Bank of America Securities released a research report, reiterating $TENCENT (00700.HK)$ a 'buy' rating, with a target price of 480 Hong Kong dollars, citing its cloud business will benefit from three continuously growing demands.

These include companies enhancing efficiency by using large language models and ai services, mainland companies expanding their business overseas leading to an increase in demand for international digital services, as well as a rising demand for local software and hardware, companies are seeking highly compatible solutions. Tencent is upgrading its ai models, infrastructure, and applications, with its international services having an advantage, serving 0.01 million customers and achieving double-digit growth in the past 3 years.