Tencent (TCEHY) is at 52-week lows, but Jeff Muhlenkamp sees a buying opportunity driven by its dominant ecosystem and payments business. He’s more cautious on JD.com (JD) and Alibaba (BABA) as price wars and weak demand pressure margins. Muhlenkamp is rotating away from tech into cyclicals like Microchip Technology (MCHP) and gold as A.I. optimism peaks.