Core Viewpoint - Nomura's research report indicates that Tencent's overall performance in Q3 is stable, but management acknowledges facing AI chip supply constraints, leading to a downward revision of the 2025 fiscal year capital expenditure guidance, which is expected to be lower than the previous guidance of a low double-digit percentage of total revenue, yet still above last year's level of 77 billion [1] Group 1 - The chip shortage is anticipated to significantly impact Tencent's cloud business, hindering its development, as computing power is one of the highest demands for enterprise users deploying large language models [1] - Management expects that its two most valuable AI assets, Yuanbao and Hongyuan large models, are not affected by the supply shortage [1] Group 2 - Compared to peers like ByteDance and Alibaba, Tencent's investments in AI infrastructure and large language models over the past few years may be insufficient [1] - Nomura maintains a "Buy" rating on Tencent, raising the target price from 757 HKD to 775 HKD [1]