Technology
Baidu Announces Third Quarter 2024 Results
Published
2 years agoon
By
BEIJING, Nov. 21, 2024 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the third quarter ended September 30, 2024.
“Baidu Core’s flattish third quarter top line reflected the ongoing weakness in our online marketing business, offset by the growth of our AI Cloud business. Our strong AI capabilities are gaining broader market recognition, as evidenced by increasing adoption of ERNIE. In intelligent driving, Apollo Go continues to lead the global autonomous ride-hailing market, hitting another milestone with our sixth-generation autonomous vehicle now operating on public roads across multiple cities in China,” said Robin Li, Co-founder and CEO of Baidu. “Despite the near-term pressures, we remain steadfast in our AI-focused strategy and are confident in our long-term trajectory. As we further scale AI, we are emboldened to find how it can drive innovations and create value for consumers, enterprises and society at large.”
“Our relentless focus on cost control helped support our third quarter results. Baidu Core’s operating margins remained stable as we managed to further optimize costs and realize more cost efficiencies between business units,” said Junjie He, Interim CFO of Baidu. “AI Cloud continued to show healthy and sustainable development in the third quarter. Meanwhile, Apollo Go continued to make operational strides, underpinning our confidence in the validity of the fully autonomous ride hailing business model.”
Third Quarter 2024 Financial Highlights [1]
Baidu, Inc.
(In millions except per ADS, unaudited)
Q3
Q2
Q3
2023
2024
2024
YOY
QOQ
RMB
RMB
RMB
US$
Total revenues
34,447
33,931
33,557
4,782
(3 %)
(1 %)
Operating income
6,274
5,944
5,925
844
(6 %)
(0 %)
Operating income (non-GAAP) [2]
7,596
7,500
7,014
999
(8 %)
(6 %)
Net income to Baidu
6,681
5,488
7,632
1,088
14 %
39 %
Net income to Baidu (non-GAAP) [2]
7,267
7,396
5,886
839
(19 %)
(20 %)
Diluted earnings per ADS
18.22
15.01
21.60
3.08
19 %
44 %
Diluted earnings per ADS (non-GAAP) [2]
20.40
21.02
16.60
2.37
(19 %)
(21 %)
Adjusted EBITDA [2]
9,505
9,147
8,733
1,244
(8 %)
(5 %)
Adjusted EBITDA margin
28 %
27 %
26 %
26 %
Baidu Core
(In millions, unaudited)
Q3
Q2
Q3
2023
2024
2024
YOY
QOQ
RMB
RMB
RMB
US$
Total revenues
26,572
26,687
26,524
3,780
(0 %)
(1 %)
Operating income
5,498
5,608
5,694
811
4 %
2 %
Operating income (non-GAAP) [2]
6,672
7,005
6,652
948
(0 %)
(5 %)
Net income to Baidu Core
6,436
5,462
7,536
1,074
17 %
38 %
Net income to Baidu Core (non-GAAP) [2]
6,956
7,290
5,676
809
(18 %)
(22 %)
Adjusted EBITDA [2]
8,513
8,617
8,336
1,188
(2 %)
(3 %)
Adjusted EBITDA margin
32 %
32 %
31 %
31 %
[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB7.0176 as of September 30, 2024, as set forth in the H.10
statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of Non-GAAP Financial Measures
to the Nearest Comparable GAAP Measures” for more details).
Operational Highlights
Corporate
In October 2024, Baidu was upgraded from the prior ‘BBB’ rating to an ‘A’ rating by MSCI ESG Research.Baidu returned US$161 million to shareholders since early Q3 2024, bringing the cumulative repurchase to US$1.4 billion under the 2023 share repurchase program.
AI Cloud
PaddlePaddle and ERNIE developer community grew to 18.1 million in November 2024.In November 2024, ERNIE handled approximately 1.5 billion API calls daily, a significant jump from 600 million in August.In the third quarter of 2024, Baidu expanded the ERNIE family with two enhanced lightweight models, Speed Pro and Lite Pro.Baidu AI Cloud was ranked the No.1 AI cloud provider for the fifth consecutive year, according to IDC’s 2023 report on China’s AI public cloud market, issued in August 2024.
Intelligent Driving
Apollo Go, Baidu’s autonomous ride-hailing service, provided 988K rides in the third quarter of 2024, up 20% year over year. As of October 28, 2024, the cumulative rides provided to the public by Apollo Go surpassed 8 million.During the third quarter of 2024, rides provided by Apollo Go’s fully driverless vehicles accounted for over 70% of total rides nationwide. The proportion of fully driverless rides further increased to 80% in October 2024.Our sixth generation autonomous vehicle, the RT6, is now operating on public roads in multiple cities in China.
Mobile Ecosystem
In September 2024, Baidu App’s MAUs reached 704 million, up 6% year over year.Managed Page accounted for 51% of Baidu Core’s online marketing revenue in the third quarter of 2024.
Third Quarter 2024 Financial Results
Total revenues were RMB33.6 billion ($4.78 billion), decreasing 3% year over year.
Revenue from Baidu Core was RMB26.5 billion ($3.78 billion), which was basically flat from last year; online marketing revenue was RMB18.8 billion ($2.68 billion), decreasing 4% year over year, and non-online marketing revenue was RMB7.7 billion ($1.10 billion), up 12% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.2 billion ($1.03 billion), decreasing 10% year over year.
