Accessible version Tencent Holdings HK investor Meetings Takeaway: Offensive AI, Enduring moat Reiterate Rating: BUY | PO: 780.00 HKD | Price: 440.00 HKD Winning the new Battle of Midway We hosted Tencent CSO Jame Mitchell, CFO John Lo & IR team to meet investors in HK post 2Q26 results (first take). Investor questions were overwhelmingly centered on AI strategy - capex outlook, AI monetization roadmap, compute market dynamic, model progress (see pg 3 for details). We continue to believe AI is not a single- ...