Impact Analysis: Nvidia, Salesforce, Warner Bros. Discovery & Nutanix/AMD
Date: February 26, 2026 | Prepared for: Institutional & Retail Investors
Executive Summary
On February 25–26, 2026, a cluster of high-profile U.S. technology earnings catalysts reshaped near-term sentiment across global equity markets. Nvidia delivered a landmark beat on both earnings and revenue, reaffirming the structural durability of AI-driven infrastructure demand. Salesforce offered a cautionary counterpoint, beating on current-period results while guiding below consensus — a pattern that has become emblematic of software sector uncertainty in the AI transition era. Meanwhile, the Nutanix–AMD partnership signalled a new phase of AI infrastructure stack consolidation, and the bidding war for Warner Bros. Discovery continued to attract capital flows into media and streaming. This case study examines the macro backdrop, the specific earnings dynamics of each company, and their cascading implications for Singapore Exchange (SGX)-listed equities across data centre REITs, semiconductor enablers, telecoms, banks, and regional technology platforms.
- Macro Backdrop: Markets on February 26, 2026
The session opened against a backdrop of two consecutive days of sharp gains for major U.S. indices, led by the technology sector. The broader context included persistent uncertainty around tariff policy, which had driven a sharp sell-off earlier in the week, subsequently reversed as earnings surprises overshadowed trade concerns. Key macro indicators as of market open on February 26, 2026 are summarised below.
Indicator Level / Value Change Implication for SGX
10-Year U.S. Treasury Yield 4.05% Unchanged Stable borrowing cost environment; neutral for S-REITs
WTI Crude Oil USD 64.10/bbl -2.0% Positive for Singapore Airlines, shipping; lowers logistics costs
Gold Futures USD 5,200/oz -0.7% Slight risk-on rotation; may suppress gold-linked counters
Bitcoin ~USD 68,000 Retreating from ~USD 70,000 Modest sentiment indicator; minimal direct SGX exposure
Dow Jones Futures +0.2% Flat/steady Constructive open expected; positive for risk assets broadly
S&P 500 / Nasdaq Futures Near unchanged Post-rally consolidation Profit-taking normalisation after two strong sessions
The stable Treasury yield is particularly significant for Singapore. S-REITs, which remain sensitive to interest rate differentials, are relieved by the absence of a fresh upward rate shock. The decline in crude oil, meanwhile, benefits Singapore’s aviation and logistics infrastructure, including Singapore Airlines (C6L) and SATS (S58).
- Company-Level Analysis
2.1 Nvidia (NVDA) — Structural AI Demand Confirmed
Nvidia reported fiscal Q4 FY2026 results that substantially exceeded analyst expectations across all key metrics. Revenue of USD 68.13 billion grew 73% year-over-year and surpassed consensus estimates of USD 66.2 billion. Adjusted EPS of USD 1.62 beat the USD 1.53 consensus. Crucially, forward guidance for Q1 FY2027 of approximately USD 78 billion — above the USD 75 billion analyst expectation — reinforced the narrative that AI infrastructure capex remains in an expansionary phase. CEO Jensen Huang characterised demand for compute as “growing exponentially,” with hyperscale customers continuing to accelerate data centre investment. Nvidia’s market capitalisation stood at approximately USD 4.8 trillion at the time of reporting, cementing its position as the world’s most valuable public company. Shares rose approximately 1% in premarket trading.
Key Takeaway
Nvidia’s results validate the capex commitments made by hyperscalers (Microsoft, Meta, Google, Amazon) and, by extension, sustain demand for the infrastructure that underpins them — including the data centres, semiconductor tools, and power systems concentrated in or supplied from Singapore.
2.2 Salesforce (CRM) — The Software Transition Risk
Salesforce’s Q4 FY2026 results presented a split verdict. Current-period performance was solid: revenue of USD 11.2 billion (up 12% year-over-year, modestly above estimates) and adjusted EPS of USD 3.81 significantly exceeded the USD 3.05 consensus. However, the company’s FY2027 revenue guidance midpoint of approximately USD 46.0 billion fell marginally below the USD 46.04 billion analyst consensus — a small but symbolically significant miss. Salesforce shares have declined more than 25% year-to-date in 2026, reflecting broader investor anxiety that AI-native tools (including Anthropic, OpenAI, and Microsoft Copilot integrations) may erode the enterprise software incumbents’ pricing power and renewal rates. Shares fell approximately 2.5% in premarket trading.
