At Tencent’s anniversary event last night, a transcript of Pony Ma’s speech leaked. It looks like he really does feel a sense of crisis.

He also used Google as a case study. At first, everyone thought AI would have a huge impact on search, then felt that Google seemed able to weather it. But looking at things again this year, the wave has already hit.

He also admitted that the company is already a little late in its AI strategy.

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