Cost of revenues was RMB16.4 billion ($2.34 billion), increasing 1% year over year, primarily due to an increase in traffic acquisition costs and costs related to AI Cloud business, partially offset by a decrease in personnel-related expenses and cost of goods sold.
Selling, general and administrative expenses were RMB5.9 billion ($836 million), increasing 2% year over year, primarily due to an increase in channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.
Research and development expenses were RMB5.4 billion ($765 million), decreasing 12% year over year, primarily due to a decrease in personnel-related expenses.
Operating income was RMB5.9 billion ($844 million). Baidu Core operating income was RMB5.7 billion ($811 million), and Baidu Core operating margin was 21%. Non-GAAP operating income was RMB7.0 billion ($999 million). Non-GAAP Baidu Core operating income was RMB6.7 billion ($948 million), and non-GAAP Baidu Core operating margin was 25%.
Total other income, net was RMB2.7 billion ($381 million), increasing 40% year over year, primarily due to an increase in fair value gain from long-term investments and disposal gain, partially offset by an increase in net foreign exchange loss arising from exchange rate fluctuation between Renminbi and U.S. dollar.
Income tax expense was RMB814 million ($116 million), compared to RMB1.3 billion in the same period last year.
Net income attributable to Baidu was RMB7.6 billion ($1.09 billion), and diluted earnings per ADS was RMB21.60 ($3.08). Net income attributable to Baidu Core was RMB7.5 billion ($1.07 billion), and net margin for Baidu Core was 28%. Non-GAAP net income attributable to Baidu was RMB5.9 billion ($839 million). Non-GAAP diluted earnings per ADS was RMB16.60 ($2.37). Non-GAAP net income attributable to Baidu Core was RMB5.7 billion ($809 million), and non-GAAP net margin for Baidu Core was 21%.
Adjusted EBITDA was RMB8.7 billion ($1.24 billion) and adjusted EBITDA margin was 26%. Adjusted EBITDA for Baidu Core was RMB8.3 billion ($1.19 billion) and adjusted EBITDA margin for Baidu Core was 31%.
As of September 30, 2024, cash, cash equivalents, restricted cash and short-term investments were RMB144.5 billion ($20.59 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB140.3 billion ($19.99 billion). Free cash flow was RMB2.6 billion ($376 million), and free cash flow excluding iQIYI was RMB2.4 billion ($342 million).
Conference Call Information
Baidu’s management will hold an earnings conference call at 7.30 AM on November 21, 2024, U.S. Eastern Time (8.30 PM on November 21, 2024, Beijing Time).
Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q3 2024 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.
For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10043066-56ncpy.html
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.
About Baidu
Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.
Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.
Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain (loss), impairment of long-term investments, and fair value gain (loss) of long-term investments, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.
Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.
For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”
Baidu, Inc.
Condensed Consolidated Statements of Income
(In millions except for per share (or ADS) information, unaudited)
Three Months Ended
September 30,
June 30,
September 30,
September 30,
2023
2024
2024
2024
RMB
RMB
RMB
US$(2)
Revenues:
Online marketing services
21,346
20,625
20,108
2,865
Others
13,101
13,306
13,449
1,917
Total revenues
34,447
33,931
33,557
4,782
Costs and expenses:
Cost of revenues(1)
16,294
16,398
16,399
2,337
Selling, general and administrative(1)
5,778
5,700
5,867
836
Research and development(1)
6,101
5,889
5,366
765
Total costs and expenses
28,173
27,987
27,632
3,938
Operating income
6,274
5,944
5,925
844
Other income:
Interest income
2,082
1,993
1,877
267
Interest expense
(853)
(742)
(673)
(96)
Foreign exchange (loss) gain, net
(26)
93
(1,096)
(156)
Share of (losses) earnings from equity method investments
(398)
(119)
32
5
Others, net
1,100
(454)
2,535
361
Total other income, net
1,905
771
2,675
381
Income before income taxes
8,179
6,715
8,600
1,225
Income tax expense
1,282
1,131
814
116
Net income
6,897
5,584
7,786
1,109
Net income attributable to noncontrolling interests
216
96
154
21
Net income attributable to Baidu
6,681
5,488
7,632
1,088
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic
18.45
15.11
21.93
3.13
-Diluted
18.22
15.01
21.60
3.08
Earnings per share for Class A and Class B ordinary shares:
-Basic
2.31
1.89
2.74
0.39
-Diluted
2.28
1.88
2.70
0.38
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic
2,814
2,796
2,785
2,785
-Diluted
2,846
2,804
2,789
2,789
(1) Includes share-based compensation expenses as follows:
Cost of revenues
139
146
104
15
Selling, general and administrative
358
385
328
47
Research and development
778
981
612
87
Total share-based compensation expenses
1,275
1,512
1,044
149
(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the exchange rate in effect as of
September 30, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.
Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
December 31,
September 30,
September 30,
2023
2024
2024
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
25,231
28,682
4,087
Restricted cash
11,503
11,665
1,662
Short-term investments, net
168,670
104,129
14,838
Accounts receivable, net
10,848
9,848
1,403
Amounts due from related parties
1,424
1,379
197
Other current assets, net
12,579
16,415
2,339
Total current assets
230,255
172,118
24,526
Non-current assets:
Fixed assets, net
27,960
29,696
4,232
Licensed copyrights, net
6,967
6,862
978
Produced content, net
13,377
14,313
2,040
Intangible assets, net
881
749
107
Goodwill
22,586
22,586
3,218
Long-term investments, net
47,957
44,637
6,361
Long-term time deposits and held-to-maturity investments
24,666
88,547
12,618
Amounts due from related parties
195
120
17
Deferred tax assets, net
2,100
2,852
406
Operating lease right-of-use assets
10,851
10,693
1,524
Other non-current assets
18,964
24,143
3,440
Total non-current assets
176,504
245,198
34,941
Total assets
406,759
417,316
59,467
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans
10,257
11,969
1,706
Accounts payable and accrued liabilities
37,717
39,000
5,557
Customer deposits and deferred revenue
14,627
14,310
2,039
Deferred income
306
300
43
Long-term loans, current portion
2
37
5
Convertible senior notes, current portion
2,802
17
2
Notes payable, current portion
6,029
7,714
1,099
Amounts due to related parties
1,603
1,959
279
Operating lease liabilities
3,108
3,123
445
Total current liabilities
76,451
78,429
11,175
Non-current liabilities:
Deferred income
200
265
38
Deferred revenue
481
532
76
Amounts due to related parties
77
61
9
Long-term loans
14,223
14,487
2,064
Notes payable
34,990
26,911
3,835
Convertible senior notes
8,144
8,187
1,167
Deferred tax liabilities
2,725
2,885
411
Operating lease liabilities
5,040
4,911
700
Other non-current liabilities
1,820
1,457
208
Total non-current liabilities
67,700
59,696
8,508
Total liabilities
144,151
138,125
19,683
Redeemable noncontrolling interests
9,465
9,312
1,327
Equity
Total Baidu shareholders’ equity
243,626
259,649
36,999
Noncontrolling interests
9,517
10,230
1,458
Total equity
253,143
269,879
38,457
Total liabilities, redeemable noncontrolling interests, and equity
406,759
417,316
59,467
Baidu, Inc.
Selected Information
(In millions, unaudited)
Three months ended
September 30, 2023 (RMB)
Three months ended
June 30, 2024 (RMB)
Three months ended
September 30, 2024 (RMB)
Three months ended
September 30, 2024 (US$)
Baidu
Core
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
Core
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
Core
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Baidu
Core
iQIYI
Elim &
adj(2)
Baidu,
Inc.
Total revenues
26,572
8,015
(140)
34,447
26,687
7,439
(195)
33,931
26,524
7,246
(213)
33,557
3,780
1,032
(30)
4,782
YOY
(0 %)
(10 %)
(3 %)
QOQ
(1 %)
(3 %)
(1 %)
Costs and expenses:
Cost of revenues (1)
10,610
5,840
(156)
16,294
10,888
5,678
(168)
16,398
10,923
5,650
(174)
16,399
1,557
805
(25)
2,337
Selling, general and administrative (1)
4,810
981
(13)
5,778
4,751
970
(21)
5,700
4,990
908
(31)
5,867
711
129
(4)
836
Research and development (1)
5,654
447
–
6,101
5,440
449
–
5,889
4,917
449
–
5,366
701
64
–
765
Total costs and expenses
21,074
7,268
(169)
28,173
21,079
7,097
(189)
27,987
20,830
7,007
(205)
27,632
2,969
998
(29)
3,938
YOY
Cost of revenues
3 %
(3 %)
1 %
Selling, general and administrative
4 %
(7 %)
2 %
Research and development
(13 %)
0 %
(12 %)
Costs and expenses
(1 %)
(4 %)
(2 %)
Operating income (loss)
5,498
747
29
6,274
5,608
342
(6)
5,944
5,694
239
(8)
5,925
811
34
(1)
844
YOY
4 %
(68 %)
(6 %)
QOQ
2 %
(30 %)
(0 %)
Operating margin
21 %
9 %
18 %
21 %
5 %
18 %
21 %
3 %
18 %
Add: total other income (loss), net
2,159
(254)
–
1,905
1,011
(240)
–
771
2,667
8
–
2,675
380
1
–
381
Less: income tax expense
1,272
10
–
1,282
1,105
26
–
1,131
803
11
–
814
114
2
–
116
Less: net (loss) income attributable to NCI
(51)
7
260(3)
216
52
7
37(3)
96
22
7
125(3)
154
3
–
18(3)
21
Net income (loss) attributable to Baidu
6,436
476
(231)
6,681
5,462
69
(43)
5,488
7,536
229
(133)
7,632
1,074
33
(19)
1,088
YOY
17 %
(52 %)
14 %
QOQ
38 %
232 %
39 %
Net margin
24 %
6 %
19 %
20 %
1 %
16 %
28 %
3 %
23 %
Non-GAAP financial measures:
Operating income (non-GAAP)
6,672
895
7,596
7,005
501
7,500
6,652
370
