In the fourth quarter of 2023, Baidu's revenue increased by 6% year-on-year to 34.95 billion yuan, with its core business income reaching 27.5 billion yuan, an increase of 7% year-on-year. Baidu's stock price fell by 2.1%, and overall profitability declined. Li Yanhong stated that multi-modal large models are an important component of general artificial intelligence. Although large language models are still in the early stages of development, they will continue to improve through an application-driven approach.