I recently started using some idle funds to gradually build a position in Tencent. The current valuation isn’t expensive, which is one reason, but not the main one.

Over the past six months, both objectively and subjectively, I’ve been able to sense that Tencent is finally making a proactive push into AI.

It has suddenly shifted from its previous passive approach—standing under a peach tree waiting for fruit to ripen—to a relatively aggressive state of climbing the tree to pick peaches directly.

I have to admit that Tencent’s network and ecosystem advantages are extremely powerful.

Although I personally rely heavily on GPT and Claude in daily use, on many mobile-based scenarios, when faced with ecosystem barriers, I still compromise and directly adopt Tencent’s AI solutions.

Take the simplest example: when a friend sends a research report, even though I know GPT or Claude could provide more insightful analysis, I still take the lazy route and click on the “Yuanbao” explanation that pops up in the interface.

This kind of guidance and user habit is powerful—it’s a funnel.

It has successfully steered the 99% of users who only need 80%-good AI toward its own AI solution.

Not long ago, I also got early access to Xiaowei. It’s not particularly impressive, but relying on the network, Moments, and data advantages, it still has significant differentiation and competitiveness.

This kind of advantage Tencent has is both frustrating and enviable.

To draw a comparison with the U.S., look at Zuckerberg who keeps messing around with all sorts of things, failing at many and burning through so much money—$Meta remains as steady as a mountain, making headlines every day.