AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.</li>
<li>Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.</li>
<li>EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.</li>
</ul>


Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.
Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.
EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.


TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Facebook's original vision Pro demo showcased impressive technology with custom silicon and high miniaturization, but it is still far from being a consumer product.</li><li>Comparisons were made between Facebook's demo and Apple's vision Pro, highlighting different approaches to hardware development and philosophies.</li><li>Despite debates on shipping products and final designs, both companies are pushing the boundaries of technology and advancing towards a glasses form factor for AR/VR.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Facebook's original vision Pro demo showcased impressive technology with custom silicon and high miniaturization, but it is still far from being a consumer product.Comparisons were made between Facebook's demo and Apple's vision Pro, highlighting different approaches to hardware development and philosophies.Despite debates on shipping products and final designs, both companies are pushing the boundaries of technology and advancing towards a glasses form factor for AR/VR.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 87: Shrinking Silicon (Meta Orion) and Excited about Hardware Again!

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

<ul>
<li>Apple Set to Launch iPhone SE 4 and Updated iPad Air in Early 2025: Key Developments to Watch</li>
<li>META's Orion AR Glasses: Next Major Computing Platform After the Smartphone?</li>
<li>Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?</li>
</ul>


Apple Set to Launch iPhone SE 4 and Updated iPad Air in Early 2025: Key Developments to Watch
META's Orion AR Glasses: Next Major Computing Platform After the Smartphone?
Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?


Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

<ul>
<li>Key iPhone components suppliers' share prices have substantially underperformed Apple, particularly Largan Precision, Genius Electronic Optical, and Zhen Ding.</li>
<li>There are reasons for iPhone 16 upgrade optimism. We also note that key suppliers failed to rally with Apple shares post-Fed rate cut.</li>
<li>Apple suppliers' 2025E forecasts haven't fallen much so far, despite the negative stock market reaction. If negative iPhone 16 reports prove exaggerated, Largan, Genius, and Zhen Ding could rebound.</li>
</ul>


Key iPhone components suppliers' share prices have substantially underperformed Apple, particularly Largan Precision, Genius Electronic Optical, and Zhen Ding.
There are reasons for iPhone 16 upgrade optimism. We also note that key suppliers failed to rally with Apple shares post-Fed rate cut.
Apple suppliers' 2025E forecasts haven't fallen much so far, despite the negative stock market reaction. If negative iPhone 16 reports prove exaggerated, Largan, Genius, and Zhen Ding could rebound.


Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>Free float is forecasted to increase from ~94% to 100% in S&amp;P 500 and other US and Global indices after <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire</a> halved its stake in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> .</li>
<li>Forecasted demand from S&amp;P 500 and S&amp;P TMI is 164.2m shares, $37.1bn and 3.0 ADV at the close of 20 September 2024.</li>
<li>Materialization of the free float increase is uncertain due to debatable strategic shareholder classification. ETF ratios and current free float improve the confidence of the forecast. </li>
</ul>


Free float is forecasted to increase from ~94% to 100% in S&amp;P 500 and other US and Global indices after Berkshire halved its stake in Apple (AAPL US) .
Forecasted demand from S&amp;P 500 and S&amp;P TMI is 164.2m shares, $37.1bn and 3.0 ADV at the close of 20 September 2024.
Materialization of the free float increase is uncertain due to debatable strategic shareholder classification. ETF ratios and current free float improve the confidence of the forecast. 


Apple (AAPL): Berkshire’s Sell-Off Triggers $37bn Demand from S&P 500

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

Episode 87: Shrinking Silicon (Meta Orion) and Excited about Hardware Again!

Facebook showcased impressive technology at their demo, with similarities to Apple's vision, costing around $10,000 and aiming to lower it to...

The Circuit

Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.

Vincent Fernando, CFA

Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...

Vincent Fernando, CFA

Apple (AAPL): Berkshire’s Sell-Off Triggers $37bn Demand from S&P 500

On 20 September 2024, there were ~260m shares, ~4.4 ADV in passive fund demand based on that day’s volume and the 3-month ADTV. This verifies the...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

Episode 87: Shrinking Silicon (Meta Orion) and Excited about Hardware Again!

Facebook showcased impressive technology at their demo, with similarities to Apple's vision, costing around $10,000 and aiming to lower it to...

The Circuit

Taiwan Tech Weekly: Apple Shifting AR Strategy After Meta Orion Showcase; Apple Supply Chain Monitor

​Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.

Vincent Fernando, CFA

Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

​iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...

Vincent Fernando, CFA

Apple (AAPL): Berkshire’s Sell-Off Triggers $37bn Demand from S&P 500

On 20 September 2024, there were ~260m shares, ~4.4 ADV in passive fund demand based on that day’s volume and the 3-month ADTV. This verifies the...

Dimitris Ioannidis

Apple is set to launch new iPhone SE 4 and iPad Air in 2025, Meta's Orion AR Glasses could be the next big thing, and Apple is being forced to react.

iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...