According to a report published by J.P. Morgan Chase, Tencent's AI strategy now has a clear order, but returns will take longer; the bank lowered the 2026 and 2027 non-IFRS earnings forecasts per share by 2% and 10% respectively, mainly due to rising AI depreciation and related costs, maintaining an “overholding” rating, and the target price was lowered from HK$690 to HK$625. The bank pointed out that Tencent first built a competitive self-developed model at a rapid release pace, then earned returns from enterprise productivity tools and cloud services, and only expanded the smart device on WeChat on a national scale when quality and cost permitted. The bank believes that this order will give Tencent's advantage, but it will put costs ahead. The bank said it will hold Tencent because it has a high-quality core business that can carry artificial intelligence construction, its valuation is low, and the potential of the WeChat smart device exceeds the bank's predictions.

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