What's going on?

Tencent isn�t playing around: the Chinese conglomerate behind League of Legends reported better-than-expected earnings on Thursday.

What does this mean?

Tencent�s video game segment � its main and most profitable business � did a lot better than analysts were expecting. And that�s not just because its virtual worlds have been providing some much-needed escapism from the real one: the conglomerate has a network of investments in most of the country�s tech companies too � lots of which got a big boost from last quarter�s tech stock rally.

Still, this update�came hot on the heels of a regulatory clampdown on Chinese tech companies earlier this week, which led to a massive sell-off in their stocks. But Tencent reckons that because its video game business makes it an entertainment company, it�s less vulnerable to the incoming anti-monopoly rules, which seem more focused on ecommerce platforms.

Why should I care?

Zooming in: 1UP.

If you needed any more proof that video games are a lockdown favorite, just look at Sony�s PlayStation 5: the console � which launched on�Thursday���sold out�in one day, and is already being peddled for double its retail price on online platforms. Analysts are expecting shortages � as well as those for Microsoft�s Xbox Series X � to extend into 2021. �Keep �em coming,� the UK�s biggest internet providers might be urging: high video game demand is causing record broadband usage.

Zooming out: Ready to mingle.�

Tencent also owns a big stake in JD.com, so its day got even better when the ecommerce powerhouse and Alibaba racked up a record-breaking $115 billion in Singles� Day sales between them. US companies are feeling empowered by the holiday too: foreign brands as a whole were a big hit, but it was America’s that came out on top.