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...
Market Snapshot (Feb 25, 2026)
FBM KLCI: 1,747.81 (-0.35%)
FBM 70: 17,769.08 (+0.11%)
FBM Small Cap: +0.10%
FBM Emas Index: -0.22%
Blue chips softened, while mid- and small-cap stocks held firmer.
FBM KLCI Movers
Top Gainer
Petronas Dagangan Bhd (PETDAG)
RM21.96
+2.62%
Energy-linked counters led gains, with PETDAG topping the benchmark.
Top Loser
Telekom Malaysia Bhd (TM)
RM7.75
-4.79%
TM was the biggest drag on the index and also the most actively traded stock of the day.
Other notable gainers:
Petronas Chemicals Group Bhd (PCHEM) +2.58%
Axiata Group Bhd (AXIATA) +2.20%
Press Metal Aluminium Holdings Bhd (PMETAL) +1.48%
YTL Corp Bhd (YTL) +1.03%
FBM 70 Movers
Top Gainer
Scientex Bhd (SCIENTX)
RM3.87
+3.48%
Top Loser
Astro Malaysia Holdings Bhd (ASTRO)
RM0.075
-16.67%
Mid-cap volatility stood out, particularly with ASTRO’s sharp sell-off.
Malaysia REIT Movers
Top Gainer
AmFirst Real Estate Investment Trust (AMFIRST)
RM0.34
+3.03%
Top Loser
AME Real Estate Investment Trust (AMEREIT)
RM1.73
-1.14%
REITs were relatively stable compared to broader equity swings.
Top-Traded Stocks
Telekom Malaysia Bhd (TM)
Turnover: RM179.35 million
-4.79%
Other heavily traded counters:
Public Bank Bhd (PBBANK) – RM172.32m
Malayan Banking Bhd (MAYBANK) – RM157.61m
CIMB Group Holdings Bhd (CIMB) – RM136.61m
Market Takeaway
Energy and petrochemical stocks supported the index
Telecom weakness weighed on blue chips
Mid-cap segment showed mixed but resilient performance
Trading interest concentrated in banks and TM
Key Highlight
PETDAG was the standout performer on the KLCI, while TM dominated trading activity despite leading losses.
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