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

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD’s data-center CPU business grew &gt;50% YoY in Q1, and management guided Q2 CPU revenue up &gt;70% YoY, with roughly two-thirds coming from unit expansion rather than ASP.</li>
<li>TSMC supply remains tight (notably 3nm), but Ramsey suggested AMD secured more allocation from TSMC earlier than investors appreciate, while warning the “starting point” of investor expectations was too low</li>
<li>On x86 versus ARM, management emphasised TCO, platform breadth (5 generations from 8-core to 256-core), the entrenched x86 code base, and a decade of RAS and security validation with hyperscalers</li>
</ul>


AMD’s data-center CPU business grew &gt;50% YoY in Q1, and management guided Q2 CPU revenue up &gt;70% YoY, with roughly two-thirds coming from unit expansion rather than ASP.
TSMC supply remains tight (notably 3nm), but Ramsey suggested AMD secured more allocation from TSMC earlier than investors appreciate, while warning the “starting point” of investor expectations was too low
On x86 versus ARM, management emphasised TCO, platform breadth (5 generations from 8-core to 256-core), the entrenched x86 code base, and a decade of RAS and security validation with hyperscalers


AMD @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

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.

Thematic (Sector/Industry)

<ul>
<li>AMD’s unconditional commitments rose from $12.2bn at end-2025 to $30.3bn by June, all while management asks investors to focus on gross-profit dollars over gross-margin percentage.</li>
<li>Qualcomm is targeting $5bn of data-centre revenue in FY27 and $15bn-plus by FY29 from a base still measured in hundreds of millions, implying a steep physical-capacity ramp.</li>
<li>Qualcomm already has $769m of advance payments tied to multi-year chip-capacity commitments, while Amazon’s $60bn framework gives it demand visibility to reserve more supply ahead of revenue.</li>
</ul>


AMD’s unconditional commitments rose from $12.2bn at end-2025 to $30.3bn by June, all while management asks investors to focus on gross-profit dollars over gross-margin percentage.
Qualcomm is targeting $5bn of data-centre revenue in FY27 and $15bn-plus by FY29 from a base still measured in hundreds of millions, implying a steep physical-capacity ramp.
Qualcomm already has $769m of advance payments tied to multi-year chip-capacity commitments, while Amazon’s $60bn framework gives it demand visibility to reserve more supply ahead of revenue.


Fabless, Until Capacity Has to Be Financed

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Advanced Micro Devices, Inc. reported its first quarter fiscal 2026 results exhibiting strong revenue growth and improved profitability driven by broad-based demand across its product portfolio, particularly within its Data Center segment.</li><li>Revenue increased 38% year-over-year to $10.3 billion, fueled by a 57% rise in data center sales to a record $5.8 billion, attributed to robust adoption of EPYC server CPUs and Instinct GPUs. The server CPU business grew over 50% annually, supported by both Cloud and Enterprise customers expanding their consumption, particularly for AI workloads that require high-performance CPUs to manage orchestration and inferencing tasks.</li><li>This segment delivered operating income of $1.6 billion or 28% of revenue, up from $932 million a year prior.</li></ul>

Advanced Micro Devices, Inc. reported its first quarter fiscal 2026 results exhibiting strong revenue growth and improved profitability driven by broad-based demand across its product portfolio, particularly within its Data Center segment.Revenue increased 38% year-over-year to $10.3 billion, fueled by a 57% rise in data center sales to a record $5.8 billion, attributed to robust adoption of EPYC server CPUs and Instinct GPUs. The server CPU business grew over 50% annually, supported by both Cloud and Enterprise customers expanding their consumption, particularly for AI workloads that require high-performance CPUs to manage orchestration and inferencing tasks.This segment delivered operating income of $1.6 billion or 28% of revenue, up from $932 million a year prior.

