Tencent’s AI Restraint Shows Risk of Alibaba, JD Food War

China’s biggest tech companies are bouncing back after years on the ropes with outsized ambitions to dominate in everything from robots and smart glasses to cheap meals. But investors want them to focus their spending where it counts — AI.

From Meta Platforms Inc. to Google, one topic has dominated the conversation this tech earnings season: how Silicon Valley’s leaders will invest to seize the momentum in a game-changing technology. In China, the industry is just as enthralled by a three-way battle to deliver the cheapest meals and knick-knacks, fastest. That conflict between Alibaba Group Holding Ltd., JD.com Inc. and Meituan — both on social media and in the physical consumer arena — isn’t just compressing margins and irking investors — it’s risking Beijing’s scrutiny.