Tencent no longer rents

I spent the entire night flipping through Tencent’s semi-annual report. The thing that really made me read it back and forth several times was hidden in one sentence during the phone call. The management said this: The demand for computing power is now too strong, and the rental price has been rising. "You can completely rent the computing power to a third party and recover the depreciation cost almost immediately." Translation: If you buy a GPU and rent it out, you will make money immediately, shareholders will be happy, and analysts will have nothing to say. And then they said, we're playing a completely different game. Not renting. Build it yourself. This is like if you have a piece of land in a prime location and rent it out to receive stable rent every year. You don't want to, you have to build the building, attract investment, and operate it yourself. It’s much more tiring, much more expensive, and the cash flow was particularly ugly in the first few years. The management's logic is this: rent out the computing power, and the short-term reports will look good.