of its servers from five to six years. Burry highlights, this accounting tweak artificially lowered depreciation expenses and boosted the bottom line, creating the illusion of growth.</p><p><blockquote>2024年，百度的净利润增长了50%以上，这主要是由于决定将其服务器的预计“使用寿命”从五年延长至六年。伯里强调，这种会计调整人为地降低了折旧费用并提高了利润，造成了增长的假象。</blockquote></p><p> <figure><div> <p dir=\"ltr\" lang=\"en\">\"But it's Baidu\"2021:Useful life 4-&gt;5 years for servers2024: Useful life 5-&gt;6 years for serversTook a RMB 16.2 billion impairment on RMB 30.1B net PPE. (over 50%)Had RMB 8-11 billion cap ex each of last 4 years, and Depreciation RMB 6.8 billion in 2024In 2024, net income… pic.twitter.com/VriykpzLV0</p><p><blockquote><figure><div><p dir=\"ltr\" lang=\"en\">“但这是百度”2021年：服务器使用寿命4-&gt;5年2024年：服务器使用寿命5-&gt;6年人民币301亿元净个人防护设备减值162亿元。（超过50%）过去4年每年的资本总额为80-110亿元人民币，2024年折旧为68亿元人民币2024年，净利润……pic.twitter.com/VriykpzLV0</p></div></figure></blockquote></p><p>— Cassandra Unchained (@michaeljburry) November 19, 2025 </div></figure> <strong>See Also: Baidu’s AI Cloud Takes Off, But Ad Slump Steals Spotlight</strong></p><p><blockquote>——被解放的卡桑德拉(@michaeljburry)2025年11月19日<strong>另请参阅：百度的人工智能云起飞，但广告低迷抢尽风头</strong></blockquote></p><p> <h2><strong>Management Says Q3 Impairment Is For New AI Infrastructure</strong></h2> During the third-quarter earnings call, Baidu management defended the massive write-down as a necessary step for their AI pivot.</p><p><blockquote><h2><strong>管理层表示第三季度减值是针对新的人工智能基础设施</strong></h2>在第三季度财报看涨期权上，百度管理层为大规模减记辩护，认为这是其人工智能转型的必要步骤。</blockquote></p><p> “We are accelerating investments in the latest AI computing technologies without any hesitation,” said Baidu CFO <strong>Haijian He</strong>.</p><p><blockquote>百度首席财务官表示：“我们正在毫不犹豫地加速对最新人工智能计算技术的投资。”<strong>何海建</strong>.</blockquote></p><p> “Some of the existing assets no longer meet today’s computing efficiency requirements. So we actually proactively did some impairments.”</p><p><blockquote>“现有的一些资产已经不符合今天的计算效率要求。所以我们其实主动做了一些减值。”</blockquote></p><p> However, the core business numbers for the third quarter struggled to back up the bullish narrative. Total revenue dipped 7% year-over-year to $4.38 billion, and free cash flow turned negative as AI spending ramped up.</p><p><blockquote>然而，第三季度的核心业务数据难以支持看涨的说法。总收入同比下降7%至43.8亿美元，随着人工智能支出的增加，自由现金流转为负值。</blockquote></p><p> While CEO <strong>Robin Li</strong> insisted that “AI is driving transformative value,” Burry's analysis suggests that Baidu’s earnings history is colored by shifting accounting goalposts, leaving investors to question the true useful life of the company's assets.</p><p><blockquote>而首席执行官<strong>李彦宏</strong>伯里坚称“人工智能正在推动变革性价值”，他的分析表明，百度的盈利历史受到会计目标转变的影响，让投资者质疑该公司资产的真实使用寿命。</blockquote></p><p> <h2><strong>Baidu Outperforms Nasdaq In 2025</strong></h2> Shares of BIDU have risen 41.64% year-to-date, whereas the Nasdaq Composite and Nasdaq 100 indices have returned 16.35% and 16.82%, respectively.</p><p><blockquote><h2><strong>2025年百度将超越纳斯达克</strong></h2>百度股价今年迄今已上涨41.64%，而纳斯达克综合指数和纳斯达克100指数的回报率分别为16.35%和16.82%。</blockquote></p><p> On Tuesday, the shares closed 2.66% higher at $117.14 apiece and dropped by 2.64% overnight. The stock has gained 36.18% over the year.</p><p><blockquote>周二，该股收盘上涨2.66%，至每股117.14美元，隔夜下跌2.64%。该股年内上涨36.18%。</blockquote></p><p> BIDU maintains a weaker price trend over the short term but a strong trend in the medium and long terms, with a strong value ranking. Additional performance details, as per <strong>Benzinga’s Edge Stock Rankings</strong>, are available here.</p><p><blockquote>百度短期内价格走势较弱，中长期走势强劲，价值排名较强。其他性能详细信息，根据<strong>Benzinga的Edge股票排名</strong>，可在此处获得。