Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.</li>
<li>Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.</li>
<li>The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.</li>
</ul>


3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.


Intel: You’re Buying Hopes of a Better 2027

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  </li>
<li>CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank</li>
<li>Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.</li>
</ul>


Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.


Intel (INTC.US): 3Q25 Results Slightly Beat; Emphasized AI Importance; Seeking New Foundry Clients.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.</li>
<li>U.S. President Trump’s investment in <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has so far generated about a 48.5% return, which raises the question — what’s next?</li>
<li>That said, we continue to believe that <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> must demonstrate real performance improvements before claiming a full turnaround.</li>
</ul>



Intel Corp (INTC US) will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.
U.S. President Trump’s investment in Intel Corp (INTC US) has so far generated about a 48.5% return, which raises the question — what’s next?
That said, we continue to believe that Intel Corp (INTC US) must demonstrate real performance improvements before claiming a full turnaround.


Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

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>3Q26 revenue is already reported at NT$1,494.2bn, about US$46.7bn, 2% above the top of the guide; the 15 October release turns on margins, the 4Q guide and 2027.</li>
<li>We expect January 2027 price increases to roughly offset wider 2nm and overseas dilution, holding gross margin near 65-67%; 2027 capex is the bigger unknown.</li>
<li>Target price NT$2,920 (15% upside): 26.9x 2026 EPS, reflecting what we see as a permanent re-rating since 2019; TSMC trades at 17.9x 2027 earnings versus 23.0x for big US tech.</li>
</ul>


3Q26 revenue is already reported at NT$1,494.2bn, about US$46.7bn, 2% above the top of the guide; the 15 October release turns on margins, the 4Q guide and 2027.
We expect January 2027 price increases to roughly offset wider 2nm and overseas dilution, holding gross margin near 65-67%; 2027 capex is the bigger unknown.
Target price NT$2,920 (15% upside): 26.9x 2026 EPS, reflecting what we see as a permanent re-rating since 2019; TSMC trades at 17.9x 2027 earnings versus 23.0x for big US tech.


TSMC 3Q26 Preview: 2027 Price Increases Should Hold Margins; Further Share Upside from Here

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Anthropic launched Opus 5, Moonshot moved toward pre-IPO funding, and Alibaba shipped Qwen3.8.</li>
<li>China coverage grouped Qwen3.8, Kimi funding, Zhipu compute and SenseTime capacity, with policy items separated into MOFCOM and MIIT updates.</li>
<li>Infrastructure and funding updates covered AMD, Nvidia, TSMC, Atoms, Mistral, Etched, 01.AI, PsiBot and GigaAI.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Anthropic launched Opus 5, Moonshot moved toward pre-IPO funding, and Alibaba shipped Qwen3.8.
China coverage grouped Qwen3.8, Kimi funding, Zhipu compute and SenseTime capacity, with policy items separated into MOFCOM and MIIT updates.
Infrastructure and funding updates covered AMD, Nvidia, TSMC, Atoms, Mistral, Etched, 01.AI, PsiBot and GigaAI.


This Week in AI (Jul 19-25): Opus 5 and Qwen 3.8 Launches; Kimi Targets a Pre-IPO After K3 Release

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)

Intel: You’re Buying Hopes of a Better 2027

Intel's 3Q beat driven by PC growth, not Data Center; high yields expected to drive margins recovery by 2027. Market bets on swift recovery, but...

Nicolas Baratte

Intel (INTC.US): 3Q25 Results Slightly Beat; Emphasized AI Importance; Seeking New Foundry Clients.

Intel Corp beat 3Q25 estimates, focusing on AI growth and strategic investments, while its foundry business seeks external customers.

Patrick Liao

This Week in AI (Jul 19-25): Opus 5 and Qwen 3.8 Launches; Kimi Targets a Pre-IPO After K3 Release

This week in AI: Opus 5 neared Fable 5 at half the price, Kimi targeted a USD 50bn pre-IPO round, Qwen3.8 launched, and China weighed AI controls.

Ke Yan, CFA, FRM

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Intel: You’re Buying Hopes of a Better 2027

​Intel's 3Q beat driven by PC growth, not Data Center; high yields expected to drive margins recovery by 2027. Market bets on swift recovery, but...

Nicolas Baratte

Intel (INTC.US): 3Q25 Results Slightly Beat; Emphasized AI Importance; Seeking New Foundry Clients.

​Intel Corp beat 3Q25 estimates, focusing on AI growth and strategic investments, while its foundry business seeks external customers.

Patrick Liao

Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

​Intel Corp will hold its earnings call on October 23, recent share price upside is encouraging but performance improvements are needed for a full...

Patrick Liao

TSMC 3Q26 Preview: 2027 Price Increases Should Hold Margins; Further Share Upside from Here

We expect January 2027 price increases to roughly offset wider 2nm and overseas dilution, holding gross margin near 65-67%; 2027 capex is the...

Vincent Fernando, CFA

This Week in AI (Jul 19-25): Opus 5 and Qwen 3.8 Launches; Kimi Targets a Pre-IPO After K3 Release

This week in AI: Opus 5 neared Fable 5 at half the price, Kimi targeted a USD 50bn pre-IPO round, Qwen3.8 launched, and China weighed AI controls.

Ke Yan, CFA, FRM

Intel's 3Q beat driven by PC growth, not Data Center; high yields expected to drive margins recovery by 2027. Market bets on swift recovery, but...

Intel Corp beat 3Q25 estimates, focusing on AI growth and strategic investments, while its foundry business seeks external customers.

Intel Corp will hold its earnings call on October 23, recent share price upside is encouraging but performance improvements are needed for a full...