Tencent shares slide 2.3%, cooling after Meta-inspired AI rally

Tencent shares fell 2.3% in Hong Kong on September 23. This decline followed a 5% surge during the previous trading session.

Investor enthusiasm for artificial intelligence initially drove the rally. Traders sought Chinese alternatives to Meta's Muse AI agent and identified Tencent as a primary candidate.

Investors engaged in profit-taking as the initial AI hype cooled. Tencent recently launched its Cloud DataBuddy AI workbench to expand its machine learning offerings. The company also repurchased HK$100 million worth of its own shares on September 23.