Tencent said this year's capital expenditure may be lower than previously expected.

In the third quarter of 2025, Tencent's capital expenditure was 12.983 billion yuan, lower than 17.094 billion yuan in the same period last year. Last year, Tencent's capital expenditure accounted for 12% of total revenue. It is expected that in 2025, capital expenditure focusing on artificial intelligence will still account for over ten percentage points of revenue. However, this year's capital expenditure may be lower than the previous guidance. Even so, currently GPUs are fully sufficient, and resources are not very tight.