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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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Sunway Construction Hits Fresh Record High After 20% Earnings Beat

Quick Summary

  • Sunway Construction’s FY2025 net profit beat consensus by over 20%

  • Shares climbed to a new all-time high of RM6.57

  • Strong data centre pipeline driving upside momentum

  • 12 out of 15 analysts maintain a ‘Buy’ recommendation

Stock Surges on Strong Earnings

Shares of Sunway Construction Group Bhd jumped to a record high on Tuesday after delivering FY2025 earnings more than 20% above market expectations.

  • Intraday high: RM6.57 (+4%)

  • Market cap: RM8.6 billion

  • YTD gain (2026): +14%

Analysts swiftly raised earnings forecasts and target prices following the results.

Data Centres: The Main Growth Engine

The builder continues to benefit from Malaysia’s booming data centre construction wave, driven by demand for:

  • Advanced computing

  • Artificial intelligence infrastructure

According to Hong Leong Investment Bank:

  • SunCon targets RM6 billion in new job wins this year

  • Ongoing tenders could provide further upside, especially from existing data centre clients

Kenanga Investment Bank highlighted “exceptional margin strength” from data centre projects, with momentum expected to persist into early 2026.

Strong Order Book Pipeline

SunCon is currently bidding for:

  • RM17.5 billion worth of contracts

  • Including eight data centre projects exceeding 700MW

  • Plus infrastructure jobs like the Penang Light Rail Transit (Package 2)

Key point: Robust pipeline visibility supports earnings sustainability.

Analyst Sentiment

  • 12 ‘Buy’ calls

  • 3 ‘Hold’ calls

  • Average target price: RM6.95

The consensus outlook remains overwhelmingly positive, reflecting confidence in:

  • Margin resilience

  • AI-driven data centre demand

  • Execution track record

Bottom Line

Sunway Construction’s rally is backed by fundamentals, not just momentum.
A strong earnings beat, expanding data centre exposure, and a sizable tender pipeline position the company well for sustained growth — especially as AI infrastructure spending accelerates.

Key Takeaways

  • 20% earnings beat lifts stock to record high

  • Data centre projects driving margin expansion

  • RM17.5 billion bidding pipeline provides visibility

  • Analysts remain broadly bullish

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