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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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Malaysia Morning Wrap: Sunway Profit Jumps 50% as Tech Rebound Lifts Global Mood

Quick Summary

  • Wall Street tech stocks rebounded, led by Nvidia optimism

  • Bursa Malaysia slipped for a second day, lagging regional peers

  • Sunway’s Q4 net profit surged 50% despite revenue decline

  • Ringgit strength seen as manageable for export competitiveness

Wall Street Recap: Tech Leads the Comeback

US markets extended gains as tech stocks recovered from earlier AI-driven fears.

  • Nasdaq: +1.26%

  • S&P 500: +0.81%

  • Dow Jones: +0.63%

The rally was driven by:

  • Strength in enterprise software names like Salesforce, IBM and Oracle

  • Strong after-hours reaction to results from NVIDIA

 Investors are treating Nvidia’s demand guidance as the key signal for 2026 market direction.

Bursa Malaysia: Still on the Back Foot

  • FBM KLCI: 1,747.81 (-0.35%)

  • Top Gainer: PETDAG (+2.62%)

  • Top Loser: TM (-4.79%)

  • USD/MYR: 3.891

Bursa ended lower for a second straight session as:

  • US tariff uncertainties weighed on sentiment

  • Regional markets outperformed Malaysia

Finance Minister II Datuk Seri Amir Hamzah Azizan said ringgit fluctuations remain manageable, noting:

  • Ringgit gained 10.1% vs USD in 2025

  • Exports grew 6.5% in 2025

Stronger currency has not derailed trade growth.

Stocks to Watch

Sunway Bhd

  • Q4 net profit +50% to RM502m

  • Revenue down 18.8% to RM2.32b

  • FY2025 net profit: RM1.3b (+13%)

  • Declared 2 sen dividend

Key point: Profit expansion driven by stronger margins despite lower topline.

Sunway Construction Group Bhd

  • Secured RM1.15b new data centre-related projects

Telekom Malaysia Bhd

  • Q4 net profit plunged to RM222m (vs RM731m last year)

  • Hit by absence of tax credit and higher costs

Banking Sector Resilient

  • Public Bank Bhd Q4 profit +4%, record FY profit

  • AmBank Group 3Q profit +8.9%

  • Alliance Bank Malaysia Bhd 3Q profit +15% (record)

Capital A Bhd

  • Q4 net profit RM10.2b (vs loss last year)

  • Seeks to exit PN17 after aviation disposal gain

Plantation & Consumer

  • Sime Darby Plantation Bhd profit -35%

  • Nestle (Malaysia) Bhd profit surged on stronger sales

  • NationGate Holdings Bhd profit -90% on data segment slump

Market Takeaway

  • Global tech rebound contrasts with local caution

  • Malaysia banks and construction names remain relatively stable

  • Tariff headlines continue to shape short-term sentiment

Bottom Line

Sunway’s strong profit growth stands out in a cautious local market.
While Wall Street regains AI momentum, Bursa Malaysia remains weighed down by trade uncertainty — leaving investors selective rather than broadly risk-on.

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