---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42529276.md"
description: "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)"
datetime: "2026-07-09T00:39:38.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42529276.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42529276.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42529276.md)
author: "[熊猫校长Ming](https://longbridge.com/en/profiles/16386316.md)"
---

# Now, to answer the question you've been holding ba…


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## Comments (2)

- **英明神武的威拉德 · 2026-07-09T02:30:54.000Z · 👍 1**: You're typically forcing an answer based on the outcome. Tencent has actually fallen the least in the past six months. The Alibaba you mentioned, which is hot on AI, has dropped 50-60% over the same period.
  - **熊猫校长Ming** (2026-07-09T02:43:56.000Z): You said it very well. Alibaba has other reasons. I'm here today to write a piece about Alibaba.