7,014
948
52
999
YOY
(0 %)
(59 %)
(8 %)
QOQ
(5 %)
(26 %)
(6 %)
Operating margin (non-GAAP)
25 %
11 %
22 %
26 %
7 %
22 %
25 %
5 %
21 %
Net income attributable to Baidu (non-
GAAP)
6,956
622
7,267
7,290
247
7,396
5,676
480
5,886
809
68
839
YOY
(18 %)
(23 %)
(19 %)
QOQ
(22 %)
94 %
(20 %)
Net margin (non-GAAP)
26 %
8 %
21 %
27 %
3 %
22 %
21 %
7 %
18 %
Adjusted EBITDA
8,513
963
9,505
8,617
536
9,147
8,336
405
8,733
1,188
57
1,244
YOY
(2 %)
(58 %)
(8 %)
QOQ
(3 %)
(24 %)
(5 %)
Adjusted EBITDA margin
32 %
12 %
28 %
32 %
7 %
27 %
31 %
6 %
26 %
(1) Includes share-based compensation as follows:
Cost of revenues
107
32
139
117
29
146
73
31
104
11
4
15
Selling, general and administrative
290
68
358
292
93
385
268
60
328
38
9
47
Research and development
732
46
778
945
36
981
574
38
612
82
5
87
Total share-based compensation
1,129
146
1,275
1,354
158
1,512
915
129
1,044
131
18
149
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
September 30, 2023 (RMB)
June 30, 2024 (RMB)
September 30, 2024 (RMB)
September 30, 2024 (US$)
Baidu
excl. iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl. iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Net cash provided by operating activities
8,694
831
9,525
7,970
409
8,379
4,036
243
4,279
575
35
610
Net cash (used in) provided by investing activities
(11,345)
(55)
(11,400)
13,824
337
14,161
(12,300)
(1,663)
(13,963)
(1,753)
(237)
(1,990)
Net cash (used in) provided by financing activities
(5,253)
269
(4,984)
(9,946)
869
(9,077)
(2,787)
(2,612)
(5,399)
(397)
(372)
(769)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
153
5
158
66
22
88
(721)
(84)
(805)
(103)
(12)
(115)
Net (decrease) increase in cash, cash
equivalents and restricted cash
(7,751)
1,050
(6,701)
11,914
1,637
13,551
(11,772)
(4,116)
(15,888)
(1,678)
(586)
(2,264)
Cash, cash equivalents and restricted cash
At beginning of period
49,814
5,082
54,896
36,964
6,270
43,234
48,878
7,907
56,785
6,965
1,127
8,092
At end of period
42,063
6,132
48,195
48,878
7,907
56,785
37,106
3,791
40,897
5,287
541
5,828
Net cash provided by operating activities
8,694
831
9,525
7,970
409
8,379
4,036
243
4,279
575
35
610
Less: Capital expenditures
(3,525)
(4)
(3,529)
(2,090)
(28)
(2,118)
(1,637)
(8)
(1,645)
(233)
(1)
(234)
Free cash flow
5,169
827
5,996
5,880
381
6,261
2,399
235
2,634
342
34
376
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.
Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for per ADS information, unaudited)
Three months ended
Three months ended
Three months ended
Three months ended
September 30, 2023 (RMB)
June 30, 2024 (RMB)
September 30, 2024 (RMB)
September 30, 2024 (US$)
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Operating income
5,498
747
6,274
5,608
342
5,944
5,694
239
5,925
811
34
844
Add: Share-based compensation expenses
1,129
146
1,275
1,354
158
1,512
915
129
1,044
131
18
149
Add: Amortization and impairment of intangible assets(1)
45
2
47
43
1
44
43
2
45
6
–
6
Operating income (non-GAAP)
6,672
895
7,596
7,005
501
7,500
6,652
370
7,014
948
52
999
Add: Depreciation of fixed assets
1,841
68
1,909
1,612
35
1,647
1,684
35
1,719
240
5
245
Adjusted EBITDA
8,513
963
9,505
8,617
536
9,147
8,336
405
8,733
1,188
57
1,244
Net income attributable to Baidu
6,436
476
6,681
5,462
69
5,488
7,536
229
7,632
1,074
33
1,088
Add: Share-based compensation expenses
1,128
146
1,194
1,353
158
1,425
914
129
972
130
18
138
Add: Amortization and impairment of intangible assets(1)
43
2
44
41
1
41
41
2
42
6
–
6
Add: Disposal (gain) loss
(753)
–
(753)
(30)
–
(30)
(1,501)
22
(1,491)
(214)
3
(212)
Add: Impairment of long-term investments
46
–
46
26
17
34
26
91
68
4
13
10
Add: Fair value (gain) loss of long-term investments
(384)
(2)
(385)
531
2
531
(1,361)
7
(1,358)
(194)
1
(194)
Add: Reconciling items on equity method investments(2)
572
–
572
83
–
83
8
–
8
1
–
1
Add: Tax effects on non-GAAP adjustments(3)
(132)
–
(132)
(176)
–
(176)
13
–
13
2
–
2
Net income attributable to Baidu (non-GAAP)
6,956
622
7,267
7,290
247
7,396
5,676
480
5,886
809
68
839
Diluted earnings per ADS
18.22
15.01
21.60
3.08
Add: Accretion of the redeemable noncontrolling
interests
0.53
0.57
0.01
–
Add: Non-GAAP adjustments to earnings per ADS
1.65
5.44
(5.01)
(0.71)
Diluted earnings per ADS (non-GAAP)
20.40
21.02
16.60
2.37
(1) This represents amortization and impairment of intangible assets resulting from business combinations.
