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

<ul>
<li>Apple, Qualcomm, and Tesla are all hiring for EMIB-class advanced packaging, signalling an industry shift toward tech where Intel holds a structural edge.</li>
<li>Intel’s “packaging-first” strategy outlined last year is now visible in real customer activity; foundry share will be won through packaging long before leading-edge wafers.</li>
<li>With TSMC carrying excess capacity, IFS enters a rare window where early 18A traction and EMIB pull-through can create a credible path to 14A volume wins.</li>
</ul>


Apple, Qualcomm, and Tesla are all hiring for EMIB-class advanced packaging, signalling an industry shift toward tech where Intel holds a structural edge.
Intel’s “packaging-first” strategy outlined last year is now visible in real customer activity; foundry share will be won through packaging long before leading-edge wafers.
With TSMC carrying excess capacity, IFS enters a rare window where early 18A traction and EMIB pull-through can create a credible path to 14A volume wins.


IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

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>Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.</li><li>A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.</li><li>This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.</li></ul>

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.

Intel Is Buying SambaNova—And It Could Change Everything!

<ul>
<li>Intel’s Q3 results confirm discipline over drama, with stronger liquidity, narrowing foundry losses, and tangible proof that the “systems foundry” strategy is progressing on schedule.</li>
<li>$5.7 billion from the U.S. government, $2 billion from SoftBank, and divestments in Altera and Mobileye together fortified balance-sheet flexibility for the foundry ramp ahead. </li>
<li>Guidance underscores managed deceleration rather than weakness: Q4 margins to soften on Core Ultra 3 and Altera deconsolidation, even as execution tightens and demand continues to outpace supply into 2026. </li>
</ul>


Intel’s Q3 results confirm discipline over drama, with stronger liquidity, narrowing foundry losses, and tangible proof that the “systems foundry” strategy is progressing on schedule.
$5.7 billion from the U.S. government, $2 billion from SoftBank, and divestments in Altera and Mobileye together fortified balance-sheet flexibility for the foundry ramp ahead. 
Guidance underscores managed deceleration rather than weakness: Q4 margins to soften on Core Ultra 3 and Altera deconsolidation, even as execution tightens and demand continues to outpace supply into 2026. 


Intel’s Quarter That Finally Justified the Pain

Intel Inside the Foundry Race — Will 18A & 14A Nodes Change Everything?

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC 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

IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

Intel's packaging-first strategy is gaining traction, with a potential for winning foundry share with early 18A traction, EMIB adoption, and...

Mint Finance

Intel Is Buying SambaNova—And It Could Change Everything!

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance. A notable outcome is the fourth...

Baptista Research

Intel’s Quarter That Finally Justified the Pain

Intel's Q3 results show discipline with stronger liquidity and progress in the "systems foundry" strategy. Q4 guidance indicates managed...

Mint Finance

Intel Inside the Foundry Race — Will 18A & 14A Nodes Change Everything?

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance. A notable outcome is the fourth...

Baptista Research

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

IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

Intel's packaging-first strategy is gaining traction, with a potential for winning foundry share with early 18A traction, EMIB adoption, and...

Mint Finance

Intel Is Buying SambaNova—And It Could Change Everything!

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance. A notable outcome is the fourth...

Baptista Research

Intel’s Quarter That Finally Justified the Pain

​Intel's Q3 results show discipline with stronger liquidity and progress in the "systems foundry" strategy. Q4 guidance indicates managed...

Mint Finance

Intel Inside the Foundry Race — Will 18A & 14A Nodes Change Everything?

Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance. A notable outcome is the fourth...

Baptista Research

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

Intel's Q3 results show discipline with stronger liquidity and progress in the "systems foundry" strategy. Q4 guidance indicates managed...