知情人士称，腾讯控股有限公司周一向固定收益投资者表示，其计划发行的约50亿美元债券将为人工智能相关的资本支出提供资金，这表明该公司正加码押注该领域。
Holdings Ltd. told fixed-income investors Monday that its planned bond offering of about $5 billion will help finance AI-related capital expenditures, people familiar with the matter said, as it doubles down on the sector.
知情人士表示，这家中国科技与游戏巨头在与投资者的电话会议上称，最早可能于周二对这笔交易进行定价。因讨论内容未公开，知情人士要求匿名。知情人士称，此次发行包括15亿美元至20亿美元的美元债券，以及200亿元至250亿元人民币（30亿至37亿美元）的离岸人民币票据。
The Chinese technology and gaming giant could price the deal as early as Tuesday, it said in a call with the investors, according to the people, who asked not to be identified because the discussions are private. The offering includes $1.5 billion to $2 billion across dollar tranches, and 20 billion yuan to 25 billion yuan ($3 billion to $3.7 billion) from offshore yuan notes, the people said.
知情人士援引腾讯管理层的话补充称，募集资金将主要用于一般企业用途，例如人工智能相关的资本支出，其中大部分支出将用于购买芯片。
The proceeds will be primarily for general corporate purposes, such as AI-related capital expenditure, with the bulk of such spending directed toward chip purchases, the people added, citing Tencent’s management.
全球和中国的科技公司都在越来越多地转向资本市场，以为成本高昂的人工智能投资提供资金，尽管投资者已经开始审视对数据中心、芯片和模型开发的支出是否会产生充足的回报。
Both global and Chinese tech companies are increasingly turning to capital markets to fund costly AI investments, even as investors start to scrutinize whether spending on data centers, chips and model development will generate adequate returns.
软银集团最近通过创纪录规模的企业垃圾债券发行之一筹集了111亿美元，阿里巴巴集团控股有限公司则通过后续发行筹集了创纪录的102亿美元。中国人工智能模型制造商智谱华章科技有限公司（Z.AI）通过首次公开募股、配售和可转债筹集了96亿美元。
SoftBank Group Corp. recently raised $11.1 billion through one of the largest corporate junk-bond offerings on record, while Alibaba Group Holding Ltd. scooped up a record $10.2 billion via a follow-on offering. Chinese AI model maker Z.AI Co. garnered $9.6 billion through its IPO, placements and convertible bonds.
知情人士援引腾讯的话补充称，腾讯在投资者电话会议上表示，目前没有计划发行股票或可转债。腾讯未回应置评请求。
Tencent said in the investor call that it currently has no plans to issue shares or convertible bonds, added the people, citing the company. Tencent didn’t respond to a request for comment.
在努力追赶字节跳动和阿里巴巴等竞争对手的背景下，腾讯也在加大人工智能相关的支出。该公司在6月季度将人工智能项目和计算的资本支出大幅提高176%，达到528亿元人民币，导致自由现金流流出138亿元人民币。
Tencent is also ramping up its AI-related spending amid a push to catch up to rivals such as ByteDance Ltd. and Alibaba. The company hiked capital expenditures by 176% on AI projects and computing to 52.8 billion yuan in the June quarter, triggering a free-cash outflow of 13.8 billion yuan.
知情人士称，腾讯的资本支出在2026年剩余时间及2027年很可能将保持高位，根据第二季度的水平推算，其年度支出略高于2000亿元人民币。
Tencent’s capital expenditure is likely to remain elevated through the remainder of 2026 and into 2027, suggesting annual spending of slightly more than 200 billion yuan based on second-quarter levels, the people said.