(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of
their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.
(3) This represents tax impact of all non-GAAP adjustments
View original content:https://www.prnewswire.com/news-releases/baidu-announces-third-quarter-2024-results-302312583.html
SOURCE Baidu, Inc.
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Technology
U.S. News & World Report Reveals the 2027 Best Places to Retire
Published
14 minutes agoon
October 27, 2026By
Affordability is a top priority for attendees as Midland, Michigan, holds No. 1 spot.
Summary
Midland, Michigan, is the No. 1 Best Place to Retire for the second year in a row.Affordability is the most considered factor when choosing a place to retire in 2027.Florida and Texas dominate the top 250 Best Places to Retire, offering a number of affordable and retiree-tax friendly locations.
WASHINGTON, Oct. 27, 2026 /PRNewswire/ — U.S. News & World Report, the global authority in rankings and consumer advice, today revealed the 2027 Best Places to Retire in the United States.
Midland, Michigan, retained the No. 1 rank for the second year in a row. Midland scored high in affordability and retiree taxes, helping it to lock in the top spot.
“Retirees are seeking a place that gives them a sense of security and comfort as they live out their golden years,” said Megan Wood, assistant managing editor, home services and real estate. “Whether that comfort prioritizes scenic nature spots, access to multi-cultural experiences, or everyday affordability, places like Midland, Michigan, offer financial safety while still providing a good quality of life.”
Homosassa Springs, Florida, came in at No. 2 due to strong scores in affordability, 55+ population growth and retiree taxes. High performance for, quality of life, retiree taxes, affordability and quality of life resulted in Weirton, West Virginia, placing No. 3 on the list.
U.S. News adjusted its scoring weights for the 2027 rankings to mirror a growing concern for affordability in America. This resulted in multiple double-digit jumps in the top 25, including Paducah, Kentucky (No. 8), ascending into the top 10 for the first time.
“It’s no secret that affordability is top of mind for Americans this year, which is why U.S. News updated its weighting criteria to better align with what retirees prioritize,” Wood said. “The 2027 rankings reflect key metrics used to highlight the places that best suit retiree needs.”
U.S. News evaluated more than 850 U.S. cities – publishing the top 250 places – based on how well they meet American retirees’ expectations against measures including quality of life, affordability, healthcare, retiree taxes, job market, and population and migration for retirees aged 55 and older.
The six measures factored into this year’s rankings were weighted based on a public survey of individuals across the U.S. who are at or approaching retirement age (45 and older) to find out what matters most to people when they’re considering where to retire. Resources include federal, state and local data provided by Applied Geographic Solutions, which includes data sourced from the FBI’s Uniform Crime Reporting program, Bureau of Labor Statistics, Bureau of Economic Analysis and U.S. News’ Best Hospitals rankings. To learn more about how the rankings are determined, read the Best Places to Retire methodology.
Best Places to Retire is part of U.S. News’ Real Estate section, which provides rankings and tools to help individuals navigate the housing market, including home value estimates to working with an agent.
2027 U.S. News Best Places to Retire – Top 10
*See the full rankings here.
Midland, Michigan Homosassa Springs, Florida Weirton, West VirginiaThe Woodlands, TexasSpring, TexasRancho Rio, New Mexico Altoona, PennsylvaniaPaducah, KentuckyLynchburg, Virginia Palm Coast, Florida
For more information on Best Places to Retire, explore Facebook, LinkedIn, Tik Tok, Instagram and X using #BestPlacesToRetire.
About U.S. News & World Report
U.S. News & World Report is the global leader for journalism that empowers consumers, citizens, business leaders and policy officials to make confident decisions in all aspects of their lives and communities. A multifaceted media company, U.S. News provides unbiased rankings, independent reporting and analysis, and consumer advice to millions of people on USNews.com each month. A pillar in Washington for more than 90 years, U.S. News is the trusted home for in-depth and exclusive insights on education, health, politics, the economy, insurance, personal finance, travel, automobiles, real estate, careers and consumer products and services.
View original content to download multimedia:https://www.prnewswire.com/news-releases/us-news–world-report-reveals-the-2027-best-places-to-retire-302920068.html
SOURCE U.S. News & World Report, L.P.
Technology
IBM Introduces Identity and Control for AI Agents, Securing Frontier Intelligence for the Enterprise
Published
14 minutes agoon
October 27, 2026By
Enterprises are deploying agents faster than they can verify them. HashiCorp Vault uses Agent Identity to give each agent a governed identity Verified agents still need limits on access. Vault extends its established secrets management to AI agents, built to enforce least-privilege access and enable real-time revocation when an agent attempts an unauthorized action Enterprises can’t scale agents they can’t see, test or account for. IBM watsonx Orchestrate is designed to unify discovery, containment, and evaluation across Amazon Bedrock, Microsoft Foundry and Google Gemini
ATLANTA, Oct. 27, 2026 /PRNewswire/ — At TechXchange 2026, IBM (NYSE: IBM) is announcing new capabilities to help developers, IT and security teams put AI agents to work across business systems with clear authority and accountability. IBM brings together agent discovery, verified identities, access controls and performance evaluation to help organizations understand who owns each agent, control what it can access, and trace its actions across existing applications and infrastructure.
