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

Equity Bottom-Up

<ul>
<li>Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off "fungible" compute strategy</li>
<li>Mr. Nadella thinks AGI as more hype than substance, "jagged" intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth</li>
<li>Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.</li>
</ul>


Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off "fungible" compute strategy
Mr. Nadella thinks AGI as more hype than substance, "jagged" intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth
Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.


Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

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>Netic raised a $23M Series B in November 2025 led by Founders Fund.</li><li>Netic operates as a complete AI growth engine built around three integrated modules that map to the customer lifecycle for service-based enterprises.</li><li>Netic operates on a B2B SaaS model targeting service-based enterprises, particularly in home services, automotive, and healthcare sectors.</li></ul>

Netic raised a $23M Series B in November 2025 led by Founders Fund.Netic operates as a complete AI growth engine built around three integrated modules that map to the customer lifecycle for service-based enterprises.Netic operates on a B2B SaaS model targeting service-based enterprises, particularly in home services, automotive, and healthcare sectors.

<ul><li>In November 2025, Yahoo entered into an agreement to acquire Vetted, bringing the company’s team and AI shopping technology into Yahoo to deliver more personalized product discovery and comparisons.</li><li>Vetted previously raised a $14 million Series A in August 2022 led by Insight Partners with participation from Index Ventures, Bling Capital, and Golden Ventures, after an earlier seed round in 2020, for total funding of approximately $15 million.</li><li>Vetted operates a B2C model that's free for consumers, generating revenue through affiliate commissions when users purchase products through its recommendations.</li></ul>

In November 2025, Yahoo entered into an agreement to acquire Vetted, bringing the company’s team and AI shopping technology into Yahoo to deliver more personalized product discovery and comparisons.Vetted previously raised a $14 million Series A in August 2022 led by Insight Partners with participation from Index Ventures, Bling Capital, and Golden Ventures, after an earlier seed round in 2020, for total funding of approximately $15 million.Vetted operates a B2C model that's free for consumers, generating revenue through affiliate commissions when users purchase products through its recommendations.

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.

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.</li>
<li>Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.</li>
<li>Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.</li>
</ul>


AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.


AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.</li>
<li>Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.</li>
<li>I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.</li>
</ul>


Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.
Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.
I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.


Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

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.

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OpenAI (2193707D US)

Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

It could just be me, but I think Mr. Nadella is trying to tell us something about the state of AI. We should probably listen. Let’s see.

William Keating

Primer: Netic - 17 Nov 2025

AI-powered platform for automating client outreach and sales operations in industries like home services, automotive, and healthcare

Sacra

Primer: Vetted - 14 Nov 2025

AI-driven app for personalized shopping research, recommendations, and purchases

Sacra

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

Figma Inc. reported strong quarterly results. The design software maker raised revenue guidance for FY25. i believe the stock could find a bottom...

Andrei Zakharov

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Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

It could just be me, but I think Mr. Nadella is trying to tell us something about the state of AI. We should probably listen. Let’s see.

William Keating

Primer: Netic - 17 Nov 2025

AI-powered platform for automating client outreach and sales operations in industries like home services, automotive, and healthcare

Sacra

Primer: Vetted - 14 Nov 2025

AI-driven app for personalized shopping research, recommendations, and purchases

Sacra

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

​AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

Figma Inc. reported strong quarterly results. The design software maker raised revenue guidance for FY25. i believe the stock could find a bottom...

Andrei Zakharov

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...