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>DRAM has jumped 172 % YoY and is still climbing; another 30–50 % hike is baked into Q4, wiping out the 4–6 % operating margins most PC OEMs live on.</li>
<li>Intel’s soldered-down LPDDR5X, once hated for killing the lucrative RAM-up-sell, now locks the memory cost inside the processor.</li>
<li>With memory inflation off their books via a safe margin play, OEMs can hold notebook ASPs and guidance</li>
</ul>


DRAM has jumped 172 % YoY and is still climbing; another 30–50 % hike is baked into Q4, wiping out the 4–6 % operating margins most PC OEMs live on.
Intel’s soldered-down LPDDR5X, once hated for killing the lucrative RAM-up-sell, now locks the memory cost inside the processor.
With memory inflation off their books via a safe margin play, OEMs can hold notebook ASPs and guidance


How 172% DRAM Spikes Turn Intel’s ‘Worst’ Feature Into Its Best Asset

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>NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers </li>
<li>NVDA Strong Quarter, Strong Guidance, Consensus ~20% Too Low, Stock Is Not Expensive </li>
<li>Silicon Valley's Substrate -- ASML, TSMC Slayer Or Ideological Pipe Dream? </li>
</ul>


NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers 
NVDA Strong Quarter, Strong Guidance, Consensus ~20% Too Low, Stock Is Not Expensive 
Silicon Valley's Substrate -- ASML, TSMC Slayer Or Ideological Pipe Dream? 


Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

<ul>
<li>OpenAI’s growth model relies on an intricate loop of vendor financing, aggressive forward contracts, and $80B+ in projected external capital.</li>
<li>Long-Dated chip commitments seem less about immediate infra demand and more about bolstering OpenAI’s fundraising optics by showcasing secured access to future capacity.</li>
<li>If credit tightens or execution slips, the weakest links—OEMs and private equity firms backing infra-hungry AI startups—may snap first, with cascading effects on Nvidia, AMD, and TSMC to follow.</li>
</ul>


OpenAI’s growth model relies on an intricate loop of vendor financing, aggressive forward contracts, and $80B+ in projected external capital.
Long-Dated chip commitments seem less about immediate infra demand and more about bolstering OpenAI’s fundraising optics by showcasing secured access to future capacity.
If credit tightens or execution slips, the weakest links—OEMs and private equity firms backing infra-hungry AI startups—may snap first, with cascading effects on Nvidia, AMD, and TSMC to follow.


OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand

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.

<ul><li>Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized infrastructure portfolio.</li><li>At the forefront of this shift is Dell’s Infrastructure Solutions Group (ISG), which saw a 44% year-over-year revenue surge in Q2 FY2026, driven primarily by soaring demand for AI servers.</li><li>The company now projects over $20 billion in AI server sales in FY2026, up from just $10 billion in FY2025, with expectations of crossing the $25 billion threshold by FY2027.</li></ul>

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized infrastructure portfolio.At the forefront of this shift is Dell’s Infrastructure Solutions Group (ISG), which saw a 44% year-over-year revenue surge in Q2 FY2026, driven primarily by soaring demand for AI servers.The company now projects over $20 billion in AI server sales in FY2026, up from just $10 billion in FY2025, with expectations of crossing the $25 billion threshold by FY2027.

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

<ul>
<li>Dell doubles long-term growth outlook to 7–9% revenue and 15%+ EPS CAGR through FY30, led by AI infrastructure.</li>
<li>AI PCs emerge as Dell’s next growth engine; global refresh cycle could finally kickstart long-awaited PC upturn.</li>
<li>Taiwan makers Asus, Acer, Quanta, and Wistron positioned to benefit as AI PC and server demand scales together.</li>
</ul>


Dell doubles long-term growth outlook to 7–9% revenue and 15%+ EPS CAGR through FY30, led by AI infrastructure.
AI PCs emerge as Dell’s next growth engine; global refresh cycle could finally kickstart long-awaited PC upturn.
Taiwan makers Asus, Acer, Quanta, and Wistron positioned to benefit as AI PC and server demand scales together.


PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here?

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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

Dell Technologies (DELL US)

How 172% DRAM Spikes Turn Intel’s ‘Worst’ Feature Into Its Best Asset

DRAM prices have surged 172% YoY, impacting PC OEMs' operating margins. Intel's LPDDR5X now includes memory cost, allowing OEMs to maintain...

Mint Finance

Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

NVIDIA's strong results suggest strong demand for key suppliers in Taiwan, while ASML and TSMC are at the forefront of Silicon Valley's substrate...

Vincent Fernando, CFA

OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand

OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...

Mint Finance

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized...

Baptista Research

PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here?

Dell doubles growth forecast through 2030 driven by AI infra, with AI PCs as the next growth engine and potential for a global PC upturn. Taiwan...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How 172% DRAM Spikes Turn Intel’s ‘Worst’ Feature Into Its Best Asset

​DRAM prices have surged 172% YoY, impacting PC OEMs' operating margins. Intel's LPDDR5X now includes memory cost, allowing OEMs to maintain...

Mint Finance

Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

​NVIDIA's strong results suggest strong demand for key suppliers in Taiwan, while ASML and TSMC are at the forefront of Silicon Valley's substrate...

Vincent Fernando, CFA

OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand

​OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...

Mint Finance

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized...

Baptista Research

PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here?

​Dell doubles growth forecast through 2030 driven by AI infra, with AI PCs as the next growth engine and potential for a global PC upturn. Taiwan...

Vincent Fernando, CFA

DRAM prices have surged 172% YoY, impacting PC OEMs' operating margins. Intel's LPDDR5X now includes memory cost, allowing OEMs to maintain...

NVIDIA's strong results suggest strong demand for key suppliers in Taiwan, while ASML and TSMC are at the forefront of Silicon Valley's substrate...

OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...

Dell doubles growth forecast through 2030 driven by AI infra, with AI PCs as the next growth engine and potential for a global PC upturn. Taiwan...