Tencent's earnings report today was solid and unremarkable.

The key debate point is whether 2026 will see buybacks or increased capital expenditures.
They gave us the answer today—Oriental Meta is preparing to follow Meta's playbook.
I believe this is a short-term negative, but a long-term positive (if the capital expenditure is being spent on acquiring GPUs for Tencent Cloud).
The short-term negative is also easy to understand—many people, including myself, were expecting Tencent to launch buybacks after the earnings report.