What They Say
Reuters reports that Tencent Holdings (China’s most valuable tech company) has formed a business unit to address the opportunity for XR and the metaverse in software and hardware. It was formed earlier this year, but was kept secret. It is expected to eventually have over 300 staff.
Separately, Reuters said, the firm has shut down its Penguin Esports game streaming platform due to increased competition and regulatory pressure on the Chinese video game industry.
Barrons quotes Citi as forecasting that the metaverse and related technologies could be an $8 trillion to $13 trillion total addressable market by 2030.
What We Think
If I was as big as Tencent, I’d be just a bit nervous about why a firm as successful as Meta is investing a lot, so I’d better keep up. (BR)
