Tencent slips after debt sale as AI spending jitters

By Reuters News

** Shares of Tencent 0700.HK slip 2.1% to HK$416.4, set for the biggest intraday pct decline since October 8 a

** Stock touches the lowst point since October 9 in the second session of losses

** Third biggest pct loser in Hang Seng TECH Index .HSTECH, which gains 0.6%

** Chinese technology giant said on Wednesday it had priced$1.8 billion of US dollar notes and 26 billion yuan ($3.88 billion) of yuan-denominated notes under its global medium-term note (MTN) programme, raising proceeds for general corporate purposes

** Tencent's debt sales comes as technology firms globally raise billions of dollars to finance artificial intelligence (AI) investments, while investors have become more selective about companies funding costly AI infrastructure amid elevated borrowing costs

** YTD, stock down 30.1%, benchmark Hang Seng Index .HSI down 5.3%

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