Tencent Holdings LtdHy4 model release with sparse activation and strong benchmark results

Tencent Holdings released the preview weights of its Hy4 AI model on Friday, revealing a 770-billion-parameter backbone that activates just 49 billion parameters per token, or 6.4% of the network. The model supports a one-million-token context window and will power Tencent's CodeBuddy and WorkBuddy products. In internal tests across 203 engineering tasks, Hy4 scored 2.99 out of four, narrowly beating GLM 5.3 and Kimi K3 by 2.4% and 1.7%, respectively. Tencent's stock, priced at $58.01, sits 13.78% below its GF Value estimate of $67.28, suggesting investors are not yet paying full price for its AI ambitions. The company now faces the challenge of converting Hy4's technical lead into commercial success.
Tencent Holdings LtdHy4 model release with sparse activation and strong benchmark results
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