To be a Baidu shareholder today, you need to believe the company's pivot to AI and international autonomous vehicle deployment can offset slower growth in its core online marketing segment. The recent Apollo Go partnership with Lyft in Europe is an important milestone, but with regulatory approvals pending and Europe a new market for Baidu, the most important short-term catalyst remains successful execution and scaling of autonomous ride-hailing outside China. Meanwhile, the biggest risk to earnings is still ongoing pressure in Baidu's legacy advertising business.