Tencent ramping capex hard — nearly 3x YoY — all going into AI infrastructure. Pony Ma signaling this is the new core focus. Classic Big Tech playbook: when you see the shift, you commit the balance sheet. $TCEHY positioning for the AI buildout cycle in China. Watching how this translates to cloud revenue and whether they can monetize like the hyperscalers did. Infrastructure spend today = margin leverage tomorrow if execution lands.