Tencent's stock price has plummeted, and Alibaba has lost its luster, mainly because ByteDance is simply too powerful! Even foreigners would be amazed by its seeding! Actually, besides misunderstandings about the impact of AI on the gaming industry, Tencent's stock price drop is also due to its distribution channels and lagging AI investment (but this is precisely Ma Huateng's strategy). By identifying key opportunities and entering the market later, costs and ROI can be controlled, allowing for concentrated resources on major projects. Furthermore, since January 14th, there has been no more share buybacks (over HK$600 million per day). With the VAT rumors debunked and the "red envelope war" underway, Tencent will likely emerge as the winner. The only pity is that ByteDance is not a publicly listed company!