AI Stock Euphoria Continues with VCI Global (NASDAQ: VCIG)

November 27, 2024 (Investorideas.com Newswire) Investorideas.com, a leader in retail investor trading ideas for AI and tech stocks issues a trading alert for VCI Global (NASDAQ: VCIG), a diversified holding company headquartered in Kuala Lumpur, Malaysia. The Company operates through five core businesses: Capital Market Consultancy, Fintech, Real Estate, AI & Robotics, and Cybersecurity.

The stock makes the NASDAQ top gainers list today on news of an AI deal. VCI Global is currently trading at $4.7700, gaining 2.9500, up 163.8889% on volume of over 236 Million shares as of this report. The stock had a day's high of $7.74.

The retail traders euphoria behind the trading on the stock is on a conditional letter of intent; not a done deal.

Today the company announce that it has received a conditional Letter of Award valued at approximately US$24 million from Hexatoff Group Sdn. Bhd. for its proposed data center project in Enstek City, Malaysia.

Under the agreement, V-Gallant has been selected to supply cutting-edge AI hardware and software solutions, including an AI computing system featuring 640 units of NVIDIA H200 Tensor Core GPUs. This deployment will support the first phase of Hexatoff Group's data center development.

Hexatoff Group, a turnkey solutions provider specializing in infrastructure and building construction, is registered with the Ministry of Finance Malaysia and holds the nation's highest-grade construction license (G7). This collaboration is expected to position Malaysia as a leading hub for AI and digital infrastructure in Southeast Asia.

Recent developments highlight Malaysia's growing prominence in the data center sector. According to the Malaysian Investment Development Authority (MIDA), the country has approved 12 data center investment projects, covering activities such as cloud computing and data hosting, with a total investment value of around US$21 billion (around RM91 billion) from 2021 to June 30, 2024.

The Ministry of Investment, Trade and Industry (MITI) reported that six of these projects, worth around US$16 billion (approximately RM70 billion), are now operational and strategically located in Johor (four projects), Selangor (one), and Kuala Lumpur (one). These advancements underline Malaysia's role as a key data center growth market in ASEAN, bolstered by sustained corporate investments and progressive regulatory frameworks.

"With major global players like Microsoft and Google investing billions to establish cloud regions, and NVIDIA partnering with YTL Power International Berhad on a US$4.3 billion AI Cloud Data Center, Malaysia is undergoing an unprecedented transformation. Investments by companies such as Equinix and ST Telemedia further highlight the country's attractiveness as a data center growth hub," said Dato' Victor Hoo, Group Executive Chairman and CEO of VCI Global. "Our partnership with Hexatoff Group supports Malaysia's vision for innovation and sustainable growth, reinforcing our commitment to advancing AI and digital infrastructure in the region."

https://finance.yahoo.com/news/vci-global-receives-conditional-letter-133300676.html

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