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...
Quick Summary
Stamp duty for homes above HK$100m raised to 6.5% (from 4.25%)
Targets only 0.3% of transactions
Luxury sales surged in late 2025
Home prices rose 3.3% in 2025, first annual gain in four years
What Changed?
Hong Kong will increase stamp duty on luxury residential properties valued above HK$100 million to 6.5%, up from 4.25%, according to Financial Secretary Paul Chan.
The measure:
Takes effect Thursday
Still requires Legislative Council approval
Expected to generate around HK$1 billion annually
The policy mainly affects the ultra-luxury segment, accounting for just 0.3% of total transactions.
Why Now?
The move comes after a strong rebound in high-end sales:
81 deals above US$10 million in Q4 2025 — the highest since late 2021
Home prices rose 3.3% in 2025, ending a four-year decline
Luxury momentum has been driven by:
Renewed investor confidence
Improving economic outlook
Expectations of further price gains
Wall Street firms such as Citigroup Inc. and Morgan Stanley forecast further price increases in 2026.
Developers Benefiting
Developers have capitalised on the rebound.
For example, Swire Properties Ltd recently sold a pair of luxury mansions for HK$2.2 billion.
Policy Objective
The government aims to:
Capture additional revenue from high-value transactions
Cool speculative activity at the top end
Avoid disrupting the broader housing recovery
By targeting only ultra-luxury homes, the measure avoids pressuring mass-market buyers.
Bottom Line
Hong Kong’s luxury property revival is strong enough to justify higher taxes at the top end.
With prices rising and high-value transactions accelerating, the government is taking a selective tightening approach — boosting fiscal revenue while keeping broader market momentum intact.
Key Takeaways
Luxury stamp duty raised to 6.5%
Minimal impact on overall market volume
High-end property demand resurging
Developers benefiting from renewed buying interest
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