3月20日，摩根士丹利发布研报称，腾讯控股透过可持续的广告增长、2B需求及2C应用变现，从人工智能投资中获得高投资回报，同时仍致力资本回报及利润率改善。重申其“增持”评级及首选，目标价上调15%，由550港元升至630港元。
大摩认为，腾讯已解决先前所有市场关注的资本开支、云端应用、与核心业务整合等问题。该行预计，集团2025年资本开支为940亿人民币，主要用于GPU采购，占收入13%，基本符合市场预期。尽管腾讯资本开支不断增加，大摩认为管理层仍有信心透过有利的业务组合转变来扩张其利润率。该行预计腾讯2025年营业利润增16%，营业利润率则达38%，较去年同期增加2个百分点。
核心业务方面，大摩见腾讯第4季广告增长强劲，并随着人工智能广告技术的不断升级，该行相信腾讯的广告增长应该比全球同业更持久，因用户数据在小程序及支付方面发挥了杠杆作用。在外部人工智能云端需求方面，该行亦预计市场将逐渐被三家超大规模公司整合，这将进一步推动腾讯云端加速增长。
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