China’s most valuable company pivoting to AI as gaming profits falter
Tencent released its own ChatGPT competitor back in 2023, now China’s top firm is betting on AI in 2024.
Tencent, China’s most valuable company, has signaled it’ll join its Silicon Valley counterparts in shifting its focus toward artificial intelligence (AI) endeavors going forward.
The news comes amid slumping revenues for the 25-year-old tech behemoth’s gaming sector — a division which, to date, has been responsible for nearly one-third of the company’s profits.
The Chinese gaming sector made $16.9 billion worth of deals in 2018, according to a report from The Verdict. Deals dropped to $10.3 billion in 2020 and, as of 2023, were down to $158 million.
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