Tencent AI setbacks in China wipe $8.26 billion off Naspers’ market cap

South African internet giant Naspers is feeling the ripple effects of turbulence halfway across the globe in China. The Johannesburg-listed company, which owns an indirect 24.6 percent stake in Tencent Holdings through its Amsterdam-based unit, Prosus, has seen its market capitalization shrink by $8.26 billion since the start of 2026.

Naspers slumps 19.3 percent on Tencent AI setbacks

Naspers’ shares closed 1.64 percent lower on Friday, February 13, 2026, extending its year-to-date decline to 19.3 percent, falling from R1,104.51 ($66.5) at the start of the year to R891.2 ($55.8). This pullback erases R163.88 billion ($8.26 billion) in market value, taking the company from R848.57 billion ($51.12 billion) to R684.69 billion ($42.86 billion).

The setback underscores the interconnectedness of Naspers’ global ambitions and its Chinese exposure. Tencent, China’s largest gaming and tech company, has been losing favour with investors over concerns it is lagging in the country’s rapidly intensifying artificial intelligence race. Shares in Tencent have dropped nearly 11 percent in 2026, contributing to a staggering $173 billion wipeout in market value since the stock reached a four-year high in early October.

Tencent AI lags; Naspers up

While Alibaba and ByteDance have poured billions into AI infrastructure and products, Tencent has taken a cautious approach, integrating AI into existing platforms such as game publishing and WeChat rather than pursuing standalone AI applications. Daily active user adoption reflects the gap: ByteDance’s Doubao and Alibaba’s Qwen models have reached 78.7 million and 73.5 million users respectively, compared with Tencent’s Yuanbao at just 18.3 million.

For Naspers, the current dip comes despite tangible progress in its own operations. Through Prosus, the group has expanded its global footprint in lifestyle ecommerce across Europe, India, and Latin America, serving more than 2 billion customers with AI-powered services. In the first half of its 2026 fiscal year, the company reported ecommerce revenue growth of 21 percent, reaching $4.1 billion, and projected $1.1 billion in adjusted EBITDA for the full year. Yet investor focus has largely remained on Tencent, overshadowing Naspers’ operational gains.

Global ambitions meet AI pressure

The contrast highlights a delicate balancing act for Naspers. Its evolution into a global technology investor has produced measurable results and synergies across multiple continents, but the company cannot insulate itself entirely from volatility in its marquee holdings. As Tencent moves to woo users with a $145 million Lunar New Year AI campaign, the market is watching whether a cautious AI approach will suffice in an era where competitors are racing ahead, and for Naspers, the stakes are unmistakably high.