Emily Flippen

Whereas I think if we saw that going to happen over the course of, say, 2026, management would be very clear in terms of the guidance that they expect to come in.

And to Toby's point, a lot of the commentary we're getting from management are just around their AI initiative.

All of these other different pies that Baidu's fingers are stuck in right now.

And we don't see the actual tangible outcomes coming out from these initiatives yet.

But I think it's entirely possible that over the course of, say, the next five

years, over the course of, say, the next 10 years, that all it takes is one of these pies to bake particularly well to more than make up for the core search business, even if that core search business does continue to decline.

I actually think that the area that this could be that doesn't get nearly enough investor attention is self-driving solutions.

We talk about Tesla and others.

They get all the headlines about robo-taxis, but oh my gosh, Baidu has self-driving robo-taxis already in operation in 22 cities across the world.

In many locations, this is 100% fully driverless, actual commercial services being used by the Chinese public on a daily basis.

This is not in a controlled environment.

This is not something that is otherwise being heavily scrutinized or regulated.

This is just a part of everyday life.

I think the fact that

Baidu and the opportunity that being a leader in robo-taxis has gives a lot of home country bias, because American investors just don't see that the way we see it with Waymo or Tesla.

What can I say, Toby?

I'm an optimist at heart.

I hesitate again to say that.

Yes, you're right.

Again, these are right at face value.