BIDU-SW's stock plummeted 5.97% during intraday trading on Monday, reflecting significant selling pressure.

The sharp decline follows a severe overnight sell-off in US technology stocks, where the Nasdaq Composite plunged approximately 1,100 points. This broad market weakness heavily impacted Chinese American Depositary Receipts (ADRs), with Baidu's US-listed shares falling nearly 10% in the prior session.

Adding to the negative sentiment, Citi published a research note downgrading its financial outlook for Baidu. The firm now forecasts a larger year-over-year decline of 4.1% for core advertising revenue in the third quarter, compared to a prior estimate of a 3.5% drop. Citi also cut its Q3 core adjusted operating profit estimate by 13%, citing persistent weakness in advertising revenue and the fact that the company's AI search technology has not yet achieved meaningful monetization. While maintaining a buy rating, Citi lowered its price target for Baidu's ADR from $144 to $143.