According to Cointelegraph, Tencent, a China-based company, mentioned that it’ll join its Silicon Valley counterparts in shifting its focus toward artificial intelligence (AI) endeavours going forward.
The news is believed to come amid slumping revenues for the 25-year-old tech behemoth’s gaming sector. Till now this division is expected to be responsible for nearly one-third of the company’s profits, added Cointelegraph.
“We have found ourselves at a loss, as our competitors continue to produce new products, leaving us feeling having achieved nothing,” Pony Ma, CEO, Tencent, explained.
Sources revealed that the CEO mentioned that Tencent wasn’t currently considered the industry leader in AI. Furthermore, he added that the company wasn’t that far behind its competitors. “We can finally follow the pace of the first-tier companies,” Ma concluded.
(With insights from Cointelegraph)
