Baidu stock rallied over 13% on Friday, reaching its highest price since mid-2023. The catalyst is a filing to list their chip design subsidiary, Kunlunxin, on the Hong Kong exchange. Baidu owns 59% of the unit, which was last valued at roughly $3 billion. Interestingly, Baidu's market cap added $6 billion on the news, suggesting the market is pricing in more than just the spin-off value, possibly due to AI hype ahead of CES. Core ad revenue is still down, but this move looks like an attempt to unlock value from their AI segments.