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TENCENT: Hunyuan 3.0 Token Usage Surges 10x+; 2H Capex to Spike as AI Chips Arrive
2026-05-14 09:08:50 TENCENT (00700.HK) management said at its results briefing that AI models and application services are becoming a new growth engine for the company. With continuous iteration and deep integration of the Hunyuan model series, demand for AI services from both Tencent's core internal products and external clients is elevating exponentially. Tencent Hunyuan's Hy3preview was officially launched in April 2026. Since April 28, measured by token consumption, the model has become the most widely used model on the OpenRouter platform. Even after the free trial period ended on May 8, its leading position remained solid. For internal deployment, the model has been connected to 131 Tencent products, with current token calls proliferating by at least 10x compared with Hunyuan 2.0. Management noted that, as domestically designed AI chips in China see increasing monthly supply throughout the year, capex will leapfrog in 2H26. Operating capex in 1Q26 surged 84% QoQ, confirming the start of this trend. On capital returns, management said it will replenish free cash flow by accelerating the disposal of its investment portfolio to ensure sustained share buybacks amid accelerating AI-related capex. Free cash flow in 1Q26 reached RMB56.7 billion, up 20% YoY; cash reserves at quarter-end were approximately RMB146.9 billion, up 37% QoQ. About RMB7.9 billion worth of shares were repurchased in 1Q26. ~ AASTOCKS Financial News Website: www.aastocks.com | |