JD.com & Tencent

JD.com: JD.com is in final talks to invest in DeepSeek's funding round, indicating its interest in the growing AI market.

Tencent: Tencent is considering a 10 billion yuan investment in DeepSeek, aiming to strengthen its position in the AI market and compete with rivals like Alibaba Group and ByteDance.

JD.com: JD.com is one of the Chinese firms cleared to buy Nvidia's H200 chips, but no deliveries have been made.

Tencent: Tencent is among the Chinese companies approved to buy Nvidia's H200 chips, but its purchases have stalled due to guidance from Beijing and broader geopolitical tensions.

JD.com: JD.com, as an online retailer, has seen its weight in the MSCI China index shrink, reflecting the broader decline of internet platforms relative to hardware.

Tencent: Tencent lost its position as China's most valuable company to ChangXin Memory Technologies and has seen its market value decline about 27% this year. Its cash flow has reportedly turned negative, with funds flowing to hardware companies like ChangXin Memory Technologies.

JD.com: JD.com is an investor in DeepSeek, gaining exposure to AI.

Tencent: Tencent is a major investor in DeepSeek, committing 10 billion yuan in the June round, benefiting from DeepSeek's growth.

JD.com: JD.com was cleared in May to buy Nvidia chips, but deliveries are pending.

Tencent: Tencent was cleared in May to purchase Nvidia chips, but deliveries have not yet occurred.

JD.com: JD.com is a strategic shareholder in MOGOX, indirectly benefiting from its growth.

Tencent: Tencent is a strategic shareholder in MOGOX, indirectly benefiting from its growth.

JD.com: JD.com invested in DeepSeek's funding round, gaining exposure to AI technology.

Tencent: Tencent invested $1.5 billion in DeepSeek's funding round, supporting the startup's growth.