Over the 12 months from March 2025 to March 2026, NVIDIA (NVDA) saw its stock surge 61%, fueled by a soaring 65% revenue jump that underscored its grip on booming AI infrastructure and networking markets. Yet, a recent pullback reflects emerging regulatory headwinds and cautious investor sentiment. Below is an analytical breakdown of stock movement into key contributing metrics. 3062025 3062026 Ch...
Over the 12 months from March 2025 to March 2026, NVIDIA (NVDA) saw its stock surge 61%, fueled by a soaring 65% revenue jump that underscored its grip on booming AI infrastructure and networking markets. Yet, a recent pullback reflects emerging regulatory headwinds and cautious investor sentiment. Below is an analytical breakdown of stock movement into key contributing metrics. 3062025 3062026 Change Stock Price ($) 110.5 177.8 60.9% Total Revenues ($ Mil) 130,497.0 215,938.0 65.5% Net Income Margin (%) 55.8% 55.6% -0.4% P/E Multiple 37.1 36.0 -3.1% Shares Outstanding (Mil) 24,489.0 24,302.0 0.8% Cumulative Contribution 60.9% So what is happening here? The stock surged 61%, driven by a 65% revenue jump, despite a slight dip in net margin and a modest drop in P/E ratio, reflecting solid growth ahead of key business updates. Trefis: NVDA Stock Insights Here Is Why NVIDIA Stock Moved Data Center Dominance : Fiscal Q4 2026 Data Center revenue of $68.13 billion, up 73.2% YoY, shows accelerating compute demand, solidifying NVIDIA’s role as a primary beneficiary of AI infrastructure build-out. : Fiscal Q4 2026 Data Center revenue of $68.13 billion, up 73.2% YoY, shows accelerating compute demand, solidifying NVIDIA’s role as a primary beneficiary of AI infrastructure build-out. Networking Segment Growth : Networking revenue reached $11B in Q4, growing over 3.5x year-over-year, indicating successful integration of Mellanox and a growing ecosystem lock-in. : Networking revenue reached $11B in Q4, growing over 3.5x year-over-year, indicating successful integration of Mellanox and a growing ecosystem lock-in. Strong Profitability : Record GAAP gross margin of 75.0% in Q4 FY2026 demonstrates significant pricing power and a favorable product mix, directly contributing to high free cash flow generation. : Record GAAP gross margin of 75.0% in Q4 FY2026 demonstrates significant pricing power and a favorable product mix, directly contributing to high free cash flow generation. Shar...
LIV Golf香港站第三回合 拉姆、華拿三世、迪查並列榜首 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】LIV Golf香港站第三回合，3名球手並列榜首。 兩項大滿貫得主西班牙的拉姆，兩個洞超標下捉到7隻低一...
LIV Golf香港站第三回合 拉姆、華拿三世、迪查並列榜首 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】LIV Golf香港站第三回合，3名球手並列榜首。 兩項大滿貫得主西班牙的拉姆，兩個洞超標下捉到7隻低一桿的「小鳥」，做出低5桿的65。美國的華拿三世一桿就打到洞邊，包括這個第5號洞在內，捉到7隻「小鳥」，加上全日沒有超標，以低7桿的63完成。比利時的迪查這個回合就打出低4桿的66，三人總成績以低17桿的193並列榜首，有兩桿優勢。
President Donald Trump has plunged the United States into its most significant conflict in decades over a “feeling”. It is not his political opponents saying this, but the White House itself. Throughout the first week of the war with Iran, the US president has prioritised impulse and emotion over explanations and reasoning. “I hope you’re impressed,” Trump, a former reality TV host, told an ABC Ne...
President Donald Trump has plunged the United States into its most significant conflict in decades over a “feeling”. It is not his political opponents saying this, but the White House itself. Throughout the first week of the war with Iran, the US president has prioritised impulse and emotion over explanations and reasoning. “I hope you’re impressed,” Trump, a former reality TV host, told an ABC News reporter on Thursday. “How do you like the performance?” Advertisement Official government accounts are posting clips on social media that present the military operation like a video game, often with sharp captions that would suit a blockbuster war film. A 42-second video posted on social media with the caption “Justice the American way” opens with a scene from Iron Man and the line “Wake up, daddy’s home” – perhaps a reference to an expression used by Nato chief Mark Rutte, who once referred to Trump as “daddy”. Advertisement What follows, in rapid fire, are clips from male actors cast as heroes, including Tom Cruise in Top Gun: Maverick, Mel Gibson in Braveheart, Russell Crowe in Gladiator, Bryan Cranston in Breaking Bad and Keanu Reeves in John Wick.
