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>Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.</li>
<li>Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.</li>
<li>Snapdragon X's monetisation has been deferred,  while XR design momentum was a rare bright spot beyond mobile.</li>
</ul>


Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.
Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.
Snapdragon X's monetisation has been deferred,  while XR design momentum was a rare bright spot beyond mobile.


[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger

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

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$1bn in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

Thematic (Sector/Industry)

<ul>
<li>Engineering work continues on the 14A, but further capacity expansion is on hold until a major external customer commits.</li>
<li>CEO Lip-Bu Tan is prioritising balance sheet strength and shareholder returns after years of aggressive capex.</li>
<li>Intel would only expand PPE upon firm commitments, ensuring any new foundry capacity is tied to revenue certainty.</li>
</ul>


Engineering work continues on the 14A, but further capacity expansion is on hold until a major external customer commits.
CEO Lip-Bu Tan is prioritising balance sheet strength and shareholder returns after years of aggressive capex.
Intel would only expand PPE upon firm commitments, ensuring any new foundry capacity is tied to revenue certainty.


Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>According to Gartner, PC unit shipments increased 4.1% YoY in Q225 to reach 63.2 million</li>
<li>According to IDC, smartphone unit shipments grew 1% YoY in the second quarter, reaching 295.2 million units</li>
<li>Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026</li>
</ul>


According to Gartner, PC unit shipments increased 4.1% YoY in Q225 to reach 63.2 million
According to IDC, smartphone unit shipments grew 1% YoY in the second quarter, reaching 295.2 million units
Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026


Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

<ul>
<li>SOXX rose 1.3% as AMD, Nvidia, and Broadcom rallied on China access and upgrades, while Micron and ASML lagged on memory and High-NA concerns.</li>
<li>ASML warned on 2026 as TSMC and Samsung delay High-NA EUV; newer designs instead boost demand for etch players over lithography.</li>
<li>$136M ETF outflows and a 25% drop in options activity show gains remain narrow, with investors waiting on tariffs and real tech catalysts.</li>
</ul>


SOXX rose 1.3% as AMD, Nvidia, and Broadcom rallied on China access and upgrades, while Micron and ASML lagged on memory and High-NA concerns.
ASML warned on 2026 as TSMC and Samsung delay High-NA EUV; newer designs instead boost demand for etch players over lithography.
$136M ETF outflows and a 25% drop in options activity show gains remain narrow, with investors waiting on tariffs and real tech catalysts.


[Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls

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)

[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger

QCT beats expectations with strong handset demand, but licensing growth disappoints and margins decline. Uncertainty also looms with fading Apple...

Mint Finance

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.

Mint Finance

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026

William Keating

[Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls

AMD, Nvidia, and Broadcom lead the gains, but falling flows, cautious options bets, and structural shifts in chipmaking leave the rally on...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger

​QCT beats expectations with strong handset demand, but licensing growth disappoints and margins decline. Uncertainty also looms with fading Apple...

Mint Finance

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Is 14A on the Chopping Block, or Is Intel Raising the Stakes for a Whale

​Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.

Mint Finance

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026

William Keating

[Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls

AMD, Nvidia, and Broadcom lead the gains, but falling flows, cautious options bets, and structural shifts in chipmaking leave the rally on...

Mint Finance

QCT beats expectations with strong handset demand, but licensing growth disappoints and margins decline. Uncertainty also looms with fading Apple...

Intel is focusing on financial stability and shareholder returns, delaying capacity expansion until it secures commitments from major customers.