According to Gartner, by 2028 the average Fortune 500 enterprise will use over 150,000 AI agents. But only 13% of organizations believe that they have the right AI agent governance in place [1]. Persistent credentials, unclear ownership and disconnected controls make it harder to govern agents as they interact with other agents, invoke tools and act across teams, platforms and clouds.
“The winners in enterprise AI are changing how their business runs, not simply adding more AI to it,” said Dinesh Nirmal, Senior Vice President, IBM Software. “For agents to take on real work across the systems a company depends on, it requires an AI operating model – one that connects agents to the business’s data, applications and infrastructure and runs them with the same discipline as its most critical systems. Build trust and control into that model, and agents stop being a technology and become a way of doing business.”
Today’s announcements extend IBM’s portfolio to deliver an AI operating model of four essential systems working together: agents, data, automation and hybrid infrastructure. This starts with the trust and control every agent needs – a verified identity, only the access it needs, and one place to discover, secure and evaluate agents regardless of where they were built.
Extending HashiCorp Vault to AI agents
HashiCorp Vault manages the secrets and credentials that applications and services use to access business systems. It provides that control through centrally managed secrets, automated rotation for supported credentials, and dynamically generated credentials that expire or can be revoked. These capabilities help reduce the time exposed credentials remain usable and limit access to the permissions configured for each role.
HashiCorp Vault already secures non-human identities for organizations including ABN AMRO, Adobe, athenahealth, BBVA, BlackRock, Canva, Duke Energy, Expedia, London Stock Exchange, Starbucks, Swiss Federal Railways and Target, across systems that process billions of dollars in transactions [2]. HashiCorp will now extend those capabilities to AI agents, issuing secured, short-lived credentials that limit each agent to what it needs.
Establishing agent identity and accountability
AI agents are a growing class of non-human identity, alongside applications and services. As they begin acting across business systems, enterprises need a clear record of who owns each agent and what authority it has been granted. HashiCorp is combining governed agent identity with credential controls to help organizations delegate work with defined authority and accountability.
When used with HashiCorp Vault, Agent Identity establishes the authoritative record for each agent, such as who owns it, its lifecycle status and the authority it has been granted. Built to extend existing identity and security investments, it shares relevant identity and authorization context with Vault’s credential controls – ultimately enforcing least-privilege access and enabling real-time revocation when an agent attempts an unauthorized action.
Controlling agent credentials and access
Identifying an agent is only the start. Enterprises also need to control the credentials it uses to reach databases, applications and cloud services – and how long those credentials remain valid. As agents invoke tools and act across business systems, their credentials become a critical security boundary. An agent with a long-lived, overprivileged credential can put systems and data at risk if it’s compromised or acts outside its intended task. Enterprises need to establish what each agent’s job is, limit the access it receives and revoke that access when circumstances change.
These controls extend beyond initial authentication. If an agent attempts to retrieve information or perform actions outside its approved permissions, the access can be denied and session revoked in real time to prevent unauthorized activity. Vault’s short-lived credentials and least-privilege controls can further restrict what an agent accesses and the duration of those permissions.
Additional capabilities include:
Vault 2.2 gives agents their own secured accounts, automatically renews their credentials and incorporates post-quantum encryption for quantum-era threats. Secure Hub (public preview) gives companies centralized visibility across their Vault environments to make it easier to understand operational health, usage and security resources.
At TechXchange, client speakers will share how they use Vault to secure enterprise applications, workloads and AI agents
athenahealth: Automating certificate management with Vault’s PKI engine. Albert Einstein College of Medicine: Applying IBM Verify and Vault to AI agent identity, just-in-time access, dynamic secrets and auditability. Optum: Using Vault Radar to detect exposed secrets and Boundary for just-in-time, identity-based access. Seven-Eleven Japan: Centralizing and encrypting secrets with Vault Enterprise and detecting hardcoded secrets with Vault Radar. Yum! Brands: Building an identity security platform with IBM Verify, with a look ahead to machine identities and secrets management.
“AI presents extraordinary opportunities to accelerate biomedical research and discovery, but realizing its potential requires a foundation of security, trust, and responsible governance,” said Shailesh M. Shenoy, Assistant Dean for Information Technology at Albert Einstein College of Medicine. “In my experience, technologies such as IBM Verify and HashiCorp Vault can play an important role in helping organizations establish the identity, access, and security controls needed to innovate with confidence.”
Managing agents across platforms
Identity tells organizations what an agent is. But they also need to see every agent they have, wherever it was built. IBM watsonx Orchestrate works across the AI ecosystem, not inside a single vendor’s platform, to give organizations one place to discover, secure and evaluate their agents. Capabilities include:
Discover (tech preview): Organizations can’t govern agents they don’t know exist. Orchestrate connects to platforms such as Amazon Bedrock, Microsoft Foundry and Google Gemini to find agents built in third-party environments, so teams can see and manage agents instead of adding them manually. This capability also extends to models and MCP servers. Contain (tech preview): One rogue agent can disrupt others and spread mistakes across the business. Orchestrate now runs agents in isolated sandboxes so a rogue agent can’t interfere with others. Teams also now have access to a kill switch to shut down any agent. Evaluate: Agents that aren’t tested and tracked can quietly drift off course and increase costs. Teams using Orchestrate can now test the quality, accuracy and compliance of agents, models and MCP servers before deployment, then monitor them in production. Built-in cost tracking shows each agent’s model and token use, so teams can spot what’s driving spend and fix it.
