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

Thematic (Sector/Industry)

<ul>
<li>The Rebalanced Unicorn Economy: Driven by AI, the unicorn economy is healthier and more balanced, shifting toward fewer companies that are each raising significantly larger amounts of funding.</li>
<li>The "Magnificent Eight" Private Index: A highly diverse group of private megacaps—including SpaceX, OpenAI, and Stripe—is delivering unprecedented growth and aggressively outperforming the public market’s "Mag 7".</li>
<li>The Scale Power Law: Counterintuitively, companies worth over $100 billion have a 31% chance of a 10x return, proving that top winners are compounding faster than ever before.</li>
</ul>


The Rebalanced Unicorn Economy: Driven by AI, the unicorn economy is healthier and more balanced, shifting toward fewer companies that are each raising significantly larger amounts of funding.
The "Magnificent Eight" Private Index: A highly diverse group of private megacaps—including SpaceX, OpenAI, and Stripe—is delivering unprecedented growth and aggressively outperforming the public market’s "Mag 7".
The Scale Power Law: Counterintuitively, companies worth over $100 billion have a 31% chance of a 10x return, proving that top winners are compounding faster than ever before.


Coatue @ All-In Summit: Executive Summary & Full Transcript

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>Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.</li>
<li>Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.</li>
<li>India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.</li>
</ul>


Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.
Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.
India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.


The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>We believe dollar market share is the most direct approach to exam AI models.</li>
<li>Z.AI's two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.</li>
<li>The primary risk lies in the lifting of the lock-up period for restricted shares.</li>
</ul>


We believe dollar market share is the most direct approach to exam AI models.
Z.AI's two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.
The primary risk lies in the lifting of the lock-up period for restricted shares.


Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

<ul>
<li>Earlier this month, Fortune reported that Meta’s 85,000 employees were competing on an internal AI leaderboard called “Claudeonomics”. Welcome to the world of Token Maxxing.</li>
<li>Now that the door is closing on Agentic AI being able to sneak in under the cover of a monthly subscription, Token Optimisation should become front &amp; center for every enterprise</li>
<li>Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise and reset. You will save a fortune...</li>
</ul>


Earlier this month, Fortune reported that Meta’s 85,000 employees were competing on an internal AI leaderboard called “Claudeonomics”. Welcome to the world of Token Maxxing.
Now that the door is closing on Agentic AI being able to sneak in under the cover of a monthly subscription, Token Optimisation should become front &amp; center for every enterprise
Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise and reset. You will save a fortune...


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.</li>
<li>India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.</li>
<li>The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.</li>
</ul>


Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.
India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.
The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.


True Cost of Running an AI Data Centre: A Unit Economics Breakdown

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)

Coatue @ All-In Summit: Executive Summary & Full Transcript

The Scale Power Law: Counterintuitively, companies worth over $100 billion have a 31% chance of a 10x return, proving that top winners are...

William Keating

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

We believe dollar market share is the most direct approach to exam AI models. Z.AI's two models are ranked top 8 in typical AI functions. The risk...

Ming Lu

The Token Maxxing Delusion

Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise...

William Keating

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Coatue @ All-In Summit: Executive Summary & Full Transcript

The Scale Power Law: Counterintuitively, companies worth over $100 billion have a 31% chance of a 10x return, proving that top winners are...

William Keating

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

​Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

We believe dollar market share is the most direct approach to exam AI models. Z.AI's two models are ranked top 8 in typical AI functions. The risk...

Ming Lu

The Token Maxxing Delusion

Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise...

William Keating

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

​AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.