Tencent’s Hy4, a 770B-parameter MoE large language model released November 4, 2026, added native vision and computer-use capabilities to its text foundation, driving strong initial trader interest in its Text Arena debut. Early Agent Arena results placed it #14 overall and first among Chinese models, with notable gains in long-horizon agentic tasks and cost efficiency at roughly $0.55–0.57 per task. These benchmarks, plus a 1M-token context window and competitive pricing, support market-implied odds favoring a solid Text Arena entry above 1440 while tempering expectations for elite scores near 1500. Full weights are expected soon, and traders are watching for the model’s first leaderboard appearance and any benchmark updates through mid-2027.