</blockquote></p><p> <figure><img decoding=\"async\" height=\"154\" loading=\"lazy\" sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE--1024x154.png\" srcset=\"https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE--1024x154.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE--300x45.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE--768x115.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/11/19003717/BIDU-EDGE-.png 1146w\" width=\"1024\"/></figure> The futures of the S&amp;P 500, Nasdaq 100, and Dow Jones indices were trading lower on Wednesday, after closing lower for the second consecutive day on Tuesday.</p><p><blockquote><figure></figure>标普500、纳斯达克100指数和道琼斯指数期货周三走低，周二连续第二天收低。</blockquote></p><p> <strong>Read Next:</strong></p><p><blockquote><strong>阅读下一篇：</strong></blockquote></p><p></p><p> <ul> <li><strong>‘Big Short’ Michael Burry Reaffirms His Long MOH, Short PLTR Stance Days After De-Registering Fund: ‘Peanut Butter And Bananas’ Trade</strong></li> </ul> <strong><em>Disclaimer:</em></strong><em> This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.</em></p><p><blockquote><ul><li><strong>“大空头”迈克尔·伯里(Michael Burry)在注销基金几天后重申了他的多头MOH、空头PLTR立场：“花生酱和香蕉”交易</strong></li></ul><strong><em>免责声明：</em></strong><em>该内容部分是在人工智能工具的帮助下制作的，并由Benzinga编辑审查和发布。</em></blockquote></p><p> <em>Photo courtesy: Tada Images on Shutterstock.com</em></p><p><blockquote><em>照片提供：Shutterstock.com上的Tada Images</em></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89888":"百度集团-SWR","BK4543":"AI","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","QID":"两倍做空纳斯达克指数ETF-ProShares","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK1587":"次新股","BK4514":"搜索引擎","PSQ":"做空纳斯达克100指数ETF-ProShares","BK4602":"量子计算概念","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","LU0287142896.SGD":"Fidelity China Focus A-SGD","BK4528":"SaaS概念","BIDU":"百度","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","BK1609":"ChatGPT概念","SQQQ":"纳指三倍做空ETF","BK4535":"淡马锡持仓","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","BK4612":"AI芯片","NVIW.SI":"NVDA 3xLongSG261006","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","BK4579":"人工智能","TSYW.SI":"TESLA 3xLongSG261006","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","USAW.SI":"AMZN 3xLongSG261006","LU0173614495.USD":"富达中国焦点A","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","QLD":"2倍做多纳斯达克100指数ETF-ProShares",".IXIC":"NASDAQ Composite","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","AI":"C3.ai, Inc.","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","BK4551":"寇图资本持仓","TQQQ":"纳指三倍做多ETF","USJW.SI":"ALPHAB 3xLongSG261006","BK1588":"回港中概股","09888":"百度集团-SW","BK1615":"港股-互联网"},"source_url":"https://www.benzinga.com/markets/earnings/25/11/48942591/big-short-michael-burry-slams-baidu-for-2-2-billion-impairment-in-q3-after-50-of-2024-net-income-gain-driven-by-useful-life-tweaks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2584185979","content_text":"Michael Burry, the investor famed for “The Big Short,” aimed at Baidu Inc. (NASDAQ:BIDU) following its third-quarter 2025 earnings release, highlighting a pattern of accounting maneuvers that raises doubts about the company’s financial health.\nCheck out BIDU’s stock price here.\nBaidu’s 2024 Accounting Changes Lead To Q3 Impairment?\nWhile Baidu management touted an “AI-native” transformation this week, Burry flagged that the company's profit growth in the previous year was driven by administrative estimates rather than operational success.