Citigroup released a research report stating that, according to foreign media reports, Chinese regulatory authorities have approved three major technology companies—Alibaba-W (09988), Tencent Holdings (00700), and ByteDance—to purchase NVIDIA's (NVDA.US) H200 artificial intelligence chips. The report pointed out that if the news is officially confirmed by the authorities and the related companies, it will have a positive impact on Tencent, Alibaba, and the overall Chinese internet industry. The report specifically highlighted that this news has the most significant positive impact on Tencent. Previously, Tencent's management stated during an earnings call that, if direct purchases were restricted, they might consider "leasing" GPU computing power as an alternative model. Citigroup believes there is a risk of increased capital expenditure in 2026. Within the AI industry, the bank's preference is ranked as Tencent > Alibaba > Baidu Group-SW (09888).