Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25</li>
<li>AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.</li>
<li>AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.</li>
</ul>


AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.


AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

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

<ul>
<li>AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation</li>
<li>AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore</li>
<li>Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who's next?</li>
</ul>


AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation
AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore
Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who's next?


AMD Ups The Ante With A Flurry Of Smaller Acquisitions

<ul>
<li>Jensen claims his Taiwan expansion is just about needing more chairs, yet an NVIDIA blog post describes the Santa Clara HQ taking to the skies &amp; landing in Taiwan. </li>
<li>He was critical of US restrictions on China chip exports while in Taipei, yet had nothing to say on the topic while in the White House or the Middle East</li>
<li>NVIDIA's market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA in an awkward spot.</li>
</ul>


Jensen claims his Taiwan expansion is just about needing more chairs, yet an NVIDIA blog post describes the Santa Clara HQ taking to the skies &amp; landing in Taiwan. 
He was critical of US restrictions on China chip exports while in Taipei, yet had nothing to say on the topic while in the White House or the Middle East
NVIDIA's market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA in an awkward spot.


NVIDIA's China Dilema Is Worse Than You Think...

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google</li>
<li>AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race</li>
<li>Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected</li>
</ul>


Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google
AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race
Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected


Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

<ul>
<li>NVIDIA delivered another blockbuster quarter with record revenues of $30 billion, blowing well past the guided $28 billion, up 15% QoQ and up 122% YoY.</li>
<li>$5.6 billion in revenues were attributed to Singapore, making up more than 18% of overall revenues and up &gt;5 times YoY</li>
<li>What the heck is the city state doing with all of those GPUs?</li>
</ul>


NVIDIA delivered another blockbuster quarter with record revenues of $30 billion, blowing well past the guided $28 billion, up 15% QoQ and up 122% YoY.
$5.6 billion in revenues were attributed to Singapore, making up more than 18% of overall revenues and up &gt;5 times YoY
What the heck is the city state doing with all of those GPUs?


NVIDIA's >5x YoY "Singapore" Revenue Growth Is A Red Flag

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

AMD Ups The Ante With A Flurry Of Smaller Acquisitions

Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who's next?

William Keating

NVIDIA's China Dilema Is Worse Than You Think...

NVIDIA's market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA...

William Keating

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

NVIDIA's >5x YoY "Singapore" Revenue Growth Is A Red Flag

Dr. Kim over at TSMC (allegedly?) is trying to trace all h100 & h800 shipments for the past two years. This Insight might be helpful :-)

William Keating

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AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

​AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

AMD Ups The Ante With A Flurry Of Smaller Acquisitions

Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who's next?

William Keating

NVIDIA's China Dilema Is Worse Than You Think...

NVIDIA's market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA...

William Keating

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

​Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

NVIDIA's >5x YoY "Singapore" Revenue Growth Is A Red Flag

Dr. Kim over at TSMC (allegedly?) is trying to trace all h100 & h800 shipments for the past two years. This Insight might be helpful :-)

William Keating

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.