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Laven Cao, CFA
Laven Cao, CFA
Tencent 2Q26: Core strength provides capacity for AI investment
Tencent delivered solid second-quarter results, with resilient core businesses giving it the capacity to fund a more ambitious AI strategy. Higher spending will weigh on near-term earnings, but a clearer roadmap across models, enterprise agents and cloud provides more credible paths to monetisation and longer-term growth.
From backlog growth to earnings validation: European defence delivers a broader H1 improvement
European defence spending continues to accelerate. The latest H1 results show that previously secured demand is increasingly converting into revenue, earnings, and margin improvement. The European defence investment case is moving from policy commitments and order announcements towards financial execution.
T. Rowe Price China Evolution Equity Fund: Extending China’s technology exposure beyond the mega-cap
China's AI investment story is moving beyond large chip and internet leaders, as mid-sized suppliers convert capital expenditure into fast earnings growth. The T. Rowe Price China Evolution Equity Fund captures this expansion without duplicating existing core holdings.
SAP 2Q26: Stronger cloud orders, but profit recovery is the next test
AI is helping SAP secure major cloud contracts and enter core business workflows, strengthening confidence in its long-term growth outlook. We maintain a BUY rating, with meaningful upside if profit growth recovers as guided.
Beyond the US AI boom: Two ways to capture China’s opportunity
China’s AI opportunity can be expressed through two complementary trades: a hardware ETF where earnings are already materialising, and a platform ETF trading at an underpriced valuation as AI monetisation gathers pace.
China's Politburo holds back on stimulus, but we stay positive on China tech
China's Politburo stopped short of announcing major stimulus, but it acknowledged the economy's growing challenges and signalled readiness to introduce incremental support as conditions evolve. For investors, the key question is where policy backing, earnings visibility, and valuation already offer selective opportunities.
Tencent: Why the sell-off looks like an overreaction
Tencent’s July sell-off appears to have been driven by an incomplete and seasonally distorted gaming data sample rather than a deterioration in fundamentals. At the same time, improving advertising monetisation and WorkBuddy’s early traction strengthen the case that AI is beginning to generate measurable value.
Riding Asia, without riding the rollercoaster
The BlackRock Systematic Asia Pacific Equity Absolute Return Fund offers a smoother way to increase Asia’s equity exposure.
Europe's heatwaves are stress-testing the grid. Here’s the opportunity most investors have missed
A single heatwave exposed how unprepared Europe's power infrastructure is for its own climate future — and the same pressure points now converging from energy security and AI demand mean this stress test won't be the last.
Rheinmetall fell 19% in a day. Here is what the market got wrong about European defence
The market treated Germany’s warship decision as a retreat from rearmament, but the broader evidence suggests Europe is still moving from defence promises into production. With US protection becoming less automatic and US weapons supply constrained, European defence makers are gaining strategic relevance at a better valuation entry point.
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