I feel like I've been in a nightmare that I haven't woken up from for a month...

Microsoft had its biggest monthly drop in 25 years, yet the backdrop wasn't a financial crisis, an index crash, or any severe internal negative news. It seems it was just a repeatedly hyped narrative, and at least the last 12 quarterly reports haven't been able to prove the bears' narrative, which likely doesn't hold water.

Tencent has also reached its lowest or second-lowest valuation multiple since listing (the last time was at the end of the pandemic, when revenue and profit outlooks were lowered, but now it at least maintains low to mid-single-digit growth). Of course, this is partly due to the macro headwinds facing China concept stocks. However, the current macro headwinds are still not as severe as in '22. The decline in retail consumption likely has a very limited impact on Tencent, making it the one among China concept stocks that can best stand alone.

$Microsoft(MSFT.US)$TENCENT(00700.HK)