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2026-02-09 12:28:54 Consumer behavior is changing, with users gradually altering the way they acquire information and consume content, JPMorgan said in its research report. Chatbots are becoming the new “starting point” for search, recommendations, and task execution. The broker viewed that large internet platforms are now willing to invest substantial marketing funds to accelerate adoption, which will mechanically increase inference volume and drive rapid growth in token consumption. JPMorgan favored beneficiaries of China's AI infrastructure, such as BABA-W (09988.HK) and BIDU-SW (09888.HK), as well as online ads beneficiaries like KUAISHOU-W (01024.HK) as second-order winners, because the broker considered it is still too early to determine the durable AI application winners versus losers. Some investors noted that TENCENT (00700.HK) advancement in AI products seems more cautious compared to some large platform peers, raising concerns about potential valuation compression. The broker thought that the market already reflected a meaningful portion of that concern. The stock now trades at 15x 2026E PE, only about 25% above the historical trough, while the core earnings outlook remains robust. The broker believed that Tencent's most enduring asset is not any single AI capability, but its distribution and engagement, which tend to compound over time and allow new capabilities, including AI, to scale at a lower user acquisition cost than peers. ~ AASTOCKS Financial News Website: www.aastocks.com | |