# Who does Baidu pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/baidu · Facet: suppliers · Updated: 2026-07-12T04:15:08.054+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Baidu's confirmed suppliers/cost counterparties include 엔비디아 (AI 학습·추론 GPU) plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 3 cost edges, backed by 2 dated sources, 1 of them primary filings (as of 2026-07-12).

### 데이터센터·서버·대역폭 (클라우드 인프라) (high)
- metric: Amount ¥72.4B · 2025 매출원가 · bandwidth, depreciation, server custody fees up 10% on cloud expansion
- note: AI Cloud expansion drove up bandwidth, depreciation and server custody fees, lifting 2025 cost of revenue to RMB72.4B (+10%).
- [confirms] SEC EDGAR (EN, filing, published 2026-03-17) https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm: "Cost of revenue increased by RMB6.3 billion, or 10%, from RMB66.1 billion in 2024 to RMB72.4 billion (US$10.4 billion) in 2025, primarily due to an increase in bandwidth costs, depreciation costs and server custody fees, mainly related to development of cloud services."

### 트립닷컴 그룹 (지분법 투자) (high)  → /trip-com-group.md
- note: Holds a Trip.com Group stake accounted for by the equity method; its 2032 Exchangeable Bonds reference Trip.com shares it holds. Disposed of 10M and 13M Trip ADSs in 2023 and 2024.
- [confirms] SEC EDGAR (EN, filing, published 2026-03-17) https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm: "We invested in Trip.com Group Limited. The 2032 Exchangeable Bonds reference ordinary shares of Trip.com Group Limited; the Group disposed of an aggregate of 10 million and 13 million American Depositary Shares of Trip in 2023 and 2024, respectively."

### 쿤룬신 (AI 칩, 분사 추진) (mid)
- note: In-house Kunlun AI accelerators: 116k units shipped in China in 2025 (tied 4th with Cambricon); spin-off pursuing a HK IPO at a reported $50B valuation.
- [mentions] BigGo Finance (EN, news, published 2026-06-01) https://finance.biggo.com/news/7933d78d-c31c-4742-8601-4bf095f43292: "Kunlun shipped 116k units; $50B IPO reported."

### 엔비디아 (AI 학습·추론 GPU) (mid)  → /nvidia.md
- note: Procures NVIDIA GPUs for ERNIE training and AI Cloud. Constrained to China-specific chips like the H20 by U.S. export controls, while ramping its own Kunlun chips as a substitute.
- [mentions] SEC EDGAR (EN, filing, published 2026-03-17) https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm: "U.S. semiconductor export controls affect access to advanced AI chips, requiring development of proprietary technology and alternative chips."
- [confirms] RCR Wireless (EN, news, published 2025-09-23) https://www.rcrwireless.com/20250923/ai-infrastructure/alibaba-chips: "Alibaba and Baidu have begun using their own developed chips, yet both continue to use NVIDIA GPUs for their most advanced AI models."

### 콘텐츠 라이선스·제작 (아이치이) (mid)
- note: Content licensing and production costs for iQIYI streaming; lower in 2025 on a lighter content slate.
- [confirms] SEC EDGAR (EN, filing, published 2026-03-17) https://www.sec.gov/Archives/edgar/data/1329099/000119312526109289/d38065d20f.htm: "Content costs decreased mainly due to iQIYI's lighter content slate."

### 쿤룬신 (AI 칩 자회사, 분사 상장) (mid)
- note: Spinning off its in-house Kunlunxin AI chip unit toward a dual STAR Market + Hong Kong (A+H) listing; the P800 chip is emerging as an NVIDIA alternative.
- [mentions] Wedbush (EN, analysis, published 2026-01-27) https://investor.wedbush.com/wedbush/article/tokenring-2026-1-27-silicon-sovereignty-alibaba-and-baidu-fast-track-ai-chip-ipos: "Wedbush analyzes Alibaba and Baidu fast-tracking their AI chip IPOs in a race for silicon sovereignty."
- [confirms] Aju Business Daily (KO, news, published 2025-12-08) https://www.ajunews.com/view/20251208162620246: "Baidu is pursuing a Hong Kong listing for its AI chip subsidiary Kunlunxin, positioning it as an NVIDIA alternative."
- [mentions] DIGITIMES (EN, news, published 2025-12-01) https://www.digitimes.com/news/a20251201PD231/baidu-ai-chip-sales-ban-nvidia.html: "JPMorgan forecast Baidu's chip revenue could reach RMB8 billion (about US$1.1 billion) in 2026, a sixfold increase."

Reverse side: https://valuechain.wiki/baidu/customers.md · Ripple: https://valuechain.wiki/baidu/ripple.md

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Full node: https://valuechain.wiki/baidu.md · JSON: https://valuechain.wiki/baidu.json