Tencent shares jump 10% as WeChat AI agent testing revealed
Tencent's shares shot up 10% in Hong Kong on Tuesday (its biggest intraday gain since late 2022) after word got out that the company is testing an AI agent for WeChat.
The buzz also gave the Hang Seng Tech Index a nice boost, climbing over 4%.
Tencent vows to double AI investment
Tencent is hoping this new AI agent will help it close the gap with rivals like ByteDance and Alibaba, who have been leading in AI tech.
Tencent has vowed to at least double its AI investment to more than 36 billion yuan ($5.3 billion) this year, but still faces criticism for being behind.
Tencent plans to start compliance checks this month and will test the tool with select users before rolling it out more widely to WeChat's massive user base.
Despite today's stock surge, Tencent shares are still down about 20% for the year, so there is plenty riding on its next moves.