iQIYI stock struggles amid shrinking core business but eyes AI and overseas growth for rebound.

iQIYI's shares have dropped 39% this year as its core membership revenue declines and content distribution falls sharply. The company is betting on AI-driven content production and overseas expansion, with its AI platform Nadou Pro gaining 10,000 creators in one month and overseas membership revenue growing over 40%. Analysts see potential upside, but the stock must return to profitability and sustain growth to reach $3 by 2027. Risks include user migration to short-form video and pressure from convertible notes.