The company is spending its profit on compute and telling investors to wait. A company that has printed cash for two decades just spent more than it made. The fallback plan is becoming a landlordAnalysts spent the call asking about returns, and the answers were unusually specific. Tencent has set no multiyear target at all, saying only that its investment in AI products will double this year. Either that model competes with the best from DeepSeek and Moonshot, or the compute bill bought a seat at someone else’s breakthrough.