Citi adopts a bullish outlook on Tencent, foreseeing substantial and enduring growth in both its revenue and profit streams. Tencent has taken a proactive approach, strategically establishing its presence in the enterprise-level and consumer-facing artificial intelligence application domains, and has showcased remarkable operational prowess. The impressive third-quarter growth of Tencent can be attributed to cost efficiencies stemming from high-margin business segments and the recruitment of AI talent. Although capital expenditures dipped by 24% year-on-year in the third quarter, primarily due to a shortage in chip procurement, the company's commitment to enhancing foundational model architectures and advancing agent-based AI has remained unwavering, with substantial returns projected for the future. Citi has revised Tencent's target price upwards, from HK$735 to HK$751, reaffirming a 'Buy' recommendation and designating it as a premier choice and an investment target centered around AI.