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>Four hyperscalers guide to $680B in combined capex. Amazon posted best cloud growth in 15 quarters, Google grew even faster. Spending is not slowing; AMD sits squarely in its path.</li>
<li>Record Data Centre margins, two separate 6GW GPU agreements with OpenAI and Meta, and MI450/Helios on track for Q3. AMD's product cycle and demand pipeline have never looked stronger.</li>
<li>China export controls, TSMC cost pass-throughs on the 2nm ramp, and an unresolved training-to-agentic workload shift. The bull case has some obvious stress points.</li>
</ul>


Four hyperscalers guide to $680B in combined capex. Amazon posted best cloud growth in 15 quarters, Google grew even faster. Spending is not slowing; AMD sits squarely in its path.
Record Data Centre margins, two separate 6GW GPU agreements with OpenAI and Meta, and MI450/Helios on track for Q3. AMD's product cycle and demand pipeline have never looked stronger.
China export controls, TSMC cost pass-throughs on the 2nm ramp, and an unresolved training-to-agentic workload shift. The bull case has some obvious stress points.


[AMD Pre-Earnings] Four Questions to Ascertain Whether the Momentum Story Holds

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>On April 27, 2026, Microsoft &amp; OpenAI jointly announcing what they are calling the next phase of their partnership. </li>
<li>Under the terms of the deal, Microsoft no longer pay a revenue share to OpenAI, while the latter continues to pay its a revenue share to Microsoft through 2030</li>
<li>Microsoft also loses its exclusivity agreement on hosting OpenAI's APIs. That's a big deal, albeit it was the inevitable outcome as OpenAI spreads it wings and embraces other infrastructure partners...</li>
</ul>


On April 27, 2026, Microsoft &amp; OpenAI jointly announcing what they are calling the next phase of their partnership. 
Under the terms of the deal, Microsoft no longer pay a revenue share to OpenAI, while the latter continues to pay its a revenue share to Microsoft through 2030
Microsoft also loses its exclusivity agreement on hosting OpenAI's APIs. That's a big deal, albeit it was the inevitable outcome as OpenAI spreads it wings and embraces other infrastructure partners...


Microsoft and OpenAI Relationship Transitions From Next Chapter To Next Phase

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Cerebras Systems / Equity Capital Markets

<ul>
<li>Cerebras Systems, founder-led AI infrastructure decacorn that designs and manufactures AI compute platform, has once again filed their S-1 to go public on the Nasdaq.</li>
<li>The AI chipmaker will likely begin trading sometime in May and will be one of the most anticipated IPOs in recent memory given its focus on “red-hot” AI inference market.</li>
<li>Morgan Stanley, Citigroup, Barclays and UBS are the lead bankers on the IPO. In February, Cerebras closed a $1B Series H financing at a ~$23B post-money valuation, according to Pitchbook.</li>
</ul>


Cerebras Systems, founder-led AI infrastructure decacorn that designs and manufactures AI compute platform, has once again filed their S-1 to go public on the Nasdaq.
The AI chipmaker will likely begin trading sometime in May and will be one of the most anticipated IPOs in recent memory given its focus on “red-hot” AI inference market.
Morgan Stanley, Citigroup, Barclays and UBS are the lead bankers on the IPO. In February, Cerebras closed a $1B Series H financing at a ~$23B post-money valuation, according to Pitchbook.


Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.</li><li>The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.</li><li>Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.</li></ul>

Sacra estimates that Fluidstack reached $180M in annual recurring revenue (ARR) in December 2024, reflecting 620% year-over-year growth from $25M in 2023.The company manages more than 100,000 GPUs across its network and serves AI companies such as Meta, Mistral, Character.AI, Poolside, and Black Forest Labs.Fluidstack is in talks to raise $1B at an $18B valuation, with Jane Street and Situational Awareness in discussions to co-lead the round and Morgan Stanley advising, as of April 2026.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>HCLTech, a global IT services company, reported Q4 FY26 revenue of USD 3,682M, below expectations due to telecom spending cuts and two SAP exits. </li>
<li>Management’s three-bucket AI strategy: disrupted, amplified, native which highlights structural pricing pressure, while a USD 100M+ AI Factory deal signals a shift toward higher-value AI-led infrastructure services.</li>
<li>FY27 guidance of 1-4% CC growth remains conservative, factoring near-term headwinds. Re-rating depends on Advanced AI scaling beyond USD 1Bn in 12-18 months and margin recovery. </li>
</ul>


HCLTech, a global IT services company, reported Q4 FY26 revenue of USD 3,682M, below expectations due to telecom spending cuts and two SAP exits. 
Management’s three-bucket AI strategy: disrupted, amplified, native which highlights structural pricing pressure, while a USD 100M+ AI Factory deal signals a shift toward higher-value AI-led infrastructure services.
FY27 guidance of 1-4% CC growth remains conservative, factoring near-term headwinds. Re-rating depends on Advanced AI scaling beyond USD 1Bn in 12-18 months and margin recovery. 


HCLTech: Muted Q4 and Weak FY27 Guidance Signal Demand Uncertainty

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI 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

OpenAI (2193707D US)

[AMD Pre-Earnings] Four Questions to Ascertain Whether the Momentum Story Holds

Hyperscalers' $680B capex drives AMD's strong product cycle and demand pipeline, but China export controls and TSMC cost pass-throughs pose...

Mint Finance

Microsoft and OpenAI Relationship Transitions From Next Chapter To Next Phase

Microsoft loses its exclusivity agreement on hosting OpenAI's APIs. That's a big deal, albeit it was the inevitable outcome as OpenAI spreads it...

William Keating

Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

Cerebras Systems has once again filed their S-1 to go public. Given their $20B contract with OpenAI, hyper-growth profile and solid balance sheet,...

Andrei Zakharov

Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

Sacra

HCLTech: Muted Q4 and Weak FY27 Guidance Signal Demand Uncertainty

HCLTech's Q4 revenue misses expectations due to telecom spending cuts and SAP exits, but a shift towards higher-value AI services and guidance for...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[AMD Pre-Earnings] Four Questions to Ascertain Whether the Momentum Story Holds

​Hyperscalers' $680B capex drives AMD's strong product cycle and demand pipeline, but China export controls and TSMC cost pass-throughs pose...

Mint Finance

Microsoft and OpenAI Relationship Transitions From Next Chapter To Next Phase

Microsoft loses its exclusivity agreement on hosting OpenAI's APIs. That's a big deal, albeit it was the inevitable outcome as OpenAI spreads it...

William Keating

Cerebras IPO Valuation Update: OpenAI Deal Powers AI Decacorn Toward ~$2.5B Revenue in 2027.

Cerebras Systems has once again filed their S-1 to go public. Given their $20B contract with OpenAI, hyper-growth profile and solid balance sheet,...

Andrei Zakharov

Primer: Fluidstack - 27 Apr 2026

GPU rental service connecting AI startups with underutilized data center compute capacity

Sacra

HCLTech: Muted Q4 and Weak FY27 Guidance Signal Demand Uncertainty

​HCLTech's Q4 revenue misses expectations due to telecom spending cuts and SAP exits, but a shift towards higher-value AI services and guidance for...

Sudarshan Bhandari

Hyperscalers' $680B capex drives AMD's strong product cycle and demand pipeline, but China export controls and TSMC cost pass-throughs pose...

HCLTech's Q4 revenue misses expectations due to telecom spending cuts and SAP exits, but a shift towards higher-value AI services and guidance for...