腾讯已与甲骨文签署了一份为期五年的协议，将使用约10万块先进的人工智能芯片。据知情人士向《金融时报》透露，这些目前在中国无法获取的芯片被存放在甲骨文位于东南亚的多处数据中心中。
Tencent has signed a five-year lease to use about 100,000 advanced AI chips from Oracle. People familiar with the matter told the Financial Times about the deal. The chips, which are not available in China, sit in several Oracle data centres in South-East Asia.
据吴子静报道，这份今年签署的协议总价值约为70亿美元，腾讯需预先支付约30%的费用。这是这家中国企业与美国云服务商达成的最大规模海外租赁交易。《金融时报》指出，根据美国出口法规，此类海外云租赁是被允许的。TNW尚未对该报道进行独立核实。
The deal, signed this year, is worth about $7bn, and Tencent is paying about 30% upfront, Zijing Wu reported. It is the Chinese company’s largest overseas lease deal with a US cloud provider. US export rules allow overseas cloud leases like this, according to the FT. TNW has not independently verified the report.
此前中国多家科技企业也曾在海外租赁算力资源。英国云服务商Nscale的财报显示，字节跳动贡献了其2025年近75%的销售额。
Chinese tech groups have rented compute abroad before. ByteDance brought in nearly 75% of Nscale’s 2025 sales, the UK cloud firm’s filings showed.
关于腾讯的AI投入：今年第二季度，腾讯现金流出现负值，净流出达138亿元人民币（约合20.6亿美元）。据《金融时报》报道，这是十多年来腾讯首次出现现金流为负的情况。据DatacenterDynamics报道，首席财务官罗硕瀚将此归因于公司在AI基础设施及算力预付费方面的巨额投入。
Tencent’s AI bill Tencent’s cash flow turned negative in the second quarter, at RMB 13.8bn ($2.06bn). According to the FT, it was the first negative figure in more than a decade. Chief financial officer John Lo put it down to heavy AI infrastructure spending and prepayments for compute, DatacenterDynamics reported.
腾讯总裁刘炽平表示：“我们乐于在AI领域进行大规模投资，因为这一领域不仅具备巨大的增长潜力，同时也有明确的下行风险防护措施。”
“We’re comfortable in making significant investments in AI because not only is there a substantial upside potential, there is also clear downside protection,” Tencent president Martin Lau has said.
公司高管透露，这些算力资源将首先用于训练更大规模的混元模型，随后用于模型运行。未来腾讯云也可能对外出租这些算力。此外，腾讯还是中国芯片制造商壁仞科技的重要支持者，后者9月份在上海上市后股价一度上涨近两倍。
Executives said the compute would go first to training bigger Hunyuan models, then to running them. Later, Tencent Cloud could rent it out. Tencent also backs Chinese chipmaker Enflame, which nearly tripled in its Shanghai debut in September.
对甲骨文的影响：据《投资者商业日报》报道，该消息发布后甲骨文股价周四变动不大。在此之前，该股今年已累计下跌29.5%。该报指出，由于持续投入AI领域，甲骨文已连续多个季度出现自由现金流为负的情况，其数据中心建设支出甚至超过了单季度的营收水平。
A lift for Oracle Oracle shares barely moved on Thursday after the report, Investor’s Business Daily reported. They had fallen 29.5% this year going into the day. Oracle’s free cash flow has been below zero for several quarters, IBD noted, because of its AI spending. The company is spending on data centres more than it earns in a quarter.