Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility</li>
<li>But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months</li>
<li>USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument</li>
</ul>


US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility
But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months
USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument


Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

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>Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.</li>
<li>Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former's products.</li>
<li>TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  </li>
</ul>


Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.
Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former's products.
TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  


Apple, Intel, and the Systems Foundry Gambit

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>’s investment is focused on joint AI development.   </li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> may seek to invite <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> to join its investment initiative.</li>
<li>Meanwhile, <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s stock price has risen about 50.2% from its recent low. </li>
</ul>



NVIDIA Corp (NVDA US)’s investment is focused on joint AI development.   

Intel Corp (INTC US) may seek to invite Taiwan Semiconductor (TSMC) - ADR (TSM US) to join its investment initiative.
Meanwhile, Intel Corp (INTC US)’s stock price has risen about 50.2% from its recent low. 


Intel (INTC.US): Seeking Investment from TSMC?

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  </li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> remains the anchor customer driving N2 ramp in 2026.</li>
<li>Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  </li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  

Apple (AAPL US) remains the anchor customer driving N2 ramp in 2026.
Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  


TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Three major reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax overhang, and higher likely total shareholder returns.</li>
<li>Given that 2025 will be the last year of major inheritance tax payment for the Lee family, this reduced overhang could act as a positive sentiment on Samsung Electronics.</li>
<li>Pressures on Samsung to announce material improvement to shareholder returns are coming not just from existing shareholders but also from the Korean government due to Korea Corporate Value Up program.</li>
</ul>


Three major reasons why Samsung Electronics is our 2025 high conviction pick include attractive valuations, reduced concerns about inheritance tax overhang, and higher likely total shareholder returns.
Given that 2025 will be the last year of major inheritance tax payment for the Lee family, this reduced overhang could act as a positive sentiment on Samsung Electronics.
Pressures on Samsung to announce material improvement to shareholder returns are coming not just from existing shareholders but also from the Korean government due to Korea Corporate Value Up program.


2025 High Conviction: Samsung Electronics

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)

Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....

Nicolas Baratte

Apple, Intel, and the Systems Foundry Gambit

Intel's shift towards total AI stack control could be appealing to Apple's U.S. manufacturing ambition, despite its move away from Intel products.

Mint Finance

Intel (INTC.US): Seeking Investment from TSMC?

NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?

Patrick Liao

TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...

Patrick Liao

2025 High Conviction: Samsung Electronics

According to industry sources, Samsung Electronics has reportedly passed NVIDIA's HBM3E 12-layer quality test and received a verbal order. So far,...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

​USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....

Nicolas Baratte

Apple, Intel, and the Systems Foundry Gambit

Intel's shift towards total AI stack control could be appealing to Apple's U.S. manufacturing ambition, despite its move away from Intel products.

Mint Finance

Intel (INTC.US): Seeking Investment from TSMC?

​NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?

Patrick Liao

TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

​TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...

Patrick Liao

2025 High Conviction: Samsung Electronics

According to industry sources, Samsung Electronics has reportedly passed NVIDIA's HBM3E 12-layer quality test and received a verbal order. So far,...

Douglas Kim

USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....

NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?

TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...