AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan.</li><li>Its chief executive says those factories, not electricity, are what limits AI today, and the company's own numbers show why: a new chip factory takes years to build and more years to fill.</li><li>That is a fair point, and it changes how long I think the chip side of the shortage lasts.</li></ul>

Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan.Its chief executive says those factories, not electricity, are what limits AI today, and the company's own numbers show why: a new chip factory takes years to build and more years to fill.That is a fair point, and it changes how long I think the chip side of the shortage lasts.

TSMC's chief says the AI bottleneck is its factories, not the power grid

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>Samsung Foundry’s utilisation is recovering on 4nm/8nm, but 2nm yields keep break-even out of reach; TSMC tightness and Tesla’s AI6 deal are the near-term demand supports.</li>
<li>TSMC’s 3nm is effectively sold out through 2027, turning what began as a CoWoS bottleneck into a wafer constraint and pushing customers to hedge via Samsung and Intel.</li>
<li>AI is creating a new materials bottleneck in indium phosphide, while China’s CXMT accelerates DRAM scale-up, narrowing the process gap and reshaping bargaining power.</li>
</ul>


Samsung Foundry’s utilisation is recovering on 4nm/8nm, but 2nm yields keep break-even out of reach; TSMC tightness and Tesla’s AI6 deal are the near-term demand supports.
TSMC’s 3nm is effectively sold out through 2027, turning what began as a CoWoS bottleneck into a wafer constraint and pushing customers to hedge via Samsung and Intel.
AI is creating a new materials bottleneck in indium phosphide, while China’s CXMT accelerates DRAM scale-up, narrowing the process gap and reshaping bargaining power.


[Wafer Watch] Foundry Loading, 3nm Scarcity, and New Materials Constraints

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Moore Threads Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moore-threads-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Technology (688795 CH)</a> (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.</li>
<li>MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.</li>
<li>We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.</li>
</ul>



Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.
MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.


Aequitas: Moore Threads Technology A/H Listing - Peer Comparison and Thoughts on Valuations

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/organo-corp" target="_blank" data-smartkarma-citation="entities:1972:1" rel="noopener">Organo Corp (6368 JP)</a> has a strong pricing power and high customer retention ratio, as most fabs makers cannot run without Organo's ultrapure water solution. </li>
<li>With an impending stock split of 5 to 1 on September 29th, 2026, the stock is about to get a lot of retail inflows as the nominal price is cheaper. </li>
<li>The company posts a 29% ROE, yet it trades at a 17-18% P/E, 1.5x PEG, and is cheaper than most semiconductor players, as it temporarily lost some business. </li>
</ul>



Organo Corp (6368 JP) has a strong pricing power and high customer retention ratio, as most fabs makers cannot run without Organo's ultrapure water solution. 
With an impending stock split of 5 to 1 on September 29th, 2026, the stock is about to get a lot of retail inflows as the nominal price is cheaper. 
The company posts a 29% ROE, yet it trades at a 17-18% P/E, 1.5x PEG, and is cheaper than most semiconductor players, as it temporarily lost some business. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/moore-threads-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Technology (688795 CH)</a> (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.</li>
<li>MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.</li>
</ul>



Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.
MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.


Aequitas: Moore Threads Technology A/H Listing - Early Look - One of the Fast Growing Little Giants

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)

TSMC's chief says the AI bottleneck is its factories, not the power grid

Almost every advanced AI chip, whoever designs it, is made by one company, TSMC, mostly in Taiwan. Its chief executive says those factories, not...

The Physical Layer

[Wafer Watch] Foundry Loading, 3nm Scarcity, and New Materials Constraints

Samsung’s utilisation improves, TSMC’s 3nm is sold out, InP substrates tighten, and CXMT accelerates its DRAM build-out.

Mint Finance

Aequitas: Moore Threads Technology A/H Listing - Peer Comparison and Thoughts on Valuations

Moore Threads Technology (688795 CH), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing. In this note, we undertake a peer...

Sumeet Singh

Organo (6368): Incoming Stock Split

Organo is integrated in fab makers ecosystem including TSMC as ultra pure water producer. Trading at 17x PER, 1.5 PEG, below its peers in Japan. 5...

Henry Soediarko

Aequitas: Moore Threads Technology A/H Listing - Early Look - One of the Fast Growing Little Giants

Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing. In this, note we look at...

Sumeet Singh

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