China’s telecom and computing equipment maker ZTE on Friday reported revenue of 134 billion yuan (US$19 billion) in 2025, up 10.4 per cent, with its computing business surging 150 per cent year on year to account for 24.6 per cent of total sales amid the computing boom. However, net profit attributable to shareholders fell 33.3 per cent to 5.62 billion yuan, while net profit excluding non-recurrin...
China’s telecom and computing equipment maker ZTE on Friday reported revenue of 134 billion yuan (US$19 billion) in 2025, up 10.4 per cent, with its computing business surging 150 per cent year on year to account for 24.6 per cent of total sales amid the computing boom. However, net profit attributable to shareholders fell 33.3 per cent to 5.62 billion yuan, while net profit excluding non-recurring items dropped 45.5 per cent to 3.37 billion yuan, according to a post-trading earnings filing. Gross margin for the year fell 7.66 percentage points to 30.25 per cent. Chairman Fang Rong attributed the decline to “a shift in the industry cycle combined with adjustments to the company’s business structure”, as spending on traditional telecoms network equipment by operators slowed. Advertisement Shares in Shenzhen-listed ZTE closed down 1.27 per cent at 37.4 yuan on Friday, giving the company a market value of 178.9 billion yuan, while its Hong Kong-listed shares fell about 2 per cent to HK$25.4. The company has been pushing its computing infrastructure buildout, including its servers and storage segments as well as data-centre solutions, whose revenue jumped 200 per cent and 50 per cent, respectively. Advertisement The Shenzhen-headquartered company touts what it describes as full-stack AI capabilities, drawing on its long-standing expertise in information and communications technology alongside chip design, algorithms and system integration.
JHVEPhoto/iStock Editorial via Getty Images Introduction The last time I covered The Gap ( GAP ), I highlighted their strong financials, attractive valuation, and resilient cash flow despite the ongoing macro headwinds, rating them a Buy. With the stock falling following their plan for a significant jump in CAPEX this year and more macro pressure despite tariff improvements, the company’s long-ter...
JHVEPhoto/iStock Editorial via Getty Images Introduction The last time I covered The Gap ( GAP ), I highlighted their strong financials, attractive valuation, and resilient cash flow despite the ongoing macro headwinds, rating them a Buy. With the stock falling following their plan for a significant jump in CAPEX this year and more macro pressure despite tariff improvements, the company’s long-term turnaround potential is even more impressive, backed by their strong cash flow and solid financial position that can support their improved shareholder returns alongside these investments. Internal Developments The Gap IR GAP reported an overall acceptable Q4 and 2025, with both the top- and bottom-line in the fourth quarter being in line with the market estimates, with a modest ~2% increase in net sales and a ~3.2% drop in EPS during the year, which is not terrible given the environment we’re talking about, as I’ll mention below. Still, despite this ongoing macro weakness, we can continue to see a solid FCF, reaching $823 million in 2025 compared to $1.04 billion in 2024, although the hit came as a result of working capital impacts and a ~$23 million increase in CAPEX, and adjusting it for working capital changes gets us to about $985 million in 2025 and $1.015 billion in 2024, underlining an overall solid business even during the tariff/consumer pressure and winter storm effects. The Gap IR As for 2026, GAP expects their net sales growth to continue in the 2% to 3% range, with most numbers remaining relatively flat or delivering slight growth, expecting their 2026 CAPEX to reach ~$650 million, a massive increase compared to the $470 million seen in 2025 and $447 million from 2024. Note that this guidance assumes tariff levels before the Supreme Court’s decision and the subsequent increase (about 200 bps on the gross margin in Q1). This massive jump comes from their “fix the fundamentals” phase, aiming at developing new store formats and remodeling now that they're done ...
Tom Werner/DigitalVision via Getty Images I've never found myself in a more complicated love-hate relationship than owning shares of Joint Stock Company Kaspi.kz ( KSPI ). When I last wrote this about Kaspi, the company was at $107 a share, I described Hepsiburada as a potentially transformative acquisition for the regional juggernaut of the steppes. The statement still rings true, and I have been...
