Baidu Stock Is Up 48% This Past Year — So Why Did One Fund Just Exit a $108 Million Position?

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next wave of millionaires ›New York City-based RPD Fund Management sold out its entire position in Baidu (NASDAQ:BIDU) during the third quarter, a move representing about $108 million in value, according to a SEC filing for the period ended September 30.According to a filing with the Securities and Exchange Commission dated November 14, RPD Fund Management fully exited its holding in Baidu (NASDAQ:BIDU), selling all 1.3 million shares in the third quarter. The transaction reflects a net position change of about $108 million based on quarterly average pricing. This marks a complete liquidation of a stake that previously represented 4.5% of the fund’s reported assets.Top holdings after the filing:NASDAQ:GTM: $163.2 million (97.9% of AUM)NYSE:HOUS: $2.3 million (1.4% of AUM)NYSE:ANF: $752,840 (0.5% of AUM)NASDAQ:DOMO: $503,712 (0.3% of AUM)As of Friday, Baidu shares were priced at $125.66, up 48% over the past year — well outperforming the S&P 500, which is up 13% in the same period.MetricValuePrice (as of market close Friday)$125.66Market Capitalization$43.8 billionRevenue (TTM)$18.8 billionNet Income (TTM)$3.9 billionBaidu generates revenue primarily through online marketing services, cloud computing, artificial intelligence initiatives, and digital video content via its Baidu Core and iQIYI segments.The company offers online marketing services, cloud services, and digital content through its Baidu Core and iQIYI platforms.Baidu serves businesses seeking digital marketing and cloud solutions, as well as consumers in China accessing search, video, and entertainment content.Baidu, Inc. is a leading internet technology company in China, leveraging its scale in search, cloud, and AI-driven services to capture digital advertising and cloud computing demand. The company’s dual-segment structure enables it to diversify revenue streams across both business and consumer markets. Baidu’s competitive edge lies in its robust technology infrastructure, extensive user base, and ongoing investments in artificial intelligence and digital content platforms.RPD Fund Management’s move — as large as it is — seems like it could be a sign of shifting conviction in a business undergoing a complicated transition. While Baidu’s stock has rallied meaningfully from its lows, the company’s latest earnings underscore how uneven that recovery remains. Third-quarter revenue fell 7% year over year to RMB 31.2 billion, and Baidu reported a steep RMB 15.1 billion operating loss driven primarily by a RMB 16.2 billion impairment to long-lived assets. Excluding this charge, core operations remained profitable, with non-GAAP net income reaching RMB 3.8 billion ($530 million) and adjusted EBITDA totaling RMB 4.4 billion ($622 million).RPD’s full exit removes what had been a meaningful 4.5% position in a fund now almost entirely concentrated in a single holding. And while Baidu continues to highlight AI-driven momentum — AI Cloud revenue surged 33%, while AI-native marketing skyrocketed 262% — the mixed financial picture may have prompted a reassessment. Ultimately, anyone considering the stock should weigh improving AI fundamentals against volatility in earnings quality and the company’s ongoing strategic pivot.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,840.51 -6.00 (-0.09%)Dow 3047,560.29 -179.03 (-0.38%)Nasdaq23,576.49 +30.58 (+0.13%)Russell 20002,526.24 +5.26 (+0.21%)VIX16.93 +0.27 (+1.62%)Gold4,237.80 +20.10 (+0.48%)Trending tickersJPM JPMorgan Chase & Co. 300.51 -14.70 (-4.66%)BTC-USD Bitcoin USD 92,697.72 +1,318.57 (+1.44%)ETH-USD Ethereum USD 3,302.55 +153.56 (+4.88%)NCPL Netcapital Inc. 1.4000 +0.7411 (+112.48%)SI=F Silver Dec 25 61.14 +2.74 (+4.68%)PortfolioSign in to access your portfolioSign inTop gainersWVE Wave Life Sciences Ltd. 21.31 +2.79 (+15.06%)GLXY Galaxy Digital 29.45 +3.36 (+12.88%)PAAS Pan American Silver Corp. 48.41 +4.86 (+11.16%)NP Neptune Insurance Holdings Inc. 26.70 +2.39 (+9.83%)TFX Teleflex Incorporated 131.25 +11.43 (+9.54%)Top losersDYN Dyne Therapeutics, Inc. 18.44 -3.76 (-16.94%)SLM SLM Corporation 26.24 -4.61 (-14.96%)KTB Kontoor Brands, Inc. 67.15 -7.02 (-9.46%)AAP Advance Auto Parts, Inc. 46.31 -4.77 (-9.34%)GPK Graphic Packaging Holding Company 14.23 -1.35 (-8.66%)Most activeNVDA NVIDIA Corporation 184.97 -0.60 (-0.33%)HBI HanesBrands Inc. 6.47 0.00 (0.00%)WBD Warner Bros. 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