Key Takeaway
Salesforce illustrates the bifurcation within the technology sector: AI infrastructure enablers (Nvidia, AMD, data centre REITs) are benefiting directly from the AI build-out, while software incumbents face a more ambiguous demand picture as AI-native substitutes proliferate. This distinction is critical for Singapore investors assessing indirect exposure through Sea Limited, Grab Holdings, and regional SaaS-adjacent companies.
2.3 Warner Bros. Discovery (WBD) — Media Disruption and M&A Premium
Warner Bros. Discovery reported a 6% year-over-year revenue decline and a quarterly net loss of USD 252 million, reflecting structural headwinds across linear television and traditional studio economics. The earnings disappointment was partially overshadowed by the ongoing bidding war between Paramount Skydance and Netflix for control of the company. Netflix shares rose approximately 6% in the prior session following a report that CEO Ted Sarandos was scheduled to visit the White House to discuss the acquisition. Paramount Skydance itself posted a surprise quarterly loss, even as its Paramount+ streaming subscriber figures exceeded expectations.
Key Takeaway
The M&A dynamic in streaming consolidation is a modest but relevant signal for Singapore. Netflix’s aggressive expansion — backed by USD 18 billion in annual content spend — is a factor in regional content spending across Southeast Asia. Singapore-based content production infrastructure and the region’s streaming penetration trends are indirectly influenced by the strategic direction of global streamers.
2.4 Nutanix (NTNX) & AMD — Agentic AI Infrastructure Signals
Nutanix announced a multiyear strategic partnership with AMD to develop an AI infrastructure platform targeting agentic AI applications — autonomous AI systems that can plan and execute multi-step tasks. AMD committed a USD 150 million strategic equity investment in Nutanix common stock and pledged up to USD 100 million in co-engineering funding. Nutanix’s Q2 FY2026 earnings of USD 0.54 per share on revenue of USD 722.8 million both beat analyst estimates. Shares surged approximately 15% in premarket trading. AMD shares retreated approximately 1%, consistent with a pattern where strategic investments temporarily dilute near-term investor sentiment toward the investing party.
Key Takeaway
The Nutanix–AMD deal signals a new phase of AI infrastructure competition: the “agentic AI” layer above pure GPU compute. This is relevant to Singapore’s data centre ecosystem and to companies like Singtel (Z74) and ST Engineering (S63) that are investing in enterprise AI platforms. Broader AMD momentum also supports the semiconductor supply chain, of which Singapore is a critical node.
- Impact on Singapore Stocks
Singapore’s equity market does not contain pure-play equivalents to Nvidia, Salesforce, or Netflix. However, the SGX hosts a rich ecosystem of AI infrastructure enablers, semiconductor supply chain companies, data centre REITs, banks with technology-sector exposure, and regional digital platforms. The impacts of February 26’s earnings catalysts are therefore transmitted through indirect but structurally significant channels.
3.1 Data Centre REITs — Direct Beneficiaries of AI Infrastructure Spend
Singapore is one of Asia’s preeminent data centre hubs, hosting major facilities operated by Equinix, Digital Realty, and hyperscaler captive data centres. SGX-listed REITs with data centre exposure include Keppel DC REIT (AJBU) and Mapletree Industrial Trust (ME8U). Nvidia’s continued revenue acceleration, combined with hyperscaler commitments to multi-billion-dollar AI infrastructure programmes (Meta’s USD 135 billion AI capex for 2026 was announced in a prior week), directly supports demand for co-location and wholesale data centre space. Lease durations of five to fifteen years provide revenue visibility, and Singapore’s political stability and low latency positioning relative to Southeast Asian markets sustain occupancy premiums. The stable 10-year Treasury yield at 4.05% removes a key headwind for REIT valuations. Near-term sentiment for Keppel DC REIT and Mapletree Industrial Trust should be constructive following Nvidia’s results.
