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Nvidia’s 75% Margin Sets the AI Profitability Bar — But Rivals Are Closing In

Quick Summary Nvidia posted a 75.2% adjusted gross margin , among the highest in Big Tech AI hyperscalers plan  US$650B capex in 2026 , much flowing to Nvidia Rivals like  AMD, Alphabet and Amazon  are gaining traction Long-term margin sustainability remains the key investor question Margins Steal the Show While investors already expected strong demand,  NVIDIA Corp  surprised with something even more impressive: Adjusted gross margin of 75.2% , the highest since late 2024 — and management expects similar levels next quarter. For a nearly  US$5 trillion company , that margin signals extraordinary pricing power in AI hardware. AI Spending Wave Still Intact AI hyperscalers are forecasting  ~US$650 billion in capex for 2026 , up roughly 60% from 2025. Nvidia remains the primary beneficiary as demand for data centre GPUs continues to surge. But maintaining 75% margins depends on two big factors: 1️⃣  Supply Constraints Rising memory costs remain a ris...
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Gas Malaysia Slides to One-Month Low After Earnings Miss

Quick Summary

  • Gas Malaysia fell 5.3% to RM4.50, hitting a one-month low

  • FY2025 net profit came in below estimates

  • Maybank IB trims FY2026–2027 forecasts

  • Dividend yield around 5% offers downside support

Earnings Miss Weighs on Sentiment

Shares of Gas Malaysia Bhd dropped 25 sen to RM4.50 after its quarterly results fell short of expectations.

For 4QFY2025:

  • Net profit: RM87 million

  • FY2025 net profit: RM382 million

  • 8% below Maybank IB estimates

  • 6% below consensus forecasts

Maybank Investment Bank attributed the miss to:

  • Lower-than-expected spreads

  • Possible retrospective gas cost adjustments

Key issue: Margin compression in the latest quarter.

Outlook: Lower Gas Prices Ahead

Maybank IB highlighted that:

  • Domestic gas prices are trending lower in FY2026

  • This could reduce retail profit margins

However:

  • Higher distribution profits may partially offset the weakness

  • Regulatory Period 3 (2026–2028) includes a tariff increase, though impact remains unclear

As a result:

  • FY2026 profit forecast cut by 7%

  • FY2027 profit forecast cut by 8%

  • Target price lowered to RM3.90 (from RM4.00)

  • Rating maintained at “Hold”

Dividend Support Still Intact

Despite weaker earnings:

  • 8.5 sen interim dividend declared

  • Final dividend of up to 8 sen expected (75% payout ratio)

  • Dividend yield stands at roughly 5%

This yield may provide some valuation cushion in the near term.

Valuation Check

According to AskEdge:

  • 15x trailing P/E

  • 4.1x price-to-book ratio

  • Highest among peers

This suggests the stock may not be cheap relative to sector counterparts.

Bottom Line

Gas Malaysia faces near-term earnings headwinds from lower gas prices and margin pressures.

While dividend yield offers support, limited earnings growth and forecast downgrades cap upside potential.

Investors may stay cautious until clearer margin visibility emerges.

Key Takeaways

  • Profit missed estimates due to weaker spreads

  • Forecasts trimmed for FY2026–2027

  • Dividend yield remains attractive

  • Valuation relatively rich among peers

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