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>The AI boom is widely framed as a hyperscaler capex story. But a growing share of the infra buildout is financed through private credit markets sitting largely outside public scrutiny.</li>
<li>Early warning signs are emerging: private credit defaults (in general) are rising and banks are tightening leverage against their collateral.</li>
<li>The first pressure point in the case of financial conditions deteriorating would be this very  infrastructure layer, increasing uncertainty as regards hyperscaler capex ambitions as well.</li>
</ul>


The AI boom is widely framed as a hyperscaler capex story. But a growing share of the infra buildout is financed through private credit markets sitting largely outside public scrutiny.
Early warning signs are emerging: private credit defaults (in general) are rising and banks are tightening leverage against their collateral.
The first pressure point in the case of financial conditions deteriorating would be this very  infrastructure layer, increasing uncertainty as regards hyperscaler capex ambitions as well.


Beyond Chips and Capex: Private Credit in the AI Ecosystem

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>From its all time high of ~$118 back in September 2025, IGV, the iShares Expanded Tech-Software Sector ETF, is currently down ~26%</li>
<li>Despite the Saaspocalypse, SaaS earnings and outlook have rarely looked better. </li>
<li>The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.</li>
</ul>


From its all time high of ~$118 back in September 2025, IGV, the iShares Expanded Tech-Software Sector ETF, is currently down ~26%
Despite the Saaspocalypse, SaaS earnings and outlook have rarely looked better. 
The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.


Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Commodities

<ul>
<li>Explosive AI-driven data centre expansion is rapidly increasing U.S. electricity demand, with consumption projected to nearly double by 2030, reshaping long-term power generation dynamics.</li>
<li>Despite aggressive renewable procurement, natural gas remains the backbone of a reliable 24/7 power supply, positioning it as the primary bridge between intermittent renewables and hyperscale energy needs.</li>
<li>While data-centre-driven gas demand will provide incremental price support by 2026, it is unlikely to dominate Henry Hub pricing until later this decade.</li>
</ul>


Explosive AI-driven data centre expansion is rapidly increasing U.S. electricity demand, with consumption projected to nearly double by 2030, reshaping long-term power generation dynamics.
Despite aggressive renewable procurement, natural gas remains the backbone of a reliable 24/7 power supply, positioning it as the primary bridge between intermittent renewables and hyperscale energy needs.
While data-centre-driven gas demand will provide incremental price support by 2026, it is unlikely to dominate Henry Hub pricing until later this decade.


Data Centres: Today’s Cushion, Tomorrow’s Price Driver

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>Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.</li>
<li>TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.</li>
<li>Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.</li>
</ul>


Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.
TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.
Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.


Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

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

<ul>
<li>At the India AI Impact Summit 2026, <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RELIANCE IN)</a> and Tata Group announced historic capex plans for sovereign AI, while NVIDIA, OpenAI inked landmark infrastructure with Indian conglomerates.</li>
<li>This marks India's transition from an AI consumer to  "Sovereign AI" producer, reducing reliance on global clouds and positioning domestic players as owners of the "intelligence" stack rather than facilitators.</li>
<li>Investors should monitor the rapid rerating of Indian <strong>"AI infrastructure"</strong> plays: data centers, power, and high-end IT—as the "Intelligence-as-a-Service" model begins to disrupt traditional linear headcount-linked IT growth.</li>
</ul>


At the India AI Impact Summit 2026, Reliance Industries (RELIANCE IN) and Tata Group announced historic capex plans for sovereign AI, while NVIDIA, OpenAI inked landmark infrastructure with Indian conglomerates.
This marks India's transition from an AI consumer to  "Sovereign AI" producer, reducing reliance on global clouds and positioning domestic players as owners of the "intelligence" stack rather than facilitators.
Investors should monitor the rapid rerating of Indian "AI infrastructure" plays: data centers, power, and high-end IT—as the "Intelligence-as-a-Service" model begins to disrupt traditional linear headcount-linked IT growth.


India AI Impact Summit 2026: From "Back-Office" To "Sovereign AI Factory"

United States

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Microsoft Corp (MSFT US)

Beyond Chips and Capex: Private Credit in the AI Ecosystem

Private credit markets are increasingly financing AI infrastructure buildout, posing potential risks as defaults rise and banks tighten leverage,...

Mint Finance

SaaSpocalypse Now. Are We Done Already?

SaaSpocalypse: The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.

William Keating

Data Centres: Today’s Cushion, Tomorrow’s Price Driver

AI-driven data centre expansion is driving a surge in electricity demand, with nat-gas playing a key role. Gas demand will support prices, but...

Mint Finance

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

India AI Impact Summit 2026: From "Back-Office" To "Sovereign AI Factory"

At India AI Impact Summit 2026, Reliance Industries and Tata Group unveil historic capex plans for sovereign AI, shifting India from AI consumer...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Beyond Chips and Capex: Private Credit in the AI Ecosystem

​Private credit markets are increasingly financing AI infrastructure buildout, posing potential risks as defaults rise and banks tighten leverage,...

Mint Finance

SaaSpocalypse Now. Are We Done Already?

SaaSpocalypse: The issue isn't that AI can replace SaaS, it's the risk that SaaS per seat pricing models will fall apart in an agent-centric world.

William Keating

Data Centres: Today’s Cushion, Tomorrow’s Price Driver

​AI-driven data centre expansion is driving a surge in electricity demand, with nat-gas playing a key role. Gas demand will support prices, but...

Mint Finance

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

India AI Impact Summit 2026: From "Back-Office" To "Sovereign AI Factory"

​At India AI Impact Summit 2026, Reliance Industries and Tata Group unveil historic capex plans for sovereign AI, shifting India from AI consumer...

Nimish Maheshwari

Private credit markets are increasingly financing AI infrastructure buildout, posing potential risks as defaults rise and banks tighten leverage,...

AI-driven data centre expansion is driving a surge in electricity demand, with nat-gas playing a key role. Gas demand will support prices, but...

At India AI Impact Summit 2026, Reliance Industries and Tata Group unveil historic capex plans for sovereign AI, shifting India from AI consumer...