SGX Counter Ticker AI Exposure Channel Expected Directional Impact
Keppel DC REIT AJBU Data centre co-location; hyperscaler tenants Positive — demand validation
Mapletree Industrial Trust ME8U Data centre component of industrial portfolio Moderately positive
3.2 Semiconductor & Precision Engineering — Supply Chain Leverage
Singapore’s semiconductor ecosystem sits upstream of Nvidia’s GPU supply chain. Several SGX-listed companies derive revenue from semiconductor equipment manufacturing, chip testing, and precision tool supply — all of which benefit when GPU production volumes rise.
AEM Holdings (AWX): AEM Holdings (AWX): Provides advanced chip testing solutions. AEM’s revenue is correlated with throughput at semiconductor fabrication and assembly facilities. Nvidia’s sustained order book (Huang indicated roughly USD 500 billion in combined 2025–2026 orders at a prior earnings call) implies elevated testing volumes.
UMS Integration (558): UMS Integration (558): Supplies precision-engineered components to semiconductor original equipment manufacturers. Its Penang facility expansion in 2025 was specifically positioned to capture AI-driven semiconductor equipment demand.
Micro-Mechanics (5DD): Micro-Mechanics (5DD): Manufactures consumable precision tools for chip production. Its consumables segment hit a 13-quarter revenue high in Q1 FY2026, with World Semiconductor Trade Statistics projecting 9.9% industry growth in 2026 to USD 800 billion — a figure that would be sustained or exceeded if Nvidia’s guidance holds.
Venture Corporation (V03): Venture Corporation (V03): A diversified electronics manufacturing services provider with exposure to technology hardware; benefits from sustained capex in tech infrastructure.
3.3 Telecommunications & Digital Infrastructure — The Enabling Layer
Singtel (Z74) and StarHub (CC3) are positioned as indirect AI infrastructure plays through their cloud, managed services, and data centre businesses. Singtel’s NXT platform and its partnerships with hyperscalers position it as a regional managed cloud provider. The agentic AI partnership between Nutanix and AMD — which targets enterprise AI deployment — is directly relevant to Singtel’s enterprise technology segment, which provides cloud and AI-managed services to regional corporations. JPMorgan named Singtel among its top seven Singapore equity picks heading into 2026, citing its inflection point potential in the AI infrastructure services market.
3.4 Banking Sector — Indirect Exposure via Technology Lending and Wealth Management
DBS (D05), OCBC (O39), and UOB (U11) reported Q4 2025 results in the same week, with the market asking whether banking stocks had peaked after a multi-year run. The February 26 earnings landscape is constructive for the banks in several respects: the stable Treasury yield environment limits net interest margin compression risk; sustained AI investment by large corporates supports corporate lending books; and wealth management inflows tied to technology sector equity gains benefit private banking assets under management. Salesforce’s soft guidance introduces modest caution — enterprise software clients are significant bank customers, and revenue uncertainty at the application layer could constrain enterprise IT capex reallocation. On balance, the net impact is modestly positive for Singapore banks.
3.5 Regional Digital Platforms — Sea Limited and Grab
Sea Limited (SE, dual-listed) and Grab Holdings (GRAB) are the two most prominent Southeast Asian digital platform companies with Singapore heritage. Neither derives direct revenue from AI infrastructure. However, both are increasingly investing in AI for e-commerce personalisation (Shopee), fraud detection (SeaMoney), and demand forecasting (GrabFood, GrabMart). The Salesforce earnings episode is instructive: platform companies that are heavy users of CRM and SaaS tools face a period of vendor uncertainty, potentially triggering contract renegotiations or accelerated migration to AI-native alternatives. More constructively, sustained AI infrastructure spending by hyperscalers reduces the marginal cost of cloud compute — the primary cost input for Sea and Grab’s technology stacks — which is modestly positive for long-run unit economics.
Company Ticker AI Link Net Impact Assessment
Sea Limited SGX/NYSE: SE Cloud cost beneficiary; AI-native features Moderately positive
Grab Holdings NASDAQ: GRAB Cloud cost beneficiary; logistics AI Moderately positive
CSE Global SGX: 544 Data centre electrification (Amazon partnership) Positive
ST Engineering SGX: S63 Defence AI, smart city systems Neutral to positive
- Outlook
4.1 Near-Term (1–4 Weeks)
The immediate trading environment for SGX is constructive but differentiated. Nvidia’s results remove near-term tail risk around a collapse in AI infrastructure spending — the primary bear case for data centre REITs and semiconductor enablers. Keppel DC REIT and AEM Holdings are most directly positively exposed in the near term. Salesforce’s guidance miss may prompt sector rotation out of software-adjacent names and into infrastructure plays, which is on balance positive for the SGX composition. The Warner Bros. Discovery–Netflix bidding war is unlikely to generate direct SGX volatility in the near term but bears monitoring for regional content investment implications.