Advanced Micro Devices (AMD): Can 57% Data Center Growth Outrun Gaming Pressure?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Same story as Intel: Server CPU demand is accelerating on AI inference and agents. AMD is in a better position than Intel:  gaining share and inference specific roadmap.</li>
<li>That’s a dramatic change in narrative: the market was focused on GPU share gains – now we have a Server CPU story. We actually have both. </li>
<li>With higher Server CPU growth (2026 60-70% YoY, 2027 ~50%), Consensus is going to be 15-20% too low, implying that the stock trades at 23-25x ‘27EPS and ~18-20x ’28 EPS. </li>
</ul>


Same story as Intel: Server CPU demand is accelerating on AI inference and agents. AMD is in a better position than Intel:  gaining share and inference specific roadmap.
That’s a dramatic change in narrative: the market was focused on GPU share gains – now we have a Server CPU story. We actually have both. 
With higher Server CPU growth (2026 60-70% YoY, 2027 ~50%), Consensus is going to be 15-20% too low, implying that the stock trades at 23-25x ‘27EPS and ~18-20x ’28 EPS. 


AMD: Beyond a Strong Quarter, Higher Growth for Next 3-4 Years

<ul>
<li>AMD reported Q126 revenue of $10.253 billion, up 38% year-over-year, with non-GAAP EPS of $1.37, up 43% year-over-year </li>
<li>Guidance for Q2 was set at approximately $11.2 billion, up 46% year-over-year at the midpoint. Free cash flow tripled to a record $2.6 billion, which is 25% of revenue.</li>
<li>During the November 2025 Financial Analyst Day, Lisa Su pegged server CPU TAM at $60 billion by 2030. Now it has jumped to $120 billion by 2030. That’s insane.</li>
</ul>


AMD reported Q126 revenue of $10.253 billion, up 38% year-over-year, with non-GAAP EPS of $1.37, up 43% year-over-year 
Guidance for Q2 was set at approximately $11.2 billion, up 46% year-over-year at the midpoint. Free cash flow tripled to a record $2.6 billion, which is 25% of revenue.
During the November 2025 Financial Analyst Day, Lisa Su pegged server CPU TAM at $60 billion by 2030. Now it has jumped to $120 billion by 2030. That’s insane.


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 @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

TSMC supply remains tight, but Ramsey suggested AMD secured more allocation from TSMC earlier than investors appreciate, while warning the...

William Keating

Fabless, Until Capacity Has to Be Financed

Fabless AI is getting less asset-light. We trace how AMD’s rising commitments, Nvidia’s scale and Qualcomm’s $15bn ambition are reshaping the...

Mint Finance

Advanced Micro Devices (AMD): Can 57% Data Center Growth Outrun Gaming Pressure?

Advanced Micro Devices, Inc. reported its first quarter fiscal 2026 results exhibiting strong revenue growth and improved profitability driven by...

Baptista Research

AMD: Beyond a Strong Quarter, Higher Growth for Next 3-4 Years

AMD is poised to gain share in the server CPU market due to accelerating demand for AI inference and agents, leading to higher growth projections...

Nicolas Baratte

AMD Q1 2026. EPYC Numbers Are Insane

During the November 2025 Financial Analyst Day, Lisa Su pegged server CPU TAM at $60 billion by 2030. Now it has jumped to $120 billion by 2030....

William Keating

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AMD @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

TSMC supply remains tight, but Ramsey suggested AMD secured more allocation from TSMC earlier than investors appreciate, while warning the...

William Keating

Fabless, Until Capacity Has to Be Financed

Fabless AI is getting less asset-light. We trace how AMD’s rising commitments, Nvidia’s scale and Qualcomm’s $15bn ambition are reshaping the...

Mint Finance

Advanced Micro Devices (AMD): Can 57% Data Center Growth Outrun Gaming Pressure?

Advanced Micro Devices, Inc. reported its first quarter fiscal 2026 results exhibiting strong revenue growth and improved profitability driven by...

Baptista Research

AMD: Beyond a Strong Quarter, Higher Growth for Next 3-4 Years

​AMD is poised to gain share in the server CPU market due to accelerating demand for AI inference and agents, leading to higher growth projections...

Nicolas Baratte

AMD Q1 2026. EPYC Numbers Are Insane

During the November 2025 Financial Analyst Day, Lisa Su pegged server CPU TAM at $60 billion by 2030. Now it has jumped to $120 billion by 2030....

William Keating

AMD is poised to gain share in the server CPU market due to accelerating demand for AI inference and agents, leading to higher growth projections...