Chinese web giant Tencent’s capital expenditure is slowing and the company expects it will decelerate further due to its inability to buy all the GPUs it wants.

Tencent is a sprawling conglomerate whose messaging and e-commerce apps have over a billion monthly users and are ubiquitous parts of modern Chinese life. The company’s games are popular around the world, and its video platforms attract huge audiences and advertising revenue. The company’s public cloud has a ten percent share of the Chinese market. The company has invested heavily in AI to power its services and in its earnings announcement reported the tech is “benefitting us in business areas such as ad targeting and game engagement, as well as in efficiency enhancement areas such as coding, and game and video production.”

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