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TENCENT Confident Existing Biz Growth Can Cover AI Investment
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TENCENT (00700.HK) President Martin Lau stated at the earnings conference that the company has a visible AI strategic plan and will continue to work on what it considers important over the next two to three quarters, expecting quantifiable progress. He mentioned that the company has been intensively enhancing team capabilities and organizational structure over the past few months. Paired with improving data quality, he is confident in building large models with higher intelligence level and accelerating iteration speed. In terms of capex, Lau revealed that the company's capex in 2025 was approximately RMB79 billion, which is not much growth compared to RMB77 billion in 2024 and is below the target. He hopes to ramp up capex to acquire more computing power. Regarding the return on AI investment, Lau mentioned that the company invested RMB18 billion in large models last year, envisioning it to double this year, while viewing that the growth of existing businesses is sufficient to cover the additional investment, providing the company with enough confidence. Speaking of the current GPU and memory chip woe in the industry, Lau considered it is force majeure. He believed that renting can make up for the computing power demand to a certain extent, and the company will also flexibly reduce the external rental of computing power to ensure internal supply. AASTOCKS Financial News Website: www.aastocks.com |
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