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<Research>Citi: TENCENT Mgmt Upbeat on AI Progress; Domestic Chip Supply Expected to Improve
Recommend 23 Positive 31 Negative 10 |
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Citi held an investor conference call with management of TENCENT (00700.HK) after the company released the 1Q results. Management expressed optimism about the company's AI progress and confidence in the improved performance of the Hunyuan 3.0 model. As domestic chip foundry capacity constraints gradually unwind, chip deliveries in China are expected to accelerate in 2H, driving an increase in capex in 2H. The report cited management as saying that the Hunyuan 3.0 model has made progress in applications such as coding and agentic AI, and has been deeply integrated with internal products. Meanwhile, on the ride of long-term strategic partnerships with global memory suppliers and increased shipments of domestic memory chips, TENCENT was believed to be in a favorable position regarding computing power and memory constraints. Citi maintained its Buy rating on TENCENT with a TP of HKD763. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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