Tom Werner/DigitalVision via Getty Images I've never found myself in a more complicated love-hate relationship than owning shares of Joint Stock Company Kaspi.kz ( KSPI ). When I last wrote this about Kaspi, the company was at $107 a share, I described Hepsiburada as a potentially transformative acquisition for the regional juggernaut of the steppes. The statement still rings true, and I have been on the hate side of the equation. The stock is now trading around $73. That is a painful 32% decline, and I owe readers a candid accounting of what has happened, what I think it means, and whether I would add at these prices. The short answer is yes. Let me explain why. What Has Actually Changed Since $107 The most important distinction to make upfront: the business has not fallen 32%. The stock has. Kaspi's revenue compounded from 889 billion tenge in 2021 to 4,046 trillion tenge in 2024, representing a four-year run of consistent 30%+ growth. I realize that the recent growth has come more from Hepsiburada and has yet to fall to the bottom line. Kaspi Revenue by Year (Author's Representation) That is not a business in distress. The gross margin has held above 70% throughout, which reflects the fundamental economics of Kaspi's platform: once you have built the super-app ecosystem, the marginal cost of adding a payment, a loan, or a marketplace transaction is trivially small. Kaspi is still the best super app business in the world, in my opinion, and that business has only gotten better. Kaspi Net Income Margin % By Year (Author's Representation) What has changed is the complexity of the narrative. The Hepsiburada acquisition brought Kaspi into Turkey, a market with a population ten times Kazakhstan's but also with 60%+ inflation not too long ago , currency volatility that would test any CFO's nerves, and geopolitical proximity to conflicts that make Western institutional investors nervous. The market has applied a discount, and that discount now looks excessive. The Divide...
Galdric/iStock via Getty Images Foreword Dan Burrows says in Kiplinger Investing: "The Berkshire Hathaway portfolio is a diverse set of blue chips and, increasingly, lesser-known growth bets. Here's a look at every stock picked by Warren Buffett and his lieutenants. Warren Buffett stepped down as CEO of Berkshire Hathaway ( BRK.A ) ( BRK.B ) at the end of 2025, and although he remains chairman, th...
Galdric/iStock via Getty Images Foreword Dan Burrows says in Kiplinger Investing: "The Berkshire Hathaway portfolio is a diverse set of blue chips and, increasingly, lesser-known growth bets. Here's a look at every stock picked by Warren Buffett and his lieutenants. Warren Buffett stepped down as CEO of Berkshire Hathaway ( BRK.A ) ( BRK.B ) at the end of 2025, and although he remains chairman, the holding company's stock portfolio is under new management. Buffett always handled the largest positions in the Berkshire Hathaway portfolio, but those days are no more. The greatest long-term investor of all time has confirmed that CEO Greg Abel will oversee the entire portfolio, supported by investment manager Ted Weschler. Notably, Todd Combs - who previously managed a portion of the portfolio alongside Weschler - departed in late 2025 to take a role at JPMorgan Chase ( JPM ). Weschler and Combs were thought to oversee perhaps 10% of Berkshire's $274.2 billion worth of U.S. equity holdings. Berkshire Q4 Buys: Berkshire upped its biggest bet in the energy sector, increasing its stake in Chevron ( CVX ), with the Buy-rated Dow Jones stock now Berkshire's 5th-largest holding. Berkshire continued to add to its stake in Chubb ( CB ). The insurer is the holding company's 8th-largest position. Berkshire also added to holdings in Domino's Pizza ( DPZ ) and Lamar Advertising ( LAMR ) in Q4. Berkshire Q4 Sales: Berkshire continued to pare back exposure to Apple ( AAPL ) in the Berkshire portfolio in Q4. Despite selling more than 10 million shares, Apple remains the top holding in the Berkshire Hathaway equity portfolio. Berkshire also sold shares in Bank of America ( BAC ), DaVita ( DVA ) and Constellation Brands ( STZ ), among other smaller interests. Interestingly, Berkshire's most significant reduction in percentage terms was its stake in Amazon ( AMZN ). The conglomerate cut its position by 77%, offloading nearly 8 million shares of the Magnificent 7 stock. With a market valu...
Daniel Berger extended his lead to five shots at the Arnold Palmer Invitational as Rory McIlroy rallied in the second round. American Berger, 32, followed up his superb opening nine-under-par 63 - one short of the Bay Hill course record - by shooting a 68 on Friday. Compatriot Akshay Bhatia is in second on eight under after carding a 66, the lowest round of the day in Orlando. Northern Irishman Mc...
Daniel Berger extended his lead to five shots at the Arnold Palmer Invitational as Rory McIlroy rallied in the second round. American Berger, 32, followed up his superb opening nine-under-par 63 - one short of the Bay Hill course record - by shooting a 68 on Friday. Compatriot Akshay Bhatia is in second on eight under after carding a 66, the lowest round of the day in Orlando. Northern Irishman McIlroy went round in 68 to move to four under and a share of ninth place.