Toby Bordelon

No idea there.

What's the retention rate, the take rate?

There's no disclosure with these things.

Chinese companies, let's put it this way, they historically do not have the best reputation in terms of keeping all the numbers on the up and up.

A refusal to share details on these things doesn't give me a lot of confidence in what's really going on here.

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They did not, Jason, at least not in my opinion, either to reinforce the belief that Baidu isn't doing it very well.

Revenue is falling a little bit.

That's kind of problematic for a supposedly dominant platform in their market.

And Baidu has not done a great job of diversifying its revenue sources.

It's really very ad-dependent still.

And that core ad business is shrinking.

That's in contrast to some of the U.S.

tech giants who have had similar issues right when AI first burst on the scene.

But they're