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.

Thematic (Sector/Industry)

<ul>
<li>CME’s GPU futures could make compute-price risk hedgeable, but standardised contracts will still leave material basis risk across clusters, customers and service bundles.</li>
<li>Relative H100/B200 pricing may help separate broad oversupply from technological substitution, making the economic decay of older GPU capacity easier to observe.</li>
<li>The net read is bearish for GPU-capacity owners: hedging may improve financing, but more visible obsolescence and increasing capacity pressure rental economics.</li>
</ul>


CME’s GPU futures could make compute-price risk hedgeable, but standardised contracts will still leave material basis risk across clusters, customers and service bundles.
Relative H100/B200 pricing may help separate broad oversupply from technological substitution, making the economic decay of older GPU capacity easier to observe.
The net read is bearish for GPU-capacity owners: hedging may improve financing, but more visible obsolescence and increasing capacity pressure rental economics.


Compute Futures and the Market Price of GPU Obsolescence

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.

Equity Bottom-Up

<ul><li>CME Group has reported strong financial and operational results for the fourth quarter of 2025, marking a significant year in the company's history.</li><li>The firm achieved its fifth consecutive year of record volumes, with average daily volume increasing by 6% year-over-year to 28.1 million contracts.</li><li>This growth was widespread across several asset classes, including interest rates, energy, metals, agriculture, and cryptocurrencies.</li></ul>

CME Group has reported strong financial and operational results for the fourth quarter of 2025, marking a significant year in the company's history.The firm achieved its fifth consecutive year of record volumes, with average daily volume increasing by 6% year-over-year to 28.1 million contracts.This growth was widespread across several asset classes, including interest rates, energy, metals, agriculture, and cryptocurrencies.

CME Group’s Multi-Engine Growth Story—Trading, Data, Prediction Markets, and Beyond!

<ul><li>During the third quarter of 2025, CME Group, a leading global derivatives marketplace, reported revenues of $1.5 billion, marking a 3% decline compared to the exceptionally strong performance in the same quarter of the previous year.</li><li>It is notable that despite this decrease, CME Group continued to maintain robust financial health, evidenced by an adjusted operating income of $1.1 billion and a significant operating margin of 68.4%.</li><li>The average rate per contract was $0.702, translating into $1.2 billion in clearing and transaction fees, which underscores the critical role these fees play in the company's revenue structure.</li></ul>

During the third quarter of 2025, CME Group, a leading global derivatives marketplace, reported revenues of $1.5 billion, marking a 3% decline compared to the exceptionally strong performance in the same quarter of the previous year.It is notable that despite this decrease, CME Group continued to maintain robust financial health, evidenced by an adjusted operating income of $1.1 billion and a significant operating margin of 68.4%.The average rate per contract was $0.702, translating into $1.2 billion in clearing and transaction fees, which underscores the critical role these fees play in the company's revenue structure.

CME Group: An Insight Into Its Market Data Revenue Growth

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.</li>
<li>In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.</li>
<li>Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.</li>
</ul>


National Stock Exchange is launching India IPO to raise nearly INR 12.6B. They operate a vertically integrated stock exchange offering integrated platform for trading, clearing, listing, and other services.
In Q1FY27, NSE revenue increased by 9.5% to INR 52.5B, driven by increase in transaction charges. Net profit rose 11% to INR 31.2B with net margin down 150bps to 59.4%.
Though, the valuation seems slightly pricey, the intrinsic growth opportunity that comes from the breadth of their offerings, operational scale and profitability, makes this offering a good long-term bet.


National Stock Exchange IPO: Option To Cash Me If You Can, On The Bourses

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>, India's largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/national-stock-exchange-of-india-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:267423" rel="noopener">National Stock Exchange of India IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.</li>
</ul>



National Stock Exchange (NSEIN IN), India's largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.
I previously discussed the IPO in National Stock Exchange of India IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.


National Stock Exchange of India IPO: Valuation Insights

United States

CME Group Inc. operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange and commodities.  The Exchange brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears.

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

CME Group (CME US)

Compute Futures and the Market Price of GPU Obsolescence

GPU futures could do more than just hedge compute prices: they may expose basis risk, price hardware obsolescence and reshape how AI infrastructure...

Mint Finance

CME Group’s Multi-Engine Growth Story—Trading, Data, Prediction Markets, and Beyond!

CME Group has reported strong financial and operational results for the fourth quarter of 2025, marking a significant year in the company's...

Baptista Research

CME Group: An Insight Into Its Market Data Revenue Growth

During the third quarter of 2025, CME Group, a leading global derivatives marketplace, reported revenues of $1.5 billion, marking a 3% decline...

Baptista Research

National Stock Exchange IPO: Option To Cash Me If You Can, On The Bourses

National Stock Exchange is launching India IPO to raise nearly INR 12.6B. Though, the valuation seems slightly pricey, the intrinsic growth...

Tina Banerjee

National Stock Exchange of India IPO: Valuation Insights

National Stock Exchange, India's largest stock exchange, aims to raise up to US$2.4 billion. In this note, I present my forecast and valuation.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)