Tech Brief (Nov. 13): Tencent Music Beats Profit Estimates
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Tencent Music beats profit estimates
Tencent Music Entertainment Group delivered a stronger-than-expected quarterly performance, reporting a 36% jump in profit and solid revenue growth, even as the Chinese music streamer grappled with a declining user base. The company said third-quarter revenue rose 20.6% from a year earlier to 8.5 billion yuan ($1.2 billion), exceeding analysts’ expectations. Net profit attributable to shareholders reached 2.2 billion yuan. CEO Liang Zhu acknowledged the pressure from new rivals, naming Qishui Yinyue, Fanqie Changting and NetEase Cloud Music as key competitors. But he expressed confidence in Tencent Music’s “very favorable position,” highlighting its strengths in sound quality, karaoke features, and multidevice compatibility.
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- Tencent Music reported Q3 revenue up 20.6% to 8.5 billion yuan and net profit of 2.2 billion yuan, despite a shrinking user base.
- OpenAI launched GPT-5.1 Instant and Thinking models, enhancing intelligence, user tone customization, and clarity.
- Anthropic will invest $50 billion in U.S. data centers, Meta pledged $1 billion for a Wisconsin data center, and Waymo began 24/7 freeway robotaxi rides in three U.S. cities.
- Tencent Music Entertainment Group
- Tencent Music Entertainment Group (TME) exceeded profit estimates, with a 36% profit jump and robust revenue growth in Q3. Despite facing new competitors like NetEase Cloud Music and a declining user base, TME remains confident in its market position, emphasizing its sound quality and karaoke features.
- Qishui Yinyue
- Qishui Yinyue is identified as a key competitor to Tencent Music Entertainment Group. Tencent Music CEO Liang Zhu specifically named Qishui Yinyue alongside Fanqie Changting and NetEase Cloud Music when discussing pressure from new rivals in the Chinese music streaming market.
- Fanqie Changting
- Fanqie Changting is identified as one of Tencent Music's key competitors in the Chinese music streaming market. Despite facing rivalry from services like Fanqie Changting, Tencent Music's CEO expressed confidence in his company's strong position.
- NetEase Cloud Music
- NetEase Cloud Music is identified as a key competitor to Tencent Music Entertainment Group. Despite Tencent Music's strong financial performance, its CEO acknowledges the pressure from rivals like NetEase Cloud Music in the Chinese music streaming market.
- OpenAI
- OpenAI, the company behind ChatGPT, released two upgraded models: GPT-5.1 Instant and GPT-5.1 Thinking. These new versions aim to enhance intelligence and communication. GPT-5.1 Instant uses adaptive reasoning for quicker or more detailed responses. GPT-5.1 Thinking provides clearer answers with less jargon.
- Anthropic
- Anthropic, a U.S. AI firm, plans to invest $50 billion in computing infrastructure. They will partner with Fluidstack to build data centers in Texas and New York, with future expansions planned. These new facilities aim to enhance workload efficiency and support their R&D efforts, with operations scheduled to begin next year.
- Fluidstack
- Fluidstack is an AI cloud computing firm collaborating with Anthropic. They are partnering to build data centers in Texas and New York, with future expansion plans. This initiative is part of Anthropic's $50 billion investment in computing infrastructure, aimed at improving workload efficiency and supporting advanced AI research.
- Meta Platforms Inc.
- Meta Platforms Inc. announced a significant investment of over $1 billion to construct its 30th data center in Beaver Dam, Wisconsin. This new facility is designed to support large-scale AI workloads and is expected to create over 100 operational jobs.
- Waymo
- Waymo (路摩) has launched robotaxi services on freeways in San Francisco, Phoenix, and Los Angeles, making it the first company in the US to offer such a service. These services, which will run 24/7, are currently available to select passengers. Waymo plans to expand its robotaxi services to Miami, San Diego, and Washington by 2026.
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