Full-Time
Posted on 6/13/2026
Global tech conglomerate: social, gaming, cloud
No salary listed
London, UK
In Person
6-month full-time onsite internship preferred.
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Tencent is a Chinese technology conglomerate that operates a wide range of consumer platforms and enterprise services. It connects over a billion users through WeChat and QQ, combining messaging, social features, and mobile payments, while Tencent Cloud offers AI, big data, and cloud infrastructure for businesses. It stands out by blending a huge user base with major investments in gaming studios and an integrated ecosystem that spans media, fintech, cloud, and enterprise tools. Its goal is to create a large, connected digital ecosystem for people and businesses in China and worldwide, using AI-powered products and services.
Company Size
10,001+
Company Stage
IPO
Headquarters
Shenzhen, China
Founded
1998
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Tencent has opted to build its own AI models rather than rent out its computing infrastructure, despite the potential for immediate profits. During its Q2 earnings call, executives revealed the company could achieve more than 30% profit by renting its $53 billion hardware investment. However, it's pursuing a longer-term strategy focused on developing state-of-the-art models and AI applications for the Chinese market. Chief Strategy Officer James Mitchell said demand for compute resources could enable Tencent to recover depreciation costs "almost immediately" through rental. President Martin Lau explained the company is instead allocating substantial computing power to build models like the open-weight Hunyuan-3 and develop AI tools including WorkBuddy and CodeBuddy. Tencent's Q2 revenue grew 11% to $30.3 billion, whilst net profit rose 9% to $10.3 billion.
Tencent rejected the opportunity to make immediate returns on its $53 billion quarterly capital expenditure, instead choosing to develop its own AI models for long-term gains. Company executives revealed during Q2 earnings that demand for computing resources is so strong, Tencent could rent its infrastructure at 30 per cent profit margins compared to costs paid months ago. Chief strategy officer James Mitchell said the company could recover depreciation costs "almost immediately" through rentals. However, president Martin Lau said Tencent is pursuing a different strategy, allocating substantial computing resources to build state-of-the-art models and AI applications for the Chinese market. The company plans to generate returns by selling tokens for services like WorkBuddy and CodeBuddy. Tencent released its 295-billion parameter Hunyuan-3 model in July, with larger versions planned.
Tencent Holdings reported second quarter 2026 results with revenue of CNY 204.8 billion and net income of CNY 56.0 billion. Despite steady earnings, the share price has fallen 25.91% year to date and 20.31% over one year. The most followed narrative values the stock at HK$370 per share, compared to the last close of HK$461.60, suggesting it is overvalued. The company is currently in an "AI spending expansion phase", increasing both capital and operating expenditures whilst hoping revenue grows sufficiently to compensate. This AI investment strategy is reducing free cash flow and margins in the short term whilst increasing optionality. Tencent also faces risks from evolving Chinese AI regulations and its recent addition to the US Chinese Military Companies Blacklist.
Stockholm-based AI startup Lovable has raised $400 million at a $13.3 billion valuation, more than doubling its December valuation of $6.6 billion. The funding round was co-led by Menlo Ventures and the European Commission's Scaleup Europe Fund, with participation from Balderton Capital, World Innovation Lab and Tencent. Launched in November 2024, Lovable's platform enables users to create software and web applications using everyday language. The company is on track to achieve a revenue run rate of nearly $600 million by month-end, triple its December level. Clients include Nvidia, Adidas, Hearst and Zendesk. Lovable plans to expand its workforce by 50% to 450 employees and grow in Latin America whilst improving security features. The company competes with California-based Replit, valued at $9 billion in March.
Tencent, China's most valuable company, reported second-quarter sales of 204.8 billion yuan ($30.3 billion), marking an 11% year-on-year increase. The results exceeded the median estimate of 201.8 billion yuan by LSEG. The strong performance was driven by robust AI-enhanced advertising. The Hong Kong-based tech giant's latest financial results demonstrate continued growth in its core business operations during the three-month period.