Baidu (BIDU) trading at $90 represents a ~$31B market cap while holding ~$26B in net cash/investments, creating a minimal equity value for the core business. The company's AI Cloud segment continues growing at 50% annually, suggesting strong fundamentals despite the depressed valuation.

Archegos Capital's $80 billion portfolio collapsed due to 5:1 leverage on Chinese growth/tech stocks during sector rotation, with prime brokers (Goldman Sachs, Morgan Stanley, Credit Suisse, Nomura) holding $22-30 billion in liquidation books. The author is bearish on Credit Suisse, betting it will suffer significant losses from the exposure and front-running during forced liquidation.