China's Internet Ad mkt in 2026H1:

Douyin/ByteDance remains the king w/ 1/3 of the mkt followed by Taobao, WeChat, Kuaishou & RedNote Baidu is no where to be found. All the ad money goes thru the big 3 - ByteDance, Alibaba & Tencent (Baidu used to the B in BAT, now BD replaced them). The Big 3 are also the big spenders of AI Cloud now, although Tencent/WeChat has been slow. Kuaishou is also big w/ its Kling model. XHS/Red Note still not really relevant in AI — via @tphuang

ByteDance holds 1/3 ad market; Baidu absent from top five, signaling BAT shift.