Orchestrate also works with Vault’s credential controls and Agent Identity to establish what each agent’s job is, govern its authority and enforce least-privilege credential access. Together, these controls help organizations authorize and audit agent actions and rapidly revoke trust and credentials when risk changes.
Connecting agents to the business
Once agents are authorized to use a company’s APIs and tools, they need to know what already exists, how systems connect, what can be reused safely and what their actions could affect. IBM Integration Intelligence Hub is built to provide that knowledge through its Unified Context Engine, so agents can fix problems like stuck messages or deploy an API using what’s already in place. Skills, approval policies and audit controls keep those actions in check. Instead of rebuilding for AI, organizations can put agents to work on the systems they already depend on.
Scaling agents with NVIDIA
Agent Identity and HashiCorp Vault integrate with NVIDIA OpenShell secure runtime software, the foundation of the NVIDIA OpenShell Architecture. Together, they pair a protected environment for agents to run in with a verified identity and short-lived credentials for every agent, so each action can be traced, limited and reviewed.
“Businesses need enforceable control over how agents operate and what they can access,” said John Fanelli, vice president, enterprise software, NVIDIA. “Our work with IBM combines NVIDIA OpenShell’s policy-governed runtime with Agent Identity and HashiCorp Vault to help enterprises scale AI agents with secure execution, verified identities and tightly scoped access to business systems.”
Responding to Emerging Security Threats
When new vulnerabilities are discovered, enterprises must quickly identify affected systems, determine required changes and deploy fixes without disrupting critical operations. In complex environments, this process often involves multiple teams, tools and processes.
IBM Concert integrates observability, optimization, incident management and security across applications, infrastructure and networks. With AI-powered insights and proof of exploitability, Concert helps teams to identify high-risk vulnerabilities, assess operational impact, and coordinate responses. These capabilities also help organizations address performance, manage costs and maintain resilience in hybrid environments.
HashiCorp Terraform provides an infrastructure context and governed workflows for change implementation. New features now generally available and in public preview, including Terraform policy, Terraform Developer Portal and Terraform remote MCP server, enable developers and AI agents to access approved configurations and implement infrastructure changes through established controls. Terraform powered by Infragraph also helps teams understand infrastructure relationships and dependencies for more informed decisions.
Together, these capabilities enable organizations to progress from identifying vulnerabilities to implementing and verifying remediation, while optimizing the visibility and governance essential for enterprise operations.
A comprehensive system intelligence and change orchestration layer for IBM Z
IBM Z Atlas maps a client’s entire z/OS stack across infrastructure, middleware, and applications, and then uses that intelligence to address the manual effort of tasks like patch management, regulatory response, and sharing system knowledge across teams, from systems programmers to application developers. Atlas addresses the leading cause of unplanned z/OS outages – changes that aren’t proven to be safe – by mapping how a change impacts the z/OS stack and testing and validating it. This design (in tech preview) accelerates clients’ modernization efforts by keeping experts in control and giving practitioners, in operations or development, the same shared Z system visibility to reduce risk.
Availability
HashiCorp Vault 2.2, Agent Identity, watsonx Orchestrate evaluate capabilities, IBM Concert, and HashiCorp Terraform policy are generally available. Secure Hub, Terraform Developer Portal, Terraform remote MCP server, and IBM Z Atlas are in public preview. IBM Integration Intelligence Hub and watsonx Orchestrate discover and contain capabilities are in tech preview.
Statements regarding IBM’s future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only.
Learn more
IBM TechXchange is IBM’s annual conference for developers and technology practitioners and brings together nearly 6,500 attendees from 85 countries. This year, the event incorporates HashiConf to bring together the HashiCorp community with practitioners from across IBM, Red Hat and Confluent. Attendees can choose from more than 1,000 sessions and experiences, including 180 hands-on labs, 260 client-led sessions and more than 50 certification exams. Speakers include American Airlines, Bradesco, Citi, CVS Health, Deutsche Bank, DoorDash, Hertz, and US Bancorp who will share how they are making AI enterprise ready.
Session livestream and replays will be available here: ibm.biz/txc26-livestream.
Supporting Materials
Strengthen security for agentic AI with new Vault, Verify, Boundary, and Secure Hub capabilities IBM Agent Identity now generally available: Building Trust for the Agentic Era Vault Enterprise 2.2 advances identity security, PKI, and cryptoagility Announcing the public preview of Secure Hub: govern Vault at scale IBM watsonx Orchestrate advances AI agent management with new capabilities IBM Integration Intelligence Hub gives AI the context to act, not just access IBM Concert platform advances the path to cross-domain agentic IT operations Terraform advances infrastructure lifecycle management for the agentic era Introducing IBM Z Atlas: Change Intelligence for IBM Z
[1]: Gartner Identifies Six Steps to Manage AI Agent Sprawl
[2]: HashiCorp Vault client stories
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media contacts:
Sarah Benchaita
IBM
sarah.benchaita@ibm.com
Kate Lehman
IBM
Kate.Lehman@ibm.com
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/ibm-introduces-identity-and-control-for-ai-agents-securing-frontier-intelligence-for-the-enterprise-302920162.html
Technology
Three Blind Spots Leave Industrial Companies Exposed to Critical Mineral Shortages
Published
14 minutes agoon
October 27, 2026By
Boston Consulting Group Finds Industrial Companies Underestimate Their Critical Mineral Exposure, Which Also Limits Their Access to Public CapitalDemand for Key Minerals Is Projected at 120% to 250% of Forecast Supply Through 2040An Estimated $3.5 Trillion of Products Depend on Gallium, a “Mosquito Mineral” Traded in a Market Under $350 Million a YearSome Governments Have Deployed Less Than 10% of Their Critical Minerals Funds
BOSTON, Oct. 27, 2026 /PRNewswire/ — Industrial companies are underestimating their exposure to critical mineral shortages and missing a strategic opportunity as a result, according to new analysis from Boston Consulting Group (BCG). Three blind spots in the metrics that companies rely on hide where the risk sits, including what BCG calls “mosquito minerals,” so small by traded value that they never reach a risk register.
