YTL Power loses RM3 billion in a day as Nvidia ousts Jensen Huang
The selling lands on the Johor AI campus that broker CGS International's RM6.50 target says it does not pay for, and on a US chip-export probe whose central claim about YTL is unproven.
Vincent Jiangthree-minute read
YTL Power International−8.14% — YTL Power International, down 8.14 percent today fell 39 sen, more than 8%, to RM4.40 on November 12, erasing over RM3 billion of market value on nearly 41 million shares and leaving the Malaysian utility worth RM38 billion 1. The utility is a data center partner of Nvidia−5.64% — Nvidia, down 5.64 percent today and runs some of the chipmaker's latest chips at its campus in Johor 1.
The session ran on a Wall Street Journal report that Nvidia's board was preparing to remove co-founder and chief executive Jensen Huang 1. The decision itself landed at 5.50am Pacific, 9.50pm in Kuala Lumpur, after Bursa Malaysia had closed: Huang out with immediate effect, chief financial officer Colette Kress interim chief executive, Nvidia down about 10% in premarket trading 28. Kuala Lumpur has so far priced the ouster only on the report, not on the confirmed decision.
The campus became a profit engine in one year
The FY2026 accounts, filed October 30, break out a data center segment for the first time 3. Revenue rose more than sevenfold to RM867.1 million from RM124.1 million, and pretax profit jumped to RM347.4 million from RM32.1 million, close to a fifth of group profit after tax of RM1.78 billion on 4% of RM22.0 billion of group revenue 3. The bet behind it: RM10.6 billion invested, the Kulai park in Johor now planned at 1,200MW with 298MW contracted, and gearing up to 58% on RM31.24 billion of net debt 3.
YTL Power's data center revenue rose sevenfold to RM867 million in FY2026
First standalone numbers: revenue up sevenfold, pretax profit up almost elevenfold
- Data center revenue
- Pretax profit
Data
| Data center revenue | Pretax profit | |
|---|---|---|
| FY2025 | RM124.1M | RM32.1M |
| FY2026 | RM867.1M | RM347.4M |
The broker's target never paid for the AI ramp
CGS International, a broker, kept its buy rating, an "add", and its RM6.50 target on November 11, and the arithmetic is explicit 4. The target rests on 850MW of assumed colocation capacity, the landlord business of leasing finished data-hall space and power, and "does not attribute any material value" to the AI data center ramp 4.
Since end-September, neoclouds, the AI cloud operators that rent out Nvidia computing, have seen their valuation multiples compress about 37%, while listed colocation peers fell about 5%; YTL Power is down 21% 4. The market is selling the part of the price CGS says it does not pay for.
Kuala Lumpur has repriced YTL Power nearer the neoclouds than its landlord peers
Down 21%, YTL Power trades nearer the neoclouds than the landlords
Data
| Value | |
|---|---|
| Neocloud and hybrid operators (EV/EBITDA) | -37% |
| YTL Power (share price) | -21% |
| Listed colocation peers (EV/EBITDA) | -5% |
The unproven claim behind the selloff is an Alibaba link
The tail being priced is legal. Megaspeed, a Singapore-based cloud operator and one of Nvidia's largest Southeast Asian customers, has been under US investigation for months over whether advanced Nvidia chips reached China 2. Culper Research, a short seller that stood to gain from a fall in Nvidia's shares, quoted an unnamed employee calling Megaspeed a major YTL customer and saying "the end customer is Alibaba−6.76% — Alibaba, down 6.76 percent today", with YTL expected to build its data center; none of that is independently confirmed 5.
A financing chain is not the same as a customer
The filings show real links. Megaspeed's Malaysian unit pledged its business in June 2024 to a Singapore company ultimately held by Alibaba, an arrangement still active on November 11, and a dormant Megaspeed vehicle agreed in August 2025 to pay RM263.2 million for a Johor site for a proposed data center 6. Megaspeed rejects wrongdoing and says inspections by the US, Malaysia and Nvidia found no illicit chip transfers 5; on November 12 it said it had engaged a US law firm to lead a census of its GPUs 6, a count we follow here.
Three dates will settle the repricing
Nvidia reports third-quarter results on November 17, Kress's first as chief executive 8. YTL Power's shareholders meet on December 3 3. The Senate holds the Remote Access Security Act, passed by the House, which would bar Chinese companies from renting restricted AI chips hosted abroad 7. Sellers are repricing a ramp that is not contracted, while a holder at RM4.40 still owns contracted colocation, Singapore power and water utilities in Britain and Malaysia 34. The selloff marked down the 902MW of planned Kulai capacity YTL has not leased, and the accounts still earn on the 298MW that is contracted 3.
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More about NVIDIA
NVDAFiscal Q2 2027Revenue rose 106% to $96.2B, 92.5% of it from Data Center, “driven by the ramp of our Blackwell Ultra infrastructure”. Gains on equity stakes of $7.8B lifted net income to $59.7B.
Show as a table
| Line | Value |
|---|---|
| Revenue | $96.2B |
| Gross margin | 75.0% |
| Operating margin | 66.2% |
| Net income | $59.7B |
| Hyperscale | $48.7B |
| AI clouds & enterprise | $40.3B |
| Data Center | $89.0B |
| Edge Computing | $7.2B |
| Gross profit | $72.1B |
| Cost of revenue | $24.1B |
| Other income | $7.8B |
| Operating income | $63.7B |
| Operating expenses | $8.4B |
| Tax | $11.8B |
| R&D | $7.1B |
| SG&A | $1.4B |
