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

<ul>
<li>Apple, Qualcomm, and Tesla are all hiring for EMIB-class advanced packaging, signalling an industry shift toward tech where Intel holds a structural edge.</li>
<li>Intel’s “packaging-first” strategy outlined last year is now visible in real customer activity; foundry share will be won through packaging long before leading-edge wafers.</li>
<li>With TSMC carrying excess capacity, IFS enters a rare window where early 18A traction and EMIB pull-through can create a credible path to 14A volume wins.</li>
</ul>


Apple, Qualcomm, and Tesla are all hiring for EMIB-class advanced packaging, signalling an industry shift toward tech where Intel holds a structural edge.
Intel’s “packaging-first” strategy outlined last year is now visible in real customer activity; foundry share will be won through packaging long before leading-edge wafers.
With TSMC carrying excess capacity, IFS enters a rare window where early 18A traction and EMIB pull-through can create a credible path to 14A volume wins.


IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.</li>
<li>U.S. fab expansion eroding TSMC's cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.</li>
<li>Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.</li>
</ul>


TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.
U.S. fab expansion eroding TSMC's cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.
Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.


Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes</li>
<li>MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions</li>
<li>Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. </li>
</ul>


TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes
MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions
Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. 


Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.</li>
<li>Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). </li>
<li>Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.</li>
</ul>


Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). 
Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.


<ul>
<li>MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop</li>
<li>TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength</li>
<li>Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little </li>
</ul>


MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop
TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 


Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

Intel's packaging-first strategy is gaining traction, with a potential for winning foundry share with early 18A traction, EMIB adoption, and...

Mint Finance

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

Mint Finance

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Nota IPO Bookbuilding Analysis

Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.

Douglas Kim

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IFS Comeback: Apple, Qualcomm, and Tesla Validating Intel’s Packaging Advantage

Intel's packaging-first strategy is gaining traction, with a potential for winning foundry share with early 18A traction, EMIB adoption, and...

Mint Finance

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

​TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

Mint Finance

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

​TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Nota IPO Bookbuilding Analysis

Nota's IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.

Douglas Kim

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

​MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....