Within the AI portfolio, AI Cloud Infrastructure revenue rose 79% year over year to 8.8 billion yuan, while GPU cloud revenue accelerated 184%. The conversion is expected within 2026 pending final approvals and would result in dual-primary listings in Hong Kong and on the Nasdaq. The move aims to deepen access to local investors given the company's business ties to mainland China and rising Hong Kong trading volumes. Analysts will scrutinize the trajectory of AI cloud growth, the pace of advertising stabilization and overall profitability trends. Nevertheless, the combination of demonstrated AI revenue scale, cloud acceleration, autonomous driving progress, listing upgrades and upcoming catalysts contributed to Monday's advance.