0742 GMT - Tencent's strong H20 chip inventory is likely to leave it less exposed to the latest U.S. export restrictions on the chip, DBS analysts say in a research note. DBS's channel check suggests that Tencent has more H20 inventory than Alibaba. The impact of the latest H20 restrictions is also limited as domestic substitutes for the H20 chip are rising, they say. Tencent's cloud business could show upside surprise on revenue growth this year after the huge capital expenditure deployed in 4Q, they say. DBS prefers Tencent to Alibaba given its higher upside in cloud growth and better adoption of AI in its core business. Tencent's shares are last 1.2% lower at HK$472.40. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
April 29, 2025 03:42 ET (07:42 GMT)
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