AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.</li>
<li>Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.</li>
<li>Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.</li>
</ul>


AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.


AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>  reported a record H1 net income of ¥2.9 trillion, driven principally by a USD 14.6 billion fair-value gain from its OpenAI investment and Rights to invest.</li>
<li>The Group fully exited its USD 2.9 billion <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> stake in October, realizing gross gains of USD 2.9 billion on sale proceeds of USD 5.8 billion.</li>
<li>It also sold partial stakes in T-Mobile for USD 9.2 billion and Deutsche Telekom for USD 2.4 billion even as it raised its investment target in OpenAI to USD34.7 Bn.</li>
</ul>



Softbank Group (9984 JP)  reported a record H1 net income of ¥2.9 trillion, driven principally by a USD 14.6 billion fair-value gain from its OpenAI investment and Rights to invest.
The Group fully exited its USD 2.9 billion NVIDIA Corp (NVDA US) stake in October, realizing gross gains of USD 2.9 billion on sale proceeds of USD 5.8 billion.
It also sold partial stakes in T-Mobile for USD 9.2 billion and Deutsche Telekom for USD 2.4 billion even as it raised its investment target in OpenAI to USD34.7 Bn.


Softbank Group: Performance Powered by OpenAI. Exits NVIDIA, Bets Big on AI

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges</li>
<li>Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?</li>
<li>Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E</li>
</ul>


Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges
Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?
Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E


Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Jensen Huang claims that the world is running out of workers &amp; there will be a shortage of 50 million workers by the end of the decade. Enter humanoid robots.</li>
<li>Elon Musk claims that AI and robots will take <em><strong>all</strong></em> our jobs, working will be optional and we can grow vegetables while he's on his way to becoming a trillionaire</li>
<li>Technology and society are rapidly approaching a critical decision point. Jobs for robots or for humans?</li>
</ul>


Jensen Huang claims that the world is running out of workers &amp; there will be a shortage of 50 million workers by the end of the decade. Enter humanoid robots.
Elon Musk claims that AI and robots will take all our jobs, working will be optional and we can grow vegetables while he's on his way to becoming a trillionaire
Technology and society are rapidly approaching a critical decision point. Jobs for robots or for humans?


Humanoid Robots Won't Take Your Job, We've Just Decided Not To Give You The Job In The First Place.

<ul>
<li>TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.</li>
<li>U.S. fab expansion eroding TSMC's cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.</li>
<li>Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.</li>
</ul>


TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.
U.S. fab expansion eroding TSMC's cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.
Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.


Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NVIDIA Corp (NVDA US)

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

Softbank Group: Performance Powered by OpenAI. Exits NVIDIA, Bets Big on AI

SoftBank’s gains soar with OpenAI’s valuation boost, lifting both actual investment returns and investment rights. Exits NVIDIA but plans to double...

Devi Subhakesan

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Humanoid Robots Won't Take Your Job, We've Just Decided Not To Give You The Job In The First Place.

Technology and society are rapidly approaching a critical decision point. Are we planning to create jobs for robots or jobs for humans and do we...

William Keating

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

​AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

Softbank Group: Performance Powered by OpenAI. Exits NVIDIA, Bets Big on AI

SoftBank’s gains soar with OpenAI’s valuation boost, lifting both actual investment returns and investment rights. Exits NVIDIA but plans to double...

Devi Subhakesan

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

​Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Humanoid Robots Won't Take Your Job, We've Just Decided Not To Give You The Job In The First Place.

Technology and society are rapidly approaching a critical decision point. Are we planning to create jobs for robots or jobs for humans and do we...

William Keating

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

​TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

Mint Finance

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...