Tencent Holdings Ltd.
0700.HKpublicSocial, Gaming & Cloud
China's largest social and gaming company. Operator of WeChat. Tencent Cloud is a top-3 Chinese cloud provider. Hunyuan LLM. Rapidly accelerating CAPEX for AI infrastructure since 2023.
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2024 CAPEX
$9.8B
YoY 2024 vs 2023
+44.1%
Latest Quarter
$2.5B
Q4'24
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'24 | $2.5B | $25.6B | 9.8% | Q4 2024 Earnings (est.) |
| Q3'24 | $2.6B | $23.5B | 11.1% | Q3 2024 Earnings (est.) |
| Q2'24 | $2.5B | $23.6B | 10.6% | Q2 2024 Earnings (est.) |
| Q1'24 | $2.2B | $22.4B | 9.8% | Q1 2024 Earnings (est.) |
| Q4'23 | $1.7B | $23.8B | 7.1% | Q4 2023 Earnings (est.) |
| Q3'23 | $1.7B | $22.1B | 7.7% | Q3 2023 Earnings (est.) |
| Q2'23 | $1.8B | $22.9B | 7.9% | Q2 2023 Earnings (est.) |
| Q1'23 | $1.6B | $21.6B | 7.4% | Q1 2023 Earnings (est.) |
Q1'23 — Converted from HKD/RMB. Tencent reports in RMB.
Q2'23 — Converted from RMB at 7.2 RMB/USD
Q3'23 — Converted from RMB at 7.2 RMB/USD
Q4'23 — Full 2023: ~$6.8B
Q1'24 — AI infra investment accelerating. Converted from RMB.
Q2'24 — Converted from RMB at 7.2 RMB/USD
Q3'24 — Converted from RMB at 7.2 RMB/USD
Q4'24 — Full 2024: ~$9.8B — significant step-up
Key Quotes
James Mitchell·Chief Strategy Officer·2024-11-13
“We are significantly increasing our investment in AI infrastructure. This is a multi-year commitment to remain competitive in both AI model development and AI-powered cloud services.”
Q3 2024 Earnings Call
Compute Clusters
Hunyuan training cluster
Nvidia H800 + H100
operational
SEC Filings
chinaAIHunyuanWeChatgamingcloudsocial