Had an interesting chat with friends today: If you had to buy the dip, would you pick Tencent or Alibaba? Tencent has dropped from its peak of 700 earlier this year to around 450 now. But Tencent’s core business is super solid and still growing fast, though it’s lagging behind in AI. Alibaba, on the other hand, has fallen from its peak of 300 to 132. The main reasons? A cash-burning war + AI investments eating up profits. In the offline market, they’ve gone from a 20/80 split with Meituan to a 50/50 battle. And their AI progress is looking much better than Tencent’s. So, would you bet on Tencent still leading the game today? Or gamble on Alibaba potentially overtaking Tencent in the future?