\nBurry's critique centers on the contradiction between that 2024 “life extension” and the reality revealed in the current third-quarter 2025 report.\nBenzinga has reached out to Baidu for a comment.\nOn Tuesday, Baidu announced a massive RMB 16.2 billion ($2.2 billion) impairment charge, effectively admitting that much of its existing infrastructure is now obsolete—less than a year after claiming those same assets would last longer.\n“Took a RMB 16.2 billion impairment on RMB 30.1B net PPE (over 50%),” Burry noted, emphasizing the disconnect. He pointed out the irony of Baidu extending the useful life of servers in 2021 and 2024 to smooth earnings, only to write off half the value of its property, plant, and equipment in 2025.\nIn 2024, Baidu's net income rose over 50% largely due to a decision to extend the estimated “useful life” of its servers from five to six years. Burry highlights, this accounting tweak artificially lowered depreciation expenses and boosted the bottom line, creating the illusion of growth.\n\n\"But it's Baidu\"2021:Useful life 4->5 years for servers2024: Useful life 5->6 years for serversTook a RMB 16.2 billion impairment on RMB 30.1B net PPE. (over 50%)Had RMB 8-11 billion cap ex each of last 4 years, and Depreciation RMB 6.8 billion in 2024In 2024, net income… pic.twitter.com/VriykpzLV0— Cassandra Unchained (@michaeljburry) November 19, 2025\n\nSee Also: Baidu’s AI Cloud Takes Off, But Ad Slump Steals Spotlight\nManagement Says Q3 Impairment Is For New AI Infrastructure\nDuring the third-quarter earnings call, Baidu management defended the massive write-down as a necessary step for their AI pivot.\n“We are accelerating investments in the latest AI computing technologies without any hesitation,” said Baidu CFO Haijian He.\n“Some of the existing assets no longer meet today’s computing efficiency requirements. So we actually proactively did some impairments.”\nHowever, the core business numbers for the third quarter struggled to back up the bullish narrative. Total revenue dipped 7% year-over-year to $4.38 billion, and free cash flow turned negative as AI spending ramped up.\nWhile CEO Robin Li insisted that “AI is driving transformative value,” Burry's analysis suggests that Baidu’s earnings history is colored by shifting accounting goalposts, leaving investors to question the true useful life of the company's assets.\nBaidu Outperforms Nasdaq In 2025\nShares of BIDU have risen 41.64% year-to-date, whereas the Nasdaq Composite and Nasdaq 100 indices have returned 16.35% and 16.82%, respectively.\nOn Tuesday, the shares closed 2.66% higher at $117.14 apiece and dropped by 2.64% overnight. The stock has gained 36.18% over the year.\nBIDU maintains a weaker price trend over the short term but a strong trend in the medium and long terms, with a strong value ranking. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.\n\nThe futures of the S&P 500, Nasdaq 100, and Dow Jones indices were trading lower on Wednesday, after closing lower for the second consecutive day on Tuesday.\nRead Next:\n\n‘Big Short’ Michael Burry Reaffirms His Long MOH, Short PLTR Stance Days After De-Registering Fund: ‘Peanut Butter And Bananas’ Trade\n\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Tada Images on Shutterstock.com","news_type":1,"symbols_score_info":{"89888":0.6,"QLD":0.6,"USJW.SI":0.6,"TSYW.SI":0.6,"NVIW.SI":0.6,"QID":0.6,"NQmain":0.6,"09888":1.5,"TQQQ":0.6,".IXIC":0.65,"AI":0.86,"BIDU":1.5,"SQQQ":0.6,"USAW.SI":0.6,"MNQmain":0.6,"PSQ":0.6}},"isVote":1,"tweetType":1,"viewCount":1068,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":26,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}