La división Kunlunxin de Baidu y la euforia del sector de chips IA en China: oportunidades de inversión estratégicas en medio de los cierres de exportaciones de EE. UU.

The Chinese AI chip sector is undergoing a seismic transformation, driven by Baidu's strategic spin-off of its Kunlunxin subsidiary and the broader geopolitical pressures from U.S. export restrictions. As Beijing accelerates its push for semiconductor self-sufficiency, investors are increasingly turning their attention to domestic champions poised to capitalize on this shift. This analysis explores the implications of Baidu's Kunlunxin spin-off, the impact of U.S. export curbs, and the investment potential of key players in China's AI chip ecosystem.

Baidu's Kunlunxin Spin-Off: A Strategic Move to Unlock Value

Baidu's decision to spin off its AI chip unit, Kunlunxin, and pursue a Hong Kong IPO marks a pivotal step in its evolution as a full-stack AI company. The spin-off, announced in January 2026, aims to highlight Kunlunxin's standalone value and attract investors focused on the AI chip sector. By separating Kunlunxin-a critical component of Baidu's AI infrastructure-from its core operations, the company seeks to expand financing options and accelerate the development of its Ernie AI models.

The valuation of Kunlunxin has surged from $1.84 billion to $3 billion in recent years, reflecting growing confidence in its ability to compete in China's AI chip market. However, the spin-off remains subject to regulatory approvals, including clearance from the China Securities Regulatory Commission, and its timeline remains uncertain. If successful, the move could crystallize Kunlunxin's value and provide Baidu with additional capital to strengthen its AI ecosystem.

U.S. Export Curbs and the Rise of Domestic Semiconductor Champions

The U.S. has imposed stringent export controls on advanced semiconductors and manufacturing equipment, aiming to curb China's access to cutting-edge AI technologies. For instance, the Biden administration's restrictions on EUV lithography tools have left Chinese foundries like SMIC unable to produce chips below 7nm, a critical threshold for high-performance AI accelerators. Meanwhile, the Trump administration's 2025 decision to allow limited exports of Nvidia's H200 GPUs to China under a "pay-to-play" scheme has created a paradoxical dynamic: while it restricts access to the most advanced chips, it also incentivizes Chinese firms to innovate domestically.

In response, China has launched aggressive initiatives to bolster its semiconductor industry. The government has mandated that chipmakers use at least 50% domestically produced equipment for new production capacity, accelerating the growth of local suppliers like Naura and AMEC. Additionally, state-backed funding through the $47.5 billion "Big Fund III" is fueling R&D in critical areas such as lithography and electronic design automation. These efforts are beginning to bear fruit: SMIC achieved volume production of 5nm chips using deep ultraviolet lithography in December 2025, bypassing EUV restrictions.

Investment Opportunities in China's AI Chip Ecosystem

Beyond Baidu's Kunlunxin, several domestic semiconductor champions are emerging as key players in the AI chip sector.

1. Huawei and Ascend 910C: Huawei's HiSilicon subsidiary has developed the Ascend 910C, a domestically produced AI chip designed to rival Nvidia's A100. While it lags in performance, the Ascend 910C is gaining traction in state-backed projects, including China Mobile's 2024–2025 procurement of Huawei chips for AI servers. Huawei's R&D spending in the first half of 2025 reached 96.95 billion yuan, or 22.7% of its operating revenue, underscoring its commitment to semiconductor innovation.

2. Alibaba and Zhenwu: Alibaba's T-Head division has developed the Zhenwu AI inference chip, optimized for low-precision tasks and compatible with open-source frameworks like ONNX and PyTorch. Alibaba Cloud's AI-related revenue grew 34% year-on-year in Q3 2025, driven by triple-digit growth in AI product sales. The company's $53 billion three-year investment plan for AI and cloud infrastructure further cements its position as a leader in the sector.

3. SMIC and 5nm Breakthroughs: SMIC's ability to produce 5nm chips without EUV lithography represents a significant milestone for China's semiconductor industry. The company reported Q3 2025 revenue of $2.4 billion, a 7.8% increase from the previous quarter, as demand for advanced nodes remains strong.

Risks and Considerations for Investors

While the opportunities in China's AI chip sector are compelling, investors must navigate several risks. Regulatory delays in Baidu's Kunlunxin spin-off could prolong the unit's path to independence, while U.S. export policies remain subject to political shifts. Additionally, domestic chipmakers face technical hurdles in scaling production of advanced nodes and achieving parity with global leaders like Nvidia.

However, the long-term outlook remains positive. China's push for self-sufficiency, coupled with state-backed funding and strategic partnerships, is creating a fertile environment for innovation. As U.S. export curbs continue to reshape the global semiconductor landscape, domestic champions like Baidu, Huawei, and Alibaba are well-positioned to capture market share and drive growth.

Conclusion

Baidu's Kunlunxin spin-off and the broader AI chip sector boom in China highlight a critical inflection point in the global semiconductor industry. With U.S. export restrictions intensifying and domestic innovation accelerating, investors who align with China's strategic priorities stand to benefit from the rise of a new generation of semiconductor champions. By focusing on companies with strong R&D capabilities, government support, and clear paths to market leadership, investors can capitalize on the transformative potential of China's AI chip ecosystem.