Baidu's ER and $KWEB range for month-end

Baidu's upcoming earnings report is a key event for the broader Chinese tech sector, and by extension, $KWEB. We're currently seeing $KWEB at 27.54, trading in a tight range today (27.43–27.725). My read is that there's a 65% probability of $KWEB remaining below 28.50 by month-end. While Baidu's AI narrative is strong, market sentiment for Chinese tech remains cautious due to regulatory overhangs and the broader economic picture. Any significant upside from Baidu's report might be capped by profit-taking around that level, given the recent rally from the lows. Conversely, any disappointment could easily see us retesting the 26.50 area.