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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.</li>
<li>U.S. fab expansion eroding TSMC's cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.</li>
<li>Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.</li>
</ul>


TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.
U.S. fab expansion eroding TSMC's cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.
Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.


Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

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

<ul>
<li>TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes</li>
<li>MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions</li>
<li>Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. </li>
</ul>


TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes
MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions
Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. 


Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

<ul>
<li>Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand</li>
<li>Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge</li>
<li>China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory</li>
</ul>


Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand
Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory


Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Companies in the public cloud are refreshing their server infrastructure every four to five years, but may accelerate this cycle due to the performance benefits of new CPUs and GPUs.</li><li>Despite advances in technology, older GPUs are still being used and making money for data centers, leading to questions about the economic lifespan of GPU systems.</li><li>Hyperscalers have adjusted their accounting policies to depreciate server hardware over longer periods, potentially impacting depreciation expenses.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Companies in the public cloud are refreshing their server infrastructure every four to five years, but may accelerate this cycle due to the performance benefits of new CPUs and GPUs.Despite advances in technology, older GPUs are still being used and making money for data centers, leading to questions about the economic lifespan of GPU systems.Hyperscalers have adjusted their accounting policies to depreciate server hardware over longer periods, potentially impacting depreciation expenses.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 138: Talking GPU Depreciation, OCP Takeaways

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

CleanMax Enviro Energy Solutions Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Apple (AAPL US)

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

Mint Finance

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

EP 138: Talking GPU Depreciation, OCP Takeaways

Public cloud infrastructure refreshes involve periodically replacing servers with new CPUs, but the longer economic lifespan of older GPUs like...

The Circuit

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

​TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

Mint Finance

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

​TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

​Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

EP 138: Talking GPU Depreciation, OCP Takeaways

Public cloud infrastructure refreshes involve periodically replacing servers with new CPUs, but the longer economic lifespan of older GPUs like...

The Circuit

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...