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南山小鱼人
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

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

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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>\n<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>\n<figure><div>\n<blockquote><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>— Cassandra Unchained (@michaeljburry) November 19, 2025</blockquote>\n</div></figure>\n<p><strong>See Also: Baidu’s AI Cloud Takes Off, But Ad Slump Steals Spotlight</strong></p>\n<h2><strong>Management Says Q3 Impairment Is For New AI Infrastructure</strong></h2>\n<p>During the third-quarter earnings call, Baidu management defended the massive write-down as a necessary step for their AI pivot.</p>\n<p>“We are accelerating investments in the latest AI computing technologies without any hesitation,” said Baidu CFO <strong>Haijian He</strong>.</p>\n<p>“Some of the existing assets no longer meet today’s computing efficiency requirements. So we actually proactively did some impairments.”</p>\n<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>\n<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>\n<h2><strong>Baidu Outperforms Nasdaq In 2025</strong></h2>\n<p>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>\n<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>\n<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>\n<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>\n<p>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>\n<p><strong>Read Next:</strong></p>\n<ul>\n<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>\n</ul>\n<p><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>\n<p><em>Photo courtesy: Tada Images on Shutterstock.com</em></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\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\">2025-11-19 15:05</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p><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>\n<p><em>Check out BIDU’s stock price here.</em></p>\n<h2><strong>Baidu’s 2024 Accounting Changes Lead To Q3 Impairment?</strong></h2>\n<p>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>\n<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>\n<p><em>Benzinga has reached out to Baidu for a comment.</em></p>\n<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>\n<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>\n<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>\n<figure><div>\n<blockquote><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>— Cassandra Unchained (@michaeljburry) November 19, 2025</blockquote>\n</div></figure>\n<p><strong>See Also: Baidu’s AI Cloud Takes Off, But Ad Slump Steals Spotlight</strong></p>\n<h2><strong>Management Says Q3 Impairment Is For New AI Infrastructure</strong></h2>\n<p>During the third-quarter earnings call, Baidu management defended the massive write-down as a necessary step for their AI pivot.</p>\n<p>“We are accelerating investments in the latest AI computing technologies without any hesitation,” said Baidu CFO <strong>Haijian He</strong>.</p>\n<p>“Some of the existing assets no longer meet today’s computing efficiency requirements. So we actually proactively did some impairments.”</p>\n<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>\n<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>\n<h2><strong>Baidu Outperforms Nasdaq In 2025</strong></h2>\n<p>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>\n<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>\n<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>\n<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>\n<p>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>\n<p><strong>Read Next:</strong></p>\n<ul>\n<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>\n</ul>\n<p><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>\n<p><em>Photo courtesy: Tada Images on Shutterstock.com</em></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89888":"百度集团-SWR","BIDU":"百度","AI":"C3.ai, Inc.","SQQQ":"纳指三倍做空ETF","LU0173614495.USD":"富达中国焦点A","QID":"两倍做空纳斯达克指数ETF-ProShares","BK1609":"ChatGPT概念","TQQQ":"纳指三倍做多ETF","BK4535":"淡马锡持仓","LU0163747925.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY A ACC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC",".IXIC":"NASDAQ Composite","BK4612":"AI芯片","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","BK4579":"人工智能","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","PSQ":"做空纳斯达克100指数ETF-ProShares","USJW.SI":"ALPHAB 3xLongSG261006","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","BK4551":"寇图资本持仓","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0052750758.USD":"富兰克林中国基金A Acc","TSYW.SI":"TESLA 3xLongSG261006","BK1588":"回港中概股","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0630378692.HKD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (HKD) INC","09888":"百度集团-SW","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","BK1615":"港股-互联网","LU0287142896.SGD":"Fidelity China Focus A-SGD","BK4543":"AI","LU0197773673.USD":"HSBC GIF ASIA PACIF EX JAPAN EQ HD \"AS\" (USD) INC","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","BK1587":"次新股","LU0228367735.SGD":"Eastspring Investments - Asian Equity Fund AS SGD","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","USAW.SI":"AMZN 3xLongSG261006","BK4514":"搜索引擎","NVIW.SI":"NVDA 3xLongSG261006","BK4602":"量子计算概念","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","BK4528":"SaaS概念"},"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,"TQQQ":0.6,"SQQQ":0.6,"BIDU":1.5,"USAW.SI":0.6,".IXIC":0.65,"PSQ":0.6,"QID":0.6,"QLD":0.6,"MNQmain":0.6,"NQmain":0.6,"NVIW.SI":0.6,"USJW.SI":0.6,"TSYW.SI":0.6,"09888":1.5,"AI":0.86}},"isVote":1,"tweetType":1,"viewCount":256,"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}