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>Intel has agreed to convert US CHIPs Act funding (past &amp; future) &amp; Secure Enclave contracts into a 10% equity stake for the US Administration.</li>
<li>The equity stake will comprise 433.3 million primary shares of Intel common stock at a price of $20.47 per share, a roughly 16% discount to their market value yesterday</li>
<li>In his commentary on the deal, President Trump referred to Intel CEO Lip-Bu Tan as a victim, stating he came to the White House to save his job. Wow!</li>
</ul>


Intel has agreed to convert US CHIPs Act funding (past &amp; future) &amp; Secure Enclave contracts into a 10% equity stake for the US Administration.
The equity stake will comprise 433.3 million primary shares of Intel common stock at a price of $20.47 per share, a roughly 16% discount to their market value yesterday
In his commentary on the deal, President Trump referred to Intel CEO Lip-Bu Tan as a victim, stating he came to the White House to save his job. Wow!


Intel's Historic Agreement Or Moment Of Surrender?

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>SoftBank widens its AI bet with a $2B stake in Intel, suffers a 12% dip over two consecutive days.</li>
<li>Nvidia’s dominance has hyperscalers wary of lock-in. With Amazon and Microsoft building their chips, SoftBank’s move lands right as the market searches for alternatives.</li>
<li>Can Son replicate Intel’s historic design-fab alignment in AI, or would execution risk outweigh his ecosystem-diversification logic?</li>
</ul>


SoftBank widens its AI bet with a $2B stake in Intel, suffers a 12% dip over two consecutive days.
Nvidia’s dominance has hyperscalers wary of lock-in. With Amazon and Microsoft building their chips, SoftBank’s move lands right as the market searches for alternatives.
Can Son replicate Intel’s historic design-fab alignment in AI, or would execution risk outweigh his ecosystem-diversification logic?


Masa’s AI Double Down: Masterstroke or Misstep?

<ul>
<li>US commerce secretary Howard Lutnick confirmed that the US Administration is pursuing a strategy of converting CHIPS Act funding into equity stakes with Intel acting as its guinea pig</li>
<li>It seems clear that Mr. Lutnick is bent on applying the same formula with other beneficiaries of US CHIPs Act funding</li>
<li>CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion &amp; chaos. Who or what's next?</li>
</ul>


US commerce secretary Howard Lutnick confirmed that the US Administration is pursuing a strategy of converting CHIPS Act funding into equity stakes with Intel acting as its guinea pig
It seems clear that Mr. Lutnick is bent on applying the same formula with other beneficiaries of US CHIPs Act funding
CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion &amp; chaos. Who or what's next?


CHIPS Act Money For Equity Stake, Pay For China Play? For Goodness Sake!

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 is suddenly at the center of a high-stakes drama.</li><li>Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being "conflicted" due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .</li><li>That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey "amazing" after once demanding his resignation .</li></ul>

Intel is suddenly at the center of a high-stakes drama.Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being "conflicted" due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey "amazing" after once demanding his resignation .

Intel In The Hot Seat: U.S. Government Eyes Stake As Chipmaker Stumbles

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.  </li>
<li>We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.</li>
<li>We are bearish on <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 position and do not believe financial support alone can help the company overcome its challenges.</li>
</ul>


Monetary support may temporarily ease Intel’s current financial difficulties, but the ultimate solution lies in securing technical support from manufacturing.  
We remain curious how the U.S. government will devise a solution for Intel if the company ultimately cannot provide the necessary support for U.S. Fabless players.
We are bearish on Intel Corp (INTC US)’s current position and do not believe financial support alone can help the company overcome its challenges.


Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

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's Historic Agreement Or Moment Of Surrender?

"I thought he was somewhat a victim but you know nobody's a total victim .He walked in wanting to keep his job and he ended up giving us $10...

William Keating

Masa’s AI Double Down: Masterstroke or Misstep?

SoftBank invests $2B in Intel for AI, faces stock drop. While the market seems to look for alternatives to Nvidia, Son's strategy is still...

Mint Finance

CHIPS Act Money For Equity Stake, Pay For China Play? For Goodness Sake!

CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion & chaos. Who...

William Keating

Intel In The Hot Seat: U.S. Government Eyes Stake As Chipmaker Stumbles

Intel is suddenly at the center of a high-stakes drama. Just this month, the Trump administration reversed its public criticism of CEO Lip Bu...

Baptista Research

Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...

Patrick Liao

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel's Historic Agreement Or Moment Of Surrender?

"I thought he was somewhat a victim but you know nobody's a total victim .He walked in wanting to keep his job and he ended up giving us $10...

William Keating

Masa’s AI Double Down: Masterstroke or Misstep?

​SoftBank invests $2B in Intel for AI, faces stock drop. While the market seems to look for alternatives to Nvidia, Son's strategy is still...

Mint Finance

CHIPS Act Money For Equity Stake, Pay For China Play? For Goodness Sake!

CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion & chaos. Who...

William Keating

Intel In The Hot Seat: U.S. Government Eyes Stake As Chipmaker Stumbles

Intel is suddenly at the center of a high-stakes drama. Just this month, the Trump administration reversed its public criticism of CEO Lip Bu...

Baptista Research

Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

​Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...

Patrick Liao

SoftBank invests $2B in Intel for AI, faces stock drop. While the market seems to look for alternatives to Nvidia, Son's strategy is still...

Financial support may not be enough to save Intel from its current challenges; securing technical support from manufacturing is crucial for long...