1. Confidence in AI as strategic growth driver

Baidu clearly views AI as central to its future. It’s not just a side project; it’s something they’re investing heavily in. Issuing bonds or raising fresh capital to fund AI shows belief that returns will justify the investment. 

2. Shift in revenue mix / business model adaptation

Traditional parts of Baidu’s business — e.g. online advertising — have been under pressure. Its newer lines: AI Cloud, autonomous driving / robotaxi (Apollo Go), large language models (“Ernie Bot”, etc.) are being emphasized to offset declines elsewhere. 

3. Financial strategy: leveraging debt in a low-interest or favorable environment

Some of the recent capital raising was via bond offerings (e.g. “senior unsecured notes”) and “dim sum” bonds (yuan-denominated bonds issued outside mainland China) to get funds at favorable rates. That helps cheaper financing of innovation and infrastructure. 

4. Geopolitical / technological self-reliance

Given that China faces export restrictions, especially on advanced AI / semiconductor technologies, there’s pressure on local firms to build internal capability (AI chips, model training systems, etc.). Funding helps with this. Already Baidu is testing its own chip (Kunlun P800) for training its Ernie models.