--- title: "YTL Power loses RM3 billion in a day as Nvidia ousts Jensen Huang" description: "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." publisher: "The Inference" section: "Data Center" published: 2026-11-12T16:35:28.577Z modified: 2026-11-12T16:35:28.577Z canonical: https://theinference.org/article/ytl-power-loses-rm3-billion-in-a-day-as-nvidia-ousts-jensen-huang language: en keywords: "Data Centers, Nvidia, Malaysia, Chip Export Controls, Utilities" --- # 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. [YTL Power International](https://theinference.org/markets/companies/ytl-power-international) 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](https://theinference.org/markets/companies/nvidia) 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](https://theinference.org/markets/people/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](https://theinference.org/markets/people/colette-kress) interim chief executive, Nvidia down about 10% in premarket trading [2][8]. 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](https://www.minichart.com.sg/2026/10/30/ytl-power-fy2026-profit-drops-33-5-to-rm1-78-bil-data-center-revenue-jumps-to-rm867-mil/), 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]. *Chart: **YTL Power's data center revenue rose sevenfold to RM867 million in FY2026** Column chart of YTL Power's data center segment revenue and pretax profit for FY2025 and FY2026* *Standalone data center segment, financial years ended June 30; RM million. Source: FY2026 annual report as compiled by Minichart, October 30, 2026. [3]* ## 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. *Chart: **Kuala Lumpur has repriced YTL Power nearer the neoclouds than its landlord peers** Bar chart of declines since end-September 2026: neocloud and hybrid operator multiples down 37%, YTL Power shares down 21%, listed colocation peers down 5%* *Change since September 30, 2026, in percent: share price for YTL Power, EV/EBITDA multiples for neocloud and hybrid operators and for listed colocation peers. Source: CGS International note via The Edge Malaysia, November 11, 2026. [4]* ## 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](https://theinference.org/markets/companies/alibaba)", 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](https://www.msn.com/en-sg/news/other/alibaba-megaspeed-financing-link-traced-via-s-pore-malaysia-units-allegedly-to-buy-nvidia-servers/ar-AA2hiAPa) to a Singapore company ultimately held by [Alibaba](https://theinference.org/article/alibaba-reports-november-19-cloud-revenue-has-to-catch-a-53-billion-ai-spending-pledge), 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](https://www.theguardian.com/technology/live/2026/nov/12/nvidia-ceo-jensen-huang-affairs-share-price-plunges-live-latest), 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 [3][4]. 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]. ## Takeaway YTL Power's data center segment earns RM867 million of revenue and nothing at all in CGS's RM6.50 target; the selloff marks down 902MW of unleased Kulai capacity and a chip-route claim nobody has confirmed. ## Sources 1. [The Edge Malaysia, "YTL Power resumes decline amid renewed Nvidia turmoil, data centre pick-and-shovel trade also falls", 12 November 2026](https://theedgemalaysia.com/node/825519) 2. [Bloomberg, "Jensen Huang, Face of the AI Boom, Ousted by Nvidia Board as CEO", 12 November 2026](https://www.bloomberg.com/news/articles/2026-11-12/jensen-huang-face-of-the-ai-boom-ousted-by-nvidia-board-as-ceo) 3. [Minichart, "YTL Power FY2026 Profit Drops 33.5% to RM1.78 Bil, Data Center Revenue Jumps to RM867 Mil", 30 October 2026](https://www.minichart.com.sg/2026/10/30/ytl-power-fy2026-profit-drops-33-5-to-rm1-78-bil-data-center-revenue-jumps-to-rm867-mil/) 4. [KLSE Screener carrying The Edge, "CGS International says YTL Power sell-off overdone, stays upbeat on data centre prospects", 11 November 2026](https://www.klsescreener.com/v2/news/view/1825071) 5. [Economic Times, "'The end customer is Alibaba': Anonymous claim links Malaysia's YTL AI Cloud to Nvidia-Megaspeed scandal - what's actually proven", 10 November 2026](https://economictimes.indiatimes.com/news/international/us/the-end-customer-is-alibaba-anonymous-claim-links-malaysias-ytl-ai-cloud-to-nvidiamegaspeed-scandal-whats-actually-proven/articleshow/135680911.cms) 6. [The Straits Times via MSN, "Alibaba-Megaspeed financing link traced via S'pore, Malaysia units amid Nvidia chip scrutiny", 12 November 2026](https://www.msn.com/en-sg/news/other/alibaba-megaspeed-financing-link-traced-via-s-pore-malaysia-units-allegedly-to-buy-nvidia-servers/ar-AA2hiAPa) 7. [Fortune via MSN, "How Megaspeed built a network in Singapore and Malaysia to move $7.5 billion of Nvidia chips to Chinese companies", 11 November 2026](https://www.msn.com/en-us/technology/tech-companies/how-megaspeed-built-a-network-in-singapore-and-malaysia-to-move-7-5-billion-of-nvidia-chips-to-chinese-companies/ar-AA2hgrfW) 8. [The Guardian, "Nvidia CEO Jensen Huang resigns over scandal and is replaced by CFO Colette Kress on interim basis", live blog, 12 November 2026](https://www.theguardian.com/technology/live/2026/nov/12/nvidia-ceo-jensen-huang-affairs-share-price-plunges-live-latest) --- YTL Power loses RM3 billion in a day as Nvidia ousts Jensen Huang — The Inference. Canonical: https://theinference.org/article/ytl-power-loses-rm3-billion-in-a-day-as-nvidia-ousts-jensen-huang