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

On November 6'th last, at its <a href="https://www.amd.com/en/events/next-horizon" target="_blank">Next Horizon</a> event held in San Francisco, <a href="https://www.smartkarma.com/entities/19009" target="_blank" data-smartkarma-citation="entities:19009:1">Advanced Micro Devices</a> revealed further details behind its upcoming, second generation EPCY server processor, code named Rome. The event confirmed many details which had previously been leaked, including a "chiplet" architecture based on a total of eight 7nm processors, each with eight cores (for a total of 64 cores),  surrounding a 14nm I/O controller chip, all connected through a second generation Infinity Fabric and which is socket-compatible with first-generation EPYC server chips. As expected, the 7nm process in question comes from <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg</a> and, according to the specs revealed during the event, it packs quite a punch compared to TSMC's previous generation 12nm process. The significance of AMD's architectural approach should not be underestimated. In our opinion it represents the only viable mechanism to continue to increase core count for server CPUs and thereby maintain the progression of Moore's Law. For its part, <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel</a> has reached the end of the line with its monolithic, twenty-eight core server processor design, a fact which would appear to be confirmed by the company's pre-emptive launch two days before AMD's event of a new server processor based on two twenty-four core processors combined in a multi-chip package. In other words, Intel is following in AMD's footsteps. More on this in an upcoming Insight. With Rome, AMD has taken its server CPU architecture to a whole new level, one which sets it up to challenge Intel's server empire, and over the course of the coming two years, potentially to rule it.

On November 6'th last, at its Next Horizon event held in San Francisco, Advanced Micro Devices revealed further details behind its upcoming, second generation EPCY server processor, code named Rome. The event confirmed many details which had previously been leaked, including a "chiplet" architecture based on a total of eight 7nm processors, each with eight cores (for a total of 64 cores),  surrounding a 14nm I/O controller chip, all connected through a second generation Infinity Fabric and which is socket-compatible with first-generation EPYC server chips. As expected, the 7nm process in question comes from Taiwan Semiconductor Mfg and, according to the specs revealed during the event, it packs quite a punch compared to TSMC's previous generation 12nm process. The significance of AMD's architectural approach should not be underestimated. In our opinion it represents the only viable mechanism to continue to increase core count for server CPUs and thereby maintain the progression of Moore's Law. For its part, Intel has reached the end of the line with its monolithic, twenty-eight core server processor design, a fact which would appear to be confirmed by the company's pre-emptive launch two days before AMD's event of a new server processor based on two twenty-four core processors combined in a multi-chip package. In other words, Intel is following in AMD's footsteps. More on this in an upcoming Insight. With Rome, AMD has taken its server CPU architecture to a whole new level, one which sets it up to challenge Intel's server empire, and over the course of the coming two years, potentially to rule it. 

AMD's Rome Will Rule An Empire. A Server Empire.

<ul>
<li>Server business grew more than 50% in Q126, grew more than 70% in Q226. Expect 80% growth in Q3 and Q4, and then at least 70% growth next year.</li>
<li>AMD's data center business, inclusive of AI, forecasted to grow "much more" than 100% next year</li>
<li>AMD’s ambition is to get to &gt;50% share of a server CPU TAM which they estimate will amount to $220 billion by 2030</li>
</ul>


Server business grew more than 50% in Q126, grew more than 70% in Q226. Expect 80% growth in Q3 and Q4, and then at least 70% growth next year.
AMD's data center business, inclusive of AI, forecasted to grow "much more" than 100% next year
AMD’s ambition is to get to &gt;50% share of a server CPU TAM which they estimate will amount to $220 billion by 2030


AMD @ KeyBanc Technology Leadership Summit. Key Takeaways & Full Transcript

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.</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><li>Previous portfolio returned -0.5% vs. MSCI World (-1.3%) – outperformed the benchmark by 0.8%.</li></ul>

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers.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.Previous portfolio returned -0.5% vs. MSCI World (-1.3%) – outperformed the benchmark by 0.8%.

Global Top Fund Managers Portfolio (14-Sep-2026)

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 delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection.</li><li>The chipmaker reported $11.5 billion in revenue for the quarter ended June 27, narrowly exceeding analyst expectations of $11.3 billion, while net income reached $2.3 billion.</li><li>Despite those figures, AMD shares fell more than 8% in after-hours trading after Elon Musk said SpaceX would build its future artificial-intelligence infrastructure exclusively around Nvidia chips and its Vera Rubin architecture.</li></ul>

Advanced Micro Devices delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection.The chipmaker reported $11.5 billion in revenue for the quarter ended June 27, narrowly exceeding analyst expectations of $11.3 billion, while net income reached $2.3 billion.Despite those figures, AMD shares fell more than 8% in after-hours trading after Elon Musk said SpaceX would build its future artificial-intelligence infrastructure exclusively around Nvidia chips and its Vera Rubin architecture.

AMD Gets Snubbed By Elon Musk & Nvidia Wins Again—Or Does It?

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>A $236 million revenue jump in Client and Gaming yielded just $7 million in operating income, capturing less than 3% of the upside and trailing far behind Data Centre profitability.</li>
<li>AMD reported $1.56 billion in FCF, but holding accounts payable flat would have plunged the quarter deeply into the red to negative $716 million.</li>
<li>To deliver AI compute at hyperscale, AMD is taking on the massive inventory and infrastructure costs of a hardware vendor; a potential structural warning for the broader chip sector...</li>
</ul>


A $236 million revenue jump in Client and Gaming yielded just $7 million in operating income, capturing less than 3% of the upside and trailing far behind Data Centre profitability.
AMD reported $1.56 billion in FCF, but holding accounts payable flat would have plunged the quarter deeply into the red to negative $716 million.
To deliver AI compute at hyperscale, AMD is taking on the massive inventory and infrastructure costs of a hardware vendor; a potential structural warning for the broader chip sector...


How Fabless Is Fabless Today? AMD Earnings Expose the Rising Cost of AI Compute

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's Rome Will Rule An Empire. A Server Empire.

it's hard to believe that it's been almost eight years since I wrote this piece! On a day like today, with AMD's latest report fresh off the...

William Keating

AMD @ KeyBanc Technology Leadership Summit. Key Takeaways & Full Transcript

AMD’s ambition is to get to greater than 50% share of a server CPU TAM which they estimate will amount to $220 billion by 2030

William Keating

Global Top Fund Managers Portfolio (14-Sep-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers. By adopting a portfolio of stocks instead of...

Crea8

AMD Gets Snubbed By Elon Musk & Nvidia Wins Again—Or Does It?

Advanced Micro Devices delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection. The...

Baptista Research

How Fabless Is Fabless Today? AMD Earnings Expose the Rising Cost of AI Compute

How fabless is fabless today? AMD’s Q2 earnings reveal that delivering AI compute at scale requires massive capital bloat, breaking the asset-light...

Mint Finance

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