It must not be a company but another field that eventually surpasses Alibaba and Tencent.
From the perspective of the whole Internet environment, although the Internet products are rapidly updated, the basic Internet products covering all areas of life have been stable and mature. Needless to say, the traditional fields such as e-commerce, search, socialization and games, since the rise of the mobile Internet, the Internet has been constantly speculating on concepts, and the real rise is basically to join hands with Alibaba or Tencent.
At present, the small giants in the segmentation field do not have such strength. E-commerce, search and games are the main profit sources of Internet products, which is also the reason why BAT (especially AT) is strong. With enough profits, we can constantly attack the city, update technology and extend the life cycle of products. But the status quo is that the giants in the segmentation field, such as today's headlines and Meituan, are still financing. Although the prospect seems huge, even if it is profitable, it is far from creating a profit that reaches BAT volume. Financing is only to expand the market and try to go public, which is what investors are eager for, and listing can be realized.
There are bats (especially AT) in the little giants nowadays. They are controlled by BAT themselves and are unlikely to surpass BAT. Some start-up and powerful companies hope to get investment from BAT and hold their thighs. In this case, we can't expect them to have the courage to challenge BAT. Start-ups often want to continue financing, otherwise they will be stillborn and unable to compete with their competitors. But it is unthinkable to raise funds without BAT now.
Before the internet age, no one would think that any company could surpass Microsoft. However, with the development and application of Internet technology, Google did it. Later, Apple chose the right time to launch smart phones, catching up with the Internet tide, while Microsoft fell behind.
Beyond Ali or Tencent, it may not be an internet company, but more likely a company with artificial intelligence as its core business. This company may be a startup company or it may be developed from an existing company.