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

<ul>
<li>Record royalties now make up over half of Arm’s revenue, with Compute Subsystems (CSS) earning nearly 2x more than conventional designs.</li>
<li>Hyperscaler CPU share jumps to ~50%, as Neoverse powers AI infrastructure at NVIDIA, AWS, Google, and Microsoft.</li>
<li>Custom silicon stickiness deepens, with multigenerational GPU deals and CSS design wins spanning cloud, PC, and automotive verticals.</li>
</ul>


Record royalties now make up over half of Arm’s revenue, with Compute Subsystems (CSS) earning nearly 2x more than conventional designs.
Hyperscaler CPU share jumps to ~50%, as Neoverse powers AI infrastructure at NVIDIA, AWS, Google, and Microsoft.
Custom silicon stickiness deepens, with multigenerational GPU deals and CSS design wins spanning cloud, PC, and automotive verticals.


[Earnings Review] Arm’s AI Royalty Engine Powers Through Cloud and Edge Tailwinds

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.

Equity Capital Markets

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$1bn in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. </li>
<li>While order flow has come in steady for this IPO, some of our sources are taking a 'wait-and-see' approach. </li>
<li>The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.</li>
</ul>


The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. 
While order flow has come in steady for this IPO, some of our sources are taking a 'wait-and-see' approach. 
The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.


Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

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's Most Advanced Node -- 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think</li>
<li>OpenAI's Sam Altman 'Jokes' About Owning US$3 Trillion Worth of GPUs One Day...</li>
<li>AI PC Delay -- Nvidia-MediaTek Push AI PC Chip Launch to 2026</li>
</ul>


TSMC's Most Advanced Node -- 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think
OpenAI's Sam Altman 'Jokes' About Owning US$3 Trillion Worth of GPUs One Day...
AI PC Delay -- Nvidia-MediaTek Push AI PC Chip Launch to 2026


Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

<ul>
<li>Ambiq Micro is offering 3.4mm shares at $22.00-$25.00 equating to a market cap of $375m-$426m and is scheduled to debut on July 30th.</li>
<li>The company is currently undergoing a "shift" from a customer base that relies heavily on mainland China to other parts of the world.</li>
<li>The updated prospectus further outlines the ownership percentages and lists Kleiner Perkins and EDB Investments Ptd Ltd as owners of 14.8% and 6.0% prior to this offering.</li>
</ul>


Ambiq Micro is offering 3.4mm shares at $22.00-$25.00 equating to a market cap of $375m-$426m and is scheduled to debut on July 30th.
The company is currently undergoing a "shift" from a customer base that relies heavily on mainland China to other parts of the world.
The updated prospectus further outlines the ownership percentages and lists Kleiner Perkins and EDB Investments Ptd Ltd as owners of 14.8% and 6.0% prior to this offering.


Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO

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.

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ARM Holdings (ARM US)

[Earnings Review] Arm’s AI Royalty Engine Powers Through Cloud and Edge Tailwinds

Record Q1 royalties, surging Neoverse share, and premium CSS adoption reinforce Arm’s AI platform strategy, even as the quarter missed revenue...

Mint Finance

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...

IPO Boutique

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Vincent Fernando, CFA

Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO

Ambiq Micro updated its prospectus and set terms for its IPO that is scheduled to debut on July 30th with 3.4mm shares at $22.00-$25.00.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Earnings Review] Arm’s AI Royalty Engine Powers Through Cloud and Edge Tailwinds

Record Q1 royalties, surging Neoverse share, and premium CSS adoption reinforce Arm’s AI platform strategy, even as the quarter missed revenue...

Mint Finance

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

​Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...

IPO Boutique

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

​TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Vincent Fernando, CFA

Ambiq Micro, Inc. (AMBQ): Semiconductor Solutions Company Sets Terms for IPO

​Ambiq Micro updated its prospectus and set terms for its IPO that is scheduled to debut on July 30th with 3.4mm shares at $22.00-$25.00.

IPO Boutique

Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...

TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Ambiq Micro updated its prospectus and set terms for its IPO that is scheduled to debut on July 30th with 3.4mm shares at $22.00-$25.00.