Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.</li>
<li>India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.</li>
<li>The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.</li>
</ul>


Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.
India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.
The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.


True Cost of Running an AI Data Centre: A Unit Economics Breakdown

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>Chinese suppliers are gaining share as shortages force OEMs to qualify alternative vendors, creating structural leakage that is hard to reverse even after supply normalises.</li>
<li>Demand elasticity is emerging in lower-end devices, where elevated memory prices are starting to compress volumes and trigger renegotiation pressure in commodity segments.</li>
<li>Hyperscaler spending is becoming more staggered, with phased deployments and higher utilisation of existing capacity making memory demand lumpier rather than structurally weaker.</li>
</ul>


Chinese suppliers are gaining share as shortages force OEMs to qualify alternative vendors, creating structural leakage that is hard to reverse even after supply normalises.
Demand elasticity is emerging in lower-end devices, where elevated memory prices are starting to compress volumes and trigger renegotiation pressure in commodity segments.
Hyperscaler spending is becoming more staggered, with phased deployments and higher utilisation of existing capacity making memory demand lumpier rather than structurally weaker.


TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Global portfolios are increasingly concentrated, with just 7 stocks driving ~15% of total weight — reinforcing a shared, high-conviction core across managers</li>
<li>Despite this, ~47% of capital sits in stocks owned by &lt;15% of funds — the long tail remains the key source of differentiation</li>
<li>The middle cohort is shrinking, shifting portfolios toward a barbell structure — aligned at the top, but differentiated through selective conviction deeper in the portfolio.</li>
</ul>


Global portfolios are increasingly concentrated, with just 7 stocks driving ~15% of total weight — reinforcing a shared, high-conviction core across managers
Despite this, ~47% of capital sits in stocks owned by &lt;15% of funds — the long tail remains the key source of differentiation
The middle cohort is shrinking, shifting portfolios toward a barbell structure — aligned at the top, but differentiated through selective conviction deeper in the portfolio.


Ownership, Concentration and Conviction in Global Equities

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Budget 2026 grants foreign cloud companies a tax holiday until 2047, while four Indian conglomerates are on track to control 35-40% of national data center capacity by 2030.</li>
<li>The partnership model between global hyperscalers and Indian operators, structurally unlike the USA/Europe build-own approach, concentrates economic value domestically and compresses timelines.</li>
<li>AI demand is so capital-magnetic that the sector will grow regardless, but a chronic grid delivery gap raises the probability of the 10 GW target slipping to 2032.</li>
</ul>


Budget 2026 grants foreign cloud companies a tax holiday until 2047, while four Indian conglomerates are on track to control 35-40% of national data center capacity by 2030.
The partnership model between global hyperscalers and Indian operators, structurally unlike the USA/Europe build-own approach, concentrates economic value domestically and compresses timelines.
AI demand is so capital-magnetic that the sector will grow regardless, but a chronic grid delivery gap raises the probability of the 10 GW target slipping to 2032.


Thematic Report: India's Data Center Oligopoly!

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ls-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:4114:1" rel="noopener">LS Electric (010120 KS)</a> has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. </li>
<li>Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. </li>
<li>It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.</li>
</ul>



LS Electric (010120 KS) has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US. 
Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector. 
It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.


United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...

Mint Finance

Ownership, Concentration and Conviction in Global Equities

Global equity portfolios are converging at the top, but real differentiation sits in the long tail. With ~47% of weight in low-ownership stocks,...

Steven Holden

Thematic Report: India's Data Center Oligopoly!

Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Sudarshan Bhandari

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

​AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

​Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...

Mint Finance

Ownership, Concentration and Conviction in Global Equities

Global equity portfolios are converging at the top, but real differentiation sits in the long tail. With ~47% of weight in low-ownership stocks,...

Steven Holden

Thematic Report: India's Data Center Oligopoly!

​Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...

Sudarshan Bhandari

LS Electric (010120): Still Juicy

LS Electric has graduated from being a utility company into AI and data center value chain. At 1.2x PEG, supported by a great demand from the US,...

Henry Soediarko

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...

Budget 2026 grants tax holiday to foreign cloud companies, Indian conglomerates set to control data center capacity, AI sector growth inevitable...