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.

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.</li>
<li>With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.</li>
<li>If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.</li>
</ul>


Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.
With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.
If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.


The Intel-Nvidia Deal Could Outflank AMD Entirely

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.

Thematic (Sector/Industry)

<ul><li>The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.</li><li>Nvidia rose 3.9% after announcing a USD100bn investment in OpenAI and a deal to supply chips for its data centers.</li><li>The iPhone 17 series has set another record for pre-orders, with deliveries made through more than 1,300 branches nationwide.</li></ul>

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296 points.Nvidia rose 3.9% after announcing a USD100bn investment in OpenAI and a deal to supply chips for its data centers.The iPhone 17 series has set another record for pre-orders, with deliveries made through more than 1,300 branches nationwide.

Krungthai XSpring Zoom Eng. September 23, 2025

Taiwan Tech Focused Senior Analyst

Patrick Liao

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>’s GPUs and AI chips have been tested at <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> facilities for the past three years.  </li>
<li>The recent upward momentum in the share price has been driven by strong fundamentals.</li>
<li>
<a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd-407e849c-0357-479b-94a1-a43aee0a32e4" target="_blank" data-smartkarma-citation="entities:739:1" rel="noopener">ASE Technology Holding (ASX US)</a>/SPIL is trying to enter the burn-in testing space, but its equipment still lacks full certification from <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.  </li>
</ul>



NVIDIA Corp (NVDA US)’s GPUs and AI chips have been tested at King Yuan Electronics Co, Ltd. (2449 TT) facilities for the past three years.  
The recent upward momentum in the share price has been driven by strong fundamentals.

ASE Technology Holding (ASX US)/SPIL is trying to enter the burn-in testing space, but its equipment still lacks full certification from NVIDIA Corp (NVDA US).  


KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> (VG) aims to raise around US$1bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Victory Giant A/H Listing - Riding the AI Wave

Podcast on In-depth Business Talks, Speedwell Research

The Synopsis

Podcast on In-depth Business Talks

Speedwell Research

Speedwell Research spends hundreds of hours researching public businesses each month and in "The Synopsis" they share their key learnings. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, industry-specific issues, so long as they are explained clearly. We cover businesses from inception to current day, coupling business analysis and an investors lens. Start listening today to become a better analyst and investor.

<ul><li>The Federal Reserve cut interest rates by 25 basis points to a range of 4 to 4.25%, citing a shift in risk and uncertainty in the economy.</li><li>Tensions within the Fed committee highlight divisions on future rate cuts, with projections ranging from 2.9% to 4.4% by year end.</li><li>Stagflation concerns have emerged as inflation rises, complicating the Fed's ability to support the job market with aggressive rate cuts.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

The Federal Reserve cut interest rates by 25 basis points to a range of 4 to 4.25%, citing a shift in risk and uncertainty in the economy.Tensions within the Fed committee highlight divisions on future rate cuts, with projections ranging from 2.9% to 4.4% by year end.Stagflation concerns have emerged as inflation rises, complicating the Fed's ability to support the job market with aggressive rate cuts.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Briefing. Nvidia Invests in Intel, Factset at 4 Year Lows, Fed Cuts Rates, Meta Neural Band

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

The Intel-Nvidia Deal Could Outflank AMD Entirely

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

Krungthai XSpring Zoom Eng. September 23, 2025

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296...

Krungthai XSpring

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Briefing. Nvidia Invests in Intel, Factset at 4 Year Lows, Fed Cuts Rates, Meta Neural Band

The Federal Reserve cuts interest rates, Powell emphasizes risk management, concerns of stagflation arise, Trump administration pushes for...

The Synopsis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Intel-Nvidia Deal Could Outflank AMD Entirely

​Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

Krungthai XSpring Zoom Eng. September 23, 2025

The SET Index today is expected to consolidate within a sideways range, with the support at 1,272/1,264 points and the resistance at 1,284/1,296...

Krungthai XSpring

KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

​NVDA GPUs and AI chips tested at KYEC for 3 years; share price rise driven by strong fundamentals. ASEH/SPIL trying to enter burn-in testing...

Patrick Liao

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Briefing. Nvidia Invests in Intel, Factset at 4 Year Lows, Fed Cuts Rates, Meta Neural Band

The Federal Reserve cuts interest rates, Powell emphasizes risk management, concerns of stagflation arise, Trump administration pushes for...

The Synopsis

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

NVDA GPUs and AI chips tested at KYEC for 3 years; share price rise driven by strong fundamentals. ASEH/SPIL trying to enter burn-in testing...