Now, to answer the question you've been holding back for over half a year: why did it fall so badly first?

Here's the key point. Why could such a good company have fallen by 30% before?

There's a counterintuitive answer here — it's not because its old businesses deteriorated. Its gaming revenue still hit new highs, WeChat's monthly active users are still at 1.4 billion, very stable.

It fell because the market is worried about something else: Tencent's AI seems to have fallen behind.

In the past two years, the AI battle was intense, ByteDance's Doubao and Alibaba's Tongyi Qianwen both surged to hundreds of millions of users; while Tencent's early-launched AI assistant "Yuanbao" has less than one-fifth of their monthly active users. The market saw this: such a big Tencent, but its AI can't keep up? So they kept selling, turning it from a "good company" in the old world into an "AI laggard."

$TENCENT(00700.HK)$KUAISHOU-W(01024.HK)$HSTECH ETF(03032.HK)