Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.</li>
<li>China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.</li>
<li>Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.
China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.
Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.


This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

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

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.</li>
<li>Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.</li>
<li>Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.</li>
</ul>


AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.


AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.</li>
<li>More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.</li>
<li>Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.</li>
</ul>


Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.
More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.
Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.


AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch

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>Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY</li>
<li>Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ</li>
<li>18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027 </li>
</ul>


Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027 


Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

<ul>
<li>SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.</li>
<li>Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.</li>
<li>
<strong>Big-Three:</strong> Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.</li>
</ul>


SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.
Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.

Big-Three: Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.


[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

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)

This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

This week in AI: MiniMax H3 tops video editing; DeepSeek seeks close to USD 8bn and hikes API prices; Switch files for a USD 10bn IPO.

Ke Yan, CFA, FRM

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch

Positive outlook for Server CPU market growth and new GPU release, but concerns over optimistic margin expectations and high valuations. Share...

Nicolas Baratte

Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027

William Keating

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...

Mint Finance

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This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

This week in AI: MiniMax H3 tops video editing; DeepSeek seeks close to USD 8bn and hikes API prices; Switch files for a USD 10bn IPO.

Ke Yan, CFA, FRM

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

​AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch

​Positive outlook for Server CPU market growth and new GPU release, but concerns over optimistic margin expectations and high valuations. Share...

Nicolas Baratte

Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027

William Keating

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

​SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...

Mint Finance

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Positive outlook for Server CPU market growth and new GPU release, but concerns over optimistic margin expectations and high valuations. Share...

SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...