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>GB10 Brings Nvidia AI Performance From Data Center to the Desktop</li>
<li>GB10 PCs Will Be "True" AI PCs, Their Capabilities Will Be More Evident</li>
<li>From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer</li>
</ul>


GB10 Brings Nvidia AI Performance From Data Center to the Desktop
GB10 PCs Will Be "True" AI PCs, Their Capabilities Will Be More Evident
From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer


PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

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>HP Inc.'s third quarter results for 2025 demonstrated solid progress in achieving its strategic goals, marked by a 3% year-over-year revenue increase, attributed primarily to strong performance in the Personal Systems segment.</li><li>This growth was fueled by demand for Windows 11, AI PC adoption, and service growth, reflecting the company's ability to adapt to market dynamics.</li><li>However, the Print segment experienced a 3% decline in revenue, indicating challenges in the office market and competitive pricing pressures, which the company is addressing through strategic adjustments and cost management.</li></ul>

HP Inc.'s third quarter results for 2025 demonstrated solid progress in achieving its strategic goals, marked by a 3% year-over-year revenue increase, attributed primarily to strong performance in the Personal Systems segment.This growth was fueled by demand for Windows 11, AI PC adoption, and service growth, reflecting the company's ability to adapt to market dynamics.However, the Print segment experienced a 3% decline in revenue, indicating challenges in the office market and competitive pricing pressures, which the company is addressing through strategic adjustments and cost management.

HP Inc.: Expansion in AI Computing Ecosystems & A New AI Powered Gaming Lineup Are Elements To WATCH OUT FOR!

<ul>
<li>TSMC’s Tale of Two Fabs: Arizona’s Surprise Upside vs. Kumamoto’s Challenges</li>
<li>A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC</li>
<li>SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem </li>
</ul>


TSMC’s Tale of Two Fabs: Arizona’s Surprise Upside vs. Kumamoto’s Challenges
A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC
SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem 


Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ 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

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Vincent Fernando, CFA

HP Inc.: Expansion in AI Computing Ecosystems & A New AI Powered Gaming Lineup Are Elements To WATCH OUT FOR!

HP Inc.'s third quarter results for 2025 demonstrated solid progress in achieving its strategic goals, marked by a 3% year-over-year revenue...

Baptista Research

Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...

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

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

​Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Vincent Fernando, CFA

HP Inc.: Expansion in AI Computing Ecosystems & A New AI Powered Gaming Lineup Are Elements To WATCH OUT FOR!

HP Inc.'s third quarter results for 2025 demonstrated solid progress in achieving its strategic goals, marked by a 3% year-over-year revenue...

Baptista Research

Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

​TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...

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...

Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...