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

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<li>Gaia is likely a high-powered PCIe companion card aiming to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM).</li>
<li>We estimate Gaia must target an 800-1,200 TOPS envelope to displace Nvidia’s workstation GPUs, specifically leveraging PIM to bypass the severe data bottlenecks of standard PCIe interfaces.</li>
<li>The PC-level integration is a Trojan horse to potentially pitch custom hyperscaler ASICs against incumbents, providing long-term optionality ahead of a pivotal (because ADRs) and potentially soft SKHynix earnings print.</li>
</ul>


Gaia is likely a high-powered PCIe companion card aiming to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM).
We estimate Gaia must target an 800-1,200 TOPS envelope to displace Nvidia’s workstation GPUs, specifically leveraging PIM to bypass the severe data bottlenecks of standard PCIe interfaces.
The PC-level integration is a Trojan horse to potentially pitch custom hyperscaler ASICs against incumbents, providing long-term optionality ahead of a pivotal (because ADRs) and potentially soft SKHynix earnings print.


Samsung's Gaia: A PIM Trojan Horse and the Case for Structural Outperformance

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

July semiconductor revenues, just reported by the SIA, reached a record high.  Today's market bears a strong resemblance to the high-growth days of 2017-18, and an end will come when the market falls back to normal growth.  This presents opportunities for growth in the near term and shorts in the longer term.

July semiconductor revenues, just reported by the SIA, reached a record high.  Today's market bears a strong resemblance to the high-growth days of 2017-18, and an end will come when the market falls back to normal growth.  This presents opportunities for growth in the near term and shorts in the longer term.

Semiconductors Continue Surprise Strength

The semiconductor market reached record revenues in June.  Much of this has been driven by a mild shortage in semiconductor memories, DRAM and NAND flash, but the larger shortage of older technologies has also had a hand in this.

The semiconductor market reached record revenues in June.  Much of this has been driven by a mild shortage in semiconductor memories, DRAM and NAND flash, but the larger shortage of older technologies has also had a hand in this.

June Semiconductor Revenues Reach New Record

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic outright.  During the case, Epic Games outlined Google’s plans to develop “a series of internal projects to address the ‘contagion’ it perceived from efforts by Epic and others to offer consumers and developers competitive alternatives and has even contemplated buying some or all of Epic to squelch this threat”.

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic outright.  During the case, Epic Games outlined Google’s plans to develop “a series of internal projects to address the ‘contagion’ it perceived from efforts by Epic and others to offer consumers and developers competitive alternatives and has even contemplated buying some or all of Epic to squelch this threat”.

The SIA has released May semiconductor revenue statistics and the month broke all records for both revenues and unit shipments.  This is a continuation of the trend that this analyst has been reporting on since this time last year.  It appears that there is still plenty of strength in this market to allow further records to be broken.

The SIA has released May semiconductor revenue statistics and the month broke all records for both revenues and unit shipments.  This is a continuation of the trend that this analyst has been reporting on since this time last year.  It appears that there is still plenty of strength in this market to allow further records to be broken.

May Semiconductor Revenues Break a Record Once Again

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Samsung's Gaia: A PIM Trojan Horse and the Case for Structural Outperformance

Gaia, a high-powered PCIe companion card, aims to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM) to bypass...

Mint Finance

Semiconductors Continue Surprise Strength

Semiconductor revenues in July were 29% higher than the prior year and the market set a new record. Will this continue? Yes, for a while, but...

Jim Handy

June Semiconductor Revenues Reach New Record

Semiconductor revenues are breaking historic records. Can this trend continue? Trend analysis indicates that it should end. We will be watching...

Jim Handy

Weekly Innovation Review (WIRE) #44

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic...

Granite Bay Capital

May Semiconductor Revenues Break a Record Once Again

Even the semiconductors that are not in a dire shortage are in tight supply, driving prices and revenues to extraordinary heights. This Insight...

Jim Handy

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Samsung's Gaia: A PIM Trojan Horse and the Case for Structural Outperformance

​Gaia, a high-powered PCIe companion card, aims to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM) to bypass...

Mint Finance

Semiconductors Continue Surprise Strength

Semiconductor revenues in July were 29% higher than the prior year and the market set a new record. Will this continue? Yes, for a while, but...

Jim Handy

June Semiconductor Revenues Reach New Record

Semiconductor revenues are breaking historic records. Can this trend continue? Trend analysis indicates that it should end. We will be watching...

Jim Handy

Weekly Innovation Review (WIRE) #44

Headline Developments On the back of the Epic v Apple case, documents were released highlighting that Google (GOOG) had considered buying Epic...

Granite Bay Capital

May Semiconductor Revenues Break a Record Once Again

Even the semiconductors that are not in a dire shortage are in tight supply, driving prices and revenues to extraordinary heights. This Insight...

Jim Handy

Gaia, a high-powered PCIe companion card, aims to replace Nvidia's discrete workstation GPUs by leveraging Processing-in-Memory (PIM) to bypass...