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Tencent's earnings report today was unremarkable.
The key debate point is whether 2026 will see buybacks or increased capital expenditures.
Today we got the answer - Oriental Meta is preparing to follow Meta's playbook.
In my view, this is a short-term headwind, but long-term positive (if the capital expenditure is for purchasing GPUs to boost Tencent Cloud).
The short-term negative is easy to understand too - many people, including myself, were expecting Tencent to launch buybacks after the earnings report.