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 announced a long term, strategic partnership with Meta to power their AI infrastructure with up to 6GW of  GPUs “to align our product roadmaps across hardware, software, and systems</li>
<li>The deal is almost identical to the one AMD inked with OpenAI, with the key difference being that Meta likely has the cash to actually see it through</li>
<li>An important element of the deal is that it also spans both AMD's EPYC server CPU processors and their forthcoming Helios rack-scale solution. </li>
</ul>


AMD announced a long term, strategic partnership with Meta to power their AI infrastructure with up to 6GW of  GPUs “to align our product roadmaps across hardware, software, and systems
The deal is almost identical to the one AMD inked with OpenAI, with the key difference being that Meta likely has the cash to actually see it through
An important element of the deal is that it also spans both AMD's EPYC server CPU processors and their forthcoming Helios rack-scale solution. 


Giving Yourself Away: AMD’s Defensive AI Playbook Expands To Include Meta

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>A good quarter, good guidance, clear Data Center roadmap incl. supply chain provisions, very bullish management. I see little to be concerned about.</li>
<li>CEO implies that Data Center revenue growth can reach 60% in 2026, and higher in 2027. That’s because new GPU (MI450) and CPU (Venice) will launch late 2026. </li>
<li>After a bullish call, is there upside to Consensus? Not obviously. The positive is that valuations are finally reaching an ok level: 36x 2026 EPS, 23x 2027. </li>
</ul>


A good quarter, good guidance, clear Data Center roadmap incl. supply chain provisions, very bullish management. I see little to be concerned about.
CEO implies that Data Center revenue growth can reach 60% in 2026, and higher in 2027. That’s because new GPU (MI450) and CPU (Venice) will launch late 2026. 
After a bullish call, is there upside to Consensus? Not obviously. The positive is that valuations are finally reaching an ok level: 36x 2026 EPS, 23x 2027. 


AMD: 2026 Will Be a Good Year, 2027 Will Be Better Still. Valuations Normalizing.

<ul>
<li>AMD reported Q425 revenues of $10.27 billion, up 34% YoY, up 11% YoY and well ahead of the $9.6 billion guided midpoint. Full year revenues grew by 34% YoY.</li>
<li>Q126 outlook of $9.8 billion, down ~5% sequentially, albeit up 32% YoY, sent the share price down more than 7% in after hours trading.</li>
<li>Over the past twenty years, AMD has only recorded four sequentially up Q1 revenues. Q122 was a COVID anomaly &amp; Q118 was a bitcoin mining anomaly. Go figure!</li>
</ul>


AMD reported Q425 revenues of $10.27 billion, up 34% YoY, up 11% YoY and well ahead of the $9.6 billion guided midpoint. Full year revenues grew by 34% YoY.
Q126 outlook of $9.8 billion, down ~5% sequentially, albeit up 32% YoY, sent the share price down more than 7% in after hours trading.
Over the past twenty years, AMD has only recorded four sequentially up Q1 revenues. Q122 was a COVID anomaly &amp; Q118 was a bitcoin mining anomaly. Go figure!


AMD Q126 Down Guide Sinks The Stock, Yet Their Q1s Are Almost Exclusively Down Sequentially!

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.

<ul>
<li>The stock has become hypersensitive to execution signals, with MI455X chatter turning delivery timelines into the key near-term risk.</li>
<li>OpenAI adds scale, but also concentration, raising questions around how diversified AMD’s AI demand really is.</li>
<li>CPU supply, pricing language, and allocation cues may matter as much as GPUs, as server tightness is returning.</li>
</ul>


The stock has become hypersensitive to execution signals, with MI455X chatter turning delivery timelines into the key near-term risk.
OpenAI adds scale, but also concentration, raising questions around how diversified AMD’s AI demand really is.
CPU supply, pricing language, and allocation cues may matter as much as GPUs, as server tightness is returning.


What Should Convince the Market on AMD This Quarter?

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant. </li><li><p>The fund managers followed are: Berkshire Hathaway Inc (Warren Buffet, Greg Abel) , Duquesne Family Office LLC (Stanley Druckenmiller), etc</p></li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across  countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah compliant. The fund managers followed are: Berkshire Hathaway Inc (Warren Buffet, Greg Abel) , Duquesne Family Office LLC (Stanley Druckenmiller), etcBy adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across  countries and industries; and optimised with respect to their expected risks and returns.

Global Top Fund Managers (Shariah) Portfolio (18-Aug-2026)

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)

Giving Yourself Away: AMD’s Defensive AI Playbook Expands To Include Meta

AMD is giving itself away again in its latest strategic partnership with Meta. The key difference is that, unlike its deal with OpenAI, Meta...

William Keating

AMD: 2026 Will Be a Good Year, 2027 Will Be Better Still. Valuations Normalizing.

AMD delivered a strong quarter, clear Data Center roadmap, and high revenue growth in 2026 and 2027. Valuations reaching reasonable levels.

Nicolas Baratte

AMD Q126 Down Guide Sinks The Stock, Yet Their Q1s Are Almost Exclusively Down Sequentially!

Over the past twenty years, AMD has only recorded four sequentially up Q1 revenues. Q122 was a COVID anomaly & Q118 was a bitcoin mining anomaly....

William Keating

What Should Convince the Market on AMD This Quarter?

Stock hypersensitive to execution signals, OpenAI adds concentration risk, CPU supply and pricing cues crucial in server tightness return.

Mint Finance

Global Top Fund Managers (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah...

Crea8

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Giving Yourself Away: AMD’s Defensive AI Playbook Expands To Include Meta

AMD is giving itself away again in its latest strategic partnership with Meta. The key difference is that, unlike its deal with OpenAI, Meta...

William Keating

AMD: 2026 Will Be a Good Year, 2027 Will Be Better Still. Valuations Normalizing.

​AMD delivered a strong quarter, clear Data Center roadmap, and high revenue growth in 2026 and 2027. Valuations reaching reasonable levels.

Nicolas Baratte

AMD Q126 Down Guide Sinks The Stock, Yet Their Q1s Are Almost Exclusively Down Sequentially!

Over the past twenty years, AMD has only recorded four sequentially up Q1 revenues. Q122 was a COVID anomaly & Q118 was a bitcoin mining anomaly....

William Keating

What Should Convince the Market on AMD This Quarter?

​Stock hypersensitive to execution signals, OpenAI adds concentration risk, CPU supply and pricing cues crucial in server tightness return.

Mint Finance

Global Top Fund Managers (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers, but limited to those that are Shariah...

Crea8

AMD delivered a strong quarter, clear Data Center roadmap, and high revenue growth in 2026 and 2027. Valuations reaching reasonable levels.

Stock hypersensitive to execution signals, OpenAI adds concentration risk, CPU supply and pricing cues crucial in server tightness return.