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Tencent Cites Uncertainty Over U.S. AI Chip Imports Amid Government Talks

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Chinese tech giant Tencent said Wednesday it lacks clarity on the status of U.S. AI chip imports, as Beijing and Washington continue negotiations, though it maintains sufficient inventory for its AI operations.

IMPORT UNCERTAINTY
Tencent President Martin Lau noted that ongoing discussions between the two governments have left the company without a definitive answer on AI chip imports, particularly Nvidia’s H20 chips, designed for the Chinese market and recently scrutinized for security concerns. Lau emphasized that the uncertainty will not constrain Tencent’s AI ambitions, as the company has multiple deployment options and adequate supplies for AI model training.

Q2 PERFORMANCE
Tencent reported strong second-quarter results, beating analyst expectations:

  • Revenue: 184.5 billion yuan ($25.7B), +15% YoY (est. 178.5B)

  • Domestic gaming revenue: 40.4 billion yuan, +17% YoY

  • International gaming revenue: 18.8 billion yuan, +35% YoY

  • Marketing services revenue: 35.8 billion yuan, +20% YoY

  • Net profit: 55.6 billion yuan (est. 52.3B)

AI STRATEGY AND INVESTMENTS
Tencent continues to invest in AI while moderating capital expenditure, which fell to 19.1 billion yuan in Q2 after higher spending in previous quarters. The company is focused on sustainable monetization of its AI initiatives.

Tencent has developed its Hunyuan large language model, releasing the “Turbo S” version in February, while also integrating third-party AI models like DeepSeek across platforms including WeChat, which boasts over 1 billion monthly active users.

Sea Ltd Beats Revenue Estimates on Shopee and Gaming Demand

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Sea Ltd (SE.N) reported stronger-than-expected quarterly revenue on Tuesday, driven by robust performance in its Shopee e-commerce platform and gaming division Garena, lifting its U.S.-listed shares nearly 19% in early trading.

Shopee revenue surged 33.7% to $3.8 billion in the April-June quarter, with gross merchandise value (GMV) rising 28% to $29.8 billion. The company attributed growth to competitive pricing, enhanced customer experience, and social engagement features like live-streaming and mini-games offering redeemable rewards. Sea now expects Shopee’s annual GMV growth to exceed its prior 20% forecast.

Garena, Sea’s digital entertainment unit, saw revenue climb 28.4% to $559.1 million, fueled by its popular mobile game “Free Fire”, which added 17.8% more paying users and recorded a 23% increase in bookings for the quarter. CEO Forrest Li projected bookings growth for the year to exceed 30%.

Sea’s digital financial products segment, including its Monee app, contributed $882.8 million, up 70%, reflecting rising demand for payment and credit services.

Overall, Sea posted total Q2 revenue of $5.26 billion, up 38.2% year-on-year, surpassing analyst estimates of $4.98 billion. CEO Li highlighted that the company has reached a stage where it can pursue growth opportunities while improving profitability.

Sony Raises Full-Year Profit Forecast, Cites Lower Tariff Impact and Strong Gaming Performance

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Sony has increased its full-year operating profit forecast by 4% to 1.33 trillion yen ($9.01 billion), driven by a smaller-than-expected impact from U.S. tariffs and strong sales in its gaming division.

The company now anticipates tariffs will reduce profits by 70 billion yen, down from the 100 billion yen estimated in May. CFO Lin Tao noted that tariff rates remain fluid, especially regarding product-specific duties, and expects further uncertainty and potential tariff impacts in the second half of the fiscal year.

Sony’s gaming segment showed significant strength, with operating profit more than doubling to 148 billion yen in the April-June quarter. The rise was fueled by increased sales of network services and third-party games. The company sold 2.5 million PlayStation 5 consoles in the quarter, marking a 4% year-on-year increase. New game releases like “Death Stranding 2: On The Beach” received positive reviews, while “Ghost of Yotei” is scheduled for October.

Shares rose 4% following the earnings announcement, contributing to a roughly 15% gain in Sony’s stock year-to-date. Analysts observe Sony’s growing dominance in high-fidelity gaming, competing more directly with PC gaming than Xbox.

Sony also announced plans to reduce its stake in its financial services unit to below 20%, with a partial spin-off and Tokyo listing scheduled for September 29.