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)

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Compute Is Perishable Inventory: racks earn nothing merely plugged in, and unallocated GPU hours expire immediately. Hyperscaler returns hinge on billable utilisation before chip obsolescence erodes installed fleets' residual values.</li>
<li>
Accounting Masks Capital Exposure: disclosed off-balance-sheet commitments exceed $3.1 trillion. Useful-life extensions and lease reclassifications reduce reported headline capex without lowering actual cash outlays, obscuring true infrastructure intensity.</li>
<li>
Quality of Demand Is Shifting: Multi-year RPO backlogs offer duration visibility, not locked-in returns. With compute futures launching, spot-to-contract spreads and post-trial enterprise conversion will reveal true marginal capacity yield.</li>
</ul>



Compute Is Perishable Inventory: racks earn nothing merely plugged in, and unallocated GPU hours expire immediately. Hyperscaler returns hinge on billable utilisation before chip obsolescence erodes installed fleets' residual values.

Accounting Masks Capital Exposure: disclosed off-balance-sheet commitments exceed $3.1 trillion. Useful-life extensions and lease reclassifications reduce reported headline capex without lowering actual cash outlays, obscuring true infrastructure intensity.

Quality of Demand Is Shifting: Multi-year RPO backlogs offer duration visibility, not locked-in returns. With compute futures launching, spot-to-contract spreads and post-trial enterprise conversion will reveal true marginal capacity yield.


The Perishable Rack: AI Capex as an Inventory Cycle

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>MA Financial and Coombes have acquired Central Melbourne Mall for a total of $110 million.</li><li>Ingham is actively seeking a partner to develop a significant $714 million logistics hub.</li><li>Home sales in Singapore have dramatically decreased by 68% in the first quarter of the year.</li></ul>

MA Financial and Coombes have acquired Central Melbourne Mall for a total of $110 million.Ingham is actively seeking a partner to develop a significant $714 million logistics hub.Home sales in Singapore have dramatically decreased by 68% in the first quarter of the year.

Asia Real Estate Tracker (22-May-2026): MA Financial and Coombes acquire Melbourne mall for $110M.

<ul>
<li>AirTrunk plans to invest $3 billion in two new data centers in Malaysia ahead of its IPO.</li>
<li>The Canada Pension Plan Investment Board has allocated $55 million to NextDC for data center improvements.</li>
<li>Morgan Stanley has boosted its backing for Hong Kong developers amid recent personnel changes in APAC real estate.</li>
</ul>


AirTrunk plans to invest $3 billion in two new data centers in Malaysia ahead of its IPO.
The Canada Pension Plan Investment Board has allocated $55 million to NextDC for data center improvements.
Morgan Stanley has boosted its backing for Hong Kong developers amid recent personnel changes in APAC real estate.


Asia Real Estate Tracker (05-May-2026): AirTrunk plans $3B investment in Malaysia data centers.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.</li><li>Management also provided a positive outlook, noting that cost pressures from the Middle East situation remain limited.</li><li>At the same time, we recommend opening positions in AMD80, ASML01, and GOOG80, which are DRs linked to leading global technology stocks.</li></ul>

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.Management also provided a positive outlook, noting that cost pressures from the Middle East situation remain limited.At the same time, we recommend opening positions in AMD80, ASML01, and GOOG80, which are DRs linked to leading global technology stocks.

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

<ul><li>Recommendation to open investment positions in AMZN80 and AVGO80, which are Depositary Receipts (DRs) tracking leading U.S. technology stocks.</li><li>The KTX Tactical DR Port recorded an average total return decrease of -0.12% amid uncertainty regarding a ceasefire agreement between the U.S. and Iran.</li><li>Based on our analysis using the KTX Baht Tracker, the baht has depreciated to an overly weak level.</li></ul>

Recommendation to open investment positions in AMZN80 and AVGO80, which are Depositary Receipts (DRs) tracking leading U.S. technology stocks.The KTX Tactical DR Port recorded an average total return decrease of -0.12% amid uncertainty regarding a ceasefire agreement between the U.S. and Iran.Based on our analysis using the KTX Baht Tracker, the baht has depreciated to an overly weak level.

KTX Tactical DR Picks - April 10, 2026 (Eng.)

United States

Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis.  The Company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business.

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Morgan Stanley (MS US)

The Perishable Rack: AI Capex as an Inventory Cycle

We dissect how the hyperscaler build-out is an inventory cycle and not real estate. Why $725B in capex, $3.1T in off-balance commitments, and RPO...

Mint Finance

Asia Real Estate Tracker (22-May-2026): MA Financial and Coombes acquire Melbourne mall for $110M.

MA Financial and Coombes bought Central Melbourne Mall for $110M, Ingham seeks a partner for a $714M logistics hub, and Singapore home sales fell...

Asia Real Estate Tracker

Asia Real Estate Tracker (05-May-2026): AirTrunk plans $3B investment in Malaysia data centers.

AirTrunk plans to invest $3 billion in Malaysian data centers ahead of its Singapore IPO, while CPPIB commits $55 million to NextDC, and Morgan...

Asia Real Estate Tracker

KTX TACTICAL DR PICKS - April 16, 2026 (Eng.)

We recommend taking profit on UNIQLO80 with a return of 17.5%, following a strong share price rally after better-than-expected results.

Krungthai XSpring

KTX Tactical DR Picks - April 10, 2026 (Eng.)

Recommendation to open investment positions in AMZN80 and AVGO80, which are Depositary Receipts (DRs) tracking leading U.S. technology stocks.

Krungthai XSpring

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