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>Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.</li>
<li>With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.</li>
<li>If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.</li>
</ul>


Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.
With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.
If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.


The Intel-Nvidia Deal Could Outflank AMD Entirely

<ul>
<li>Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.</li>
<li>The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. </li>
<li>Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.</li>
</ul>


Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.
The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. 
Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.


What Is the Real Prize in Nvidia’s $5B Intel Bet?

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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC August Revenue +34% YoY: AI Demand Remains the Key Driver</li>
<li>ARM Pushes Edge AI Forward with New "Lumex" Chip Designs -- 2026 Could Be a Major Growth Year for Edge AI</li>
<li>From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today</li>
</ul>


TSMC August Revenue +34% YoY: AI Demand Remains the Key Driver
ARM Pushes Edge AI Forward with New "Lumex" Chip Designs -- 2026 Could Be a Major Growth Year for Edge AI
From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today


Taiwan Tech Weekly: SEMICON Taiwan Just Started; TSMC August Sales Soar; 2026 to Be Year of Edge AI?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).</li>
<li>Nota's technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.</li>
<li>We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026. </li>
</ul>


Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
Nota's technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Montage Technology A/H Listing - Fast Growth but Doesn’t Need the Cash, Delisted Once

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

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

ARM Holdings (ARM US)

The Intel-Nvidia Deal Could Outflank AMD Entirely

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

What Is the Real Prize in Nvidia’s $5B Intel Bet?

Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...

Mint Finance

Taiwan Tech Weekly: SEMICON Taiwan Just Started; TSMC August Sales Soar; 2026 to Be Year of Edge AI?

TSMC sees strong revenue growth driven by AI demand, while ARM introduces new chip designs for Edge AI, signaling potential growth in 2026.

Vincent Fernando, CFA

Nota IPO Valuation Analysis

Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range...

Douglas Kim

Montage Technology A/H Listing - Fast Growth but Doesn’t Need the Cash, Delisted Once

Montage Technology (688008 CH), a provider of memory interface and interconnect chips, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Intel-Nvidia Deal Could Outflank AMD Entirely

​Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

What Is the Real Prize in Nvidia’s $5B Intel Bet?

​Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...

Mint Finance

Taiwan Tech Weekly: SEMICON Taiwan Just Started; TSMC August Sales Soar; 2026 to Be Year of Edge AI?

​TSMC sees strong revenue growth driven by AI demand, while ARM introduces new chip designs for Edge AI, signaling potential growth in 2026.

Vincent Fernando, CFA

Nota IPO Valuation Analysis

Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range...

Douglas Kim

Montage Technology A/H Listing - Fast Growth but Doesn’t Need the Cash, Delisted Once

Montage Technology (688008 CH), a provider of memory interface and interconnect chips, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...

TSMC sees strong revenue growth driven by AI demand, while ARM introduces new chip designs for Edge AI, signaling potential growth in 2026.