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>The massive $13.6bn revenue beat proved the market fundamentally mispriced how agentic AI is turning the CPU into an urgently necessary orchestration bottleneck.</li>
<li>With orchestration dominating workload latency, an incremental $60 billion CPU TAM plays directly into Intel’s massive x86 installed base and NVLink partