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

Equity Bottom-Up

<ul>
<li>NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share</li>
<li>Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market </li>
<li>Under sustained questioning during the Q&amp;A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future</li>
</ul>


NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share
Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market 
Under sustained questioning during the Q&amp;A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future


NVIDIA Becomes The Latest To Back Intel's GoFundMe Appeal

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.

<ul>
<li>Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.</li>
<li>The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. </li>
<li>Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.</li>
</ul>


Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.
The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. 
Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.


What Is the Real Prize in Nvidia’s $5B Intel Bet?

<ul>
<li>Last week, Synopsys reported Q325 results and guidance both well below expectations causing the share price to collapse over 34% in the immediate aftermath.</li>
<li>The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the year"</li>
<li>That "major foundry customer" is likely Intel. Who's next in line to face similar revenue impact from Intel's challenges? </li>
</ul>


Last week, Synopsys reported Q325 results and guidance both well below expectations causing the share price to collapse over 34% in the immediate aftermath.
The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the year"
That "major foundry customer" is likely Intel. Who's next in line to face similar revenue impact from Intel's challenges? 


Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

<ul>
<li>We will be putting products on TSMC you know, forever, really. TSMC is a great partner for us. Obviously everyone understands that their support and technology are great. </li>
<li>18A is actually a good node for us. We want to milk that node  We won’t get peak volume on 18A until the 2030 timeframe.</li>
<li>Kevork Kechichian joined Intel as head of the Data Center Group. He will lead Intel’s data center business across cloud and enterprise, including the Intel Xeon processor family</li>
</ul>


We will be putting products on TSMC you know, forever, really. TSMC is a great partner for us. Obviously everyone understands that their support and technology are great. 
18A is actually a good node for us. We want to milk that node  We won’t get peak volume on 18A until the 2030 timeframe.
Kevork Kechichian joined Intel as head of the Data Center Group. He will lead Intel’s data center business across cloud and enterprise, including the Intel Xeon processor family


Intel CFO @ Citi’s 2025 Global TMT Conference: "We Will Use TSMC Forever"

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Why does <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s current CFO state “Intel will use TSMC basically forever”? </li>
<li>From <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>’s perspective, they have always maintained a “no competition with customers” principle.  </li>
<li>Another question remains: who will adopt Intel’s 14A technology in 2027-28?  </li>
</ul>


Why does Intel Corp (INTC US)’s current CFO state “Intel will use TSMC basically forever”? 
From Taiwan Semiconductor (TSMC) - ADR (TSM US)’s perspective, they have always maintained a “no competition with customers” principle.  
Another question remains: who will adopt Intel’s 14A technology in 2027-28?  


Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

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)

NVIDIA Becomes The Latest To Back Intel's GoFundMe Appeal

Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal...

William Keating

What Is the Real Prize in Nvidia’s $5B Intel Bet?

Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...

Mint Finance

Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the...

William Keating

Intel CFO @ Citi’s 2025 Global TMT Conference: "We Will Use TSMC Forever"

We will be putting products on TSMC you know, forever, really. TSMC is a great partner for us. Obviously everyone understands that their support...

William Keating

Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NVIDIA Becomes The Latest To Back Intel's GoFundMe Appeal

Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal...

William Keating

What Is the Real Prize in Nvidia’s $5B Intel Bet?

​Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...

Mint Finance

Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the...

William Keating

Intel CFO @ Citi’s 2025 Global TMT Conference: "We Will Use TSMC Forever"

We will be putting products on TSMC you know, forever, really. TSMC is a great partner for us. Obviously everyone understands that their support...

William Keating

Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

​Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.

Patrick Liao

Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...

Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.