Letters by company

Tencent Holdings Ltd ADR

1 letter discussing TCEHY. Everything written about it on this site is on its ticker page.

Moon Capital Management 2026 Q3 letter Moon Capital avoided direct AI investments, arguing that hyperscaler spending, debt-funded data-center buildouts and falling model prices leave eventual returns too uncertain to underwrite. The portfolio added Tencent Music, where expanding paid subscriptions, excess cash, buybacks and an undervalued music platform support the investment case. third quarter 2026 TME $13BSPOT $108BTCEHY $449B