The stock market is usually an efficient discounting vehicle of future cash flows. Nonetheless, it does succumb to the occasional episodes of irrationality. Look no further than a contrast between Baidu and Tesla, where the former currently trades a price-to-sales (P/S) ratio of 1.68x with essentially flat year-over-year growth, and the latter trades at a P/S ratio of 8.17x with manifestly negative annual growth. This disparity is in focus today as Baidu makes critical headway, particularly in the robotaxi sphere. Baidu’s Q2 2024 Earnings Baidu has now announced its earnings for the second quarter of 2024, registering total revenue of […]
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