4.2 Medium-Term (1–6 Months)
The medium-term outlook for SGX AI-linked counters is shaped by three variables: (1) whether hyperscaler capex guidance for the remainder of 2026 holds — Nvidia’s Q1 FY2027 guidance of USD 78 billion (+/-2%) is the key leading indicator; (2) the trajectory of U.S. tariff policy, which drove early-week volatility and remains a structural risk for Singapore’s open, trade-dependent economy; and (3) the SGX–Nasdaq dual-listing bridge, expected to launch by mid-2026, which could attract new capital flows into SGX-listed technology and infrastructure companies. The SGX–Nasdaq initiative is potentially catalytic: it creates a direct capital markets linkage between the world’s largest technology exchange and Singapore’s financial hub, at a moment when Asian AI infrastructure is receiving unprecedented institutional attention.
4.3 Long-Term (6–24 Months)
Singapore’s structural positioning in the global AI economy is favourable. The government has committed over SGD 500 million to AI research and infrastructure under its National AI Strategy. Singapore ranks among the world’s top five most advanced AI ecosystems by readiness indices. The data centre sector is expanding, semiconductor supply chain investment is deepening, and the financial sector is accelerating AI adoption. The transition from AI model training (which drove the first phase of Nvidia’s growth) to AI inference and agentic AI deployment — the theme of the Nutanix–AMD partnership — is potentially a multi-year tailwind for Singapore-based enterprise technology infrastructure. The risk factors include geopolitical escalation involving China (which affects semiconductor export controls and supply chain routing through Singapore), interest rate volatility that could reprice REIT valuations, and the possibility that enterprise AI adoption lags the infrastructure build-out, creating an overhang similar to the telecom fibre buildout of the early 2000s.
- Risk Matrix for SGX Investors
Risk Factor Probability SGX Impact Most Affected Counters
AI capex slowdown (hyperscaler pullback) Low — near term High negative AJBU, AWX, 558, V03
U.S. tariff escalation Medium Moderate negative (trade disruption) Broad market; shipping, logistics
Interest rate spike (Fed hawkish pivot) Low–Medium Negative for S-REITs AJBU, ME8U
Semiconductor export control tightening Medium Mixed (rerouting opportunities) AWX, 558, 5DD
AI inference demand acceleration (upside) High Strongly positive AJBU, Z74, S63, SE
SGX–Nasdaq bridge launch success Medium–High Positive (capital inflows) Broad SGX tech exposure
Salesforce-style guidance misses at SaaS peers Medium Neutral–negative for SE, GRAB SE, GRAB
- Conclusions
The February 26, 2026 earnings cycle reinforces a structural thesis that is directly relevant to Singapore equity investors: AI infrastructure spending is durable, differentiated, and increasingly concentrated in the physical and semiconductor layers that Singapore uniquely straddles. Nvidia’s blowout results are not merely a U.S. technology story — they are a validation of the capex programmes that fill Singapore’s data centres, employ Singapore’s precision engineers, and generate the corporate banking activity that sustains DBS, OCBC, and UOB. The Salesforce episode, meanwhile, serves as a reminder that the application layer of the AI stack remains contested and uncertain, which counsels selectivity over blanket technology sector allocation.
For SGX investors, the actionable implication is to maintain or increase exposure to infrastructure-layer AI plays — data centre REITs, semiconductor enablers, and digital infrastructure operators — while approaching enterprise software adjacencies with greater caution. The medium-term catalyst to watch is the SGX–Nasdaq dual-listing bridge: if it launches on schedule in mid-2026, it could serve as a structural re-rating event for Singapore’s technology and infrastructure market segment at a moment of heightened global AI investment appetite.
Disclaimer: This case study is prepared for informational and educational purposes only. It does not constitute investment advice, a solicitation, or an offer to buy or sell any security. Past performance is not indicative of future results. Investors should conduct their own due diligence and consult a licensed financial adviser before making any investment decisions.