These are among the findings of Why Critical Mineral Shortages Are a CEO Issue, a BCG report released today. BCG’s proprietary model projects demand for key inputs, including rare earths, graphite, copper and lithium, at roughly 120% to 250% of forecast supply through 2040.
“Most industrials track exposure through spend and direct supplier data, and the minerals that can stop a production line are often the ones they spend almost nothing on,” said Tycho Möncks, a BCG managing director and partner and a coauthor of the report. “The question for CEOs and boards is not whether their company is exposed. It is. The question is whether they intend to live with that exposure or turn it into an advantage.”
Small Markets Can Stall Large Industries
Companies often start their risk assessment with the bill of materials, which points them toward high-volume metals such as copper and lithium. Mosquito minerals fall outside that view. Their traded value is tiny, but the value chains that depend on them are not.
Rare earths. The rare earths used in a fighter jet are worth less than the paint that coats the plane.Gallium. The global market is worth under $350 million a year, with production of only about 900 tons, yet BCG estimates about $3.5 trillion of final products depend on it.Arsenic. The upstream market is about $50 million worldwide, yet a single producer supplies roughly 60% of the ultra-high-purity grade used in 5G and 6G infrastructure, data center optics, radar systems, and defense electronics.Byproduct supply. Gallium, germanium and arsenic are recovered as byproducts of other mining and industrial processes, so the host metal’s market sets their supply. Even a sharp price spike may not bring new production.
Exposure Hides Below Tier One Suppliers
A company that buys almost no critical minerals directly can still be acutely exposed because minerals arrive embedded in motors, magnets, power modules, lasers and sensors. They also sit in the tools and processes used to make those components, from crucibles and catalysts to dies and the capital equipment itself.
Turbine blades, engine blocks and structural aerospace components, for example, are machined with cutting tools made of tungsten carbide bonded with cobalt. A manufacturer that has never bought either metal directly can still see production stop if those tools run short, a dependency that appears on no bill of materials.
Companies also tend to map where critical minerals are mined, but for some minerals the bottleneck is processing, not production. A map of where assets sit and a map of who owns them can look very different, so a change of supplier that looks like diversification may leave a company’s exposure unchanged.
Public Capital Is Committed but Largely Unspent
The three blind spots also lead to a strategic miss. The International Energy Agency reports that public finance commitments to critical minerals in advanced economies reached around $65 billion in 2025, more than four times the 2023 level. BCG’s review of government-backed vehicles found the flagship instruments barely deployed, with some countries having spent less than 10% of their allocated capital and others nothing.
These vehicles are designed to draw in private capital, and offtake requirements are typically the main eligibility gate. BCG argues that companies without a clear view of their own exposure cannot make a credible commitment, and so cannot qualify. The funds are not free money: they carry conditions such as reporting obligations and localization requirements, and they represent only about one tenth of the capital needed through 2040. But for industrial companies, BCG says, they are a way to build a competitive advantage.
Several of the companies that have reframed their approach and tapped public capital are industrial companies and trading firms, not miners, and BCG found that in each case the CEO and executive team led the process of identifying and correcting their blind spots.
“These blind spots have a cost beyond risk. The money is there, but it comes with offtake requirements, and a company cannot make a credible commitment without knowing its own exposure,” said Karthik Valluru, a BCG managing director and senior partner who coauthored the report. “Mapping that exposure properly is where the opportunity starts.”
Download the publication here:
https://www.bcg.com/publications/2026/critical-minerals-risk-blind-spots
Media Contact:
Bruce Wraight
wraight.bruce@bcg.com
About Boston Consulting Group
Boston Consulting Group bridges the gap between ambition and outcomes for the world’s leading companies and organizations. We are built for this era of unprecedented change — bringing strategic clarity rooted in over 60 years of deep domain knowledge, combined with applied AI shaped by our practitioners. BCG works shoulder-to-shoulder with CEOs across industries and geographies to deliver transformative impact at scale: stronger returns, transferred capabilities, and change that sticks. For more information, visit bcg.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/three-blind-spots-leave-industrial-companies-exposed-to-critical-mineral-shortages-302920029.html
SOURCE Boston Consulting Group (BCG)
U.S. News & World Report Reveals the 2027 Best Places to Retire
IBM Introduces Identity and Control for AI Agents, Securing Frontier Intelligence for the Enterprise
Three Blind Spots Leave Industrial Companies Exposed to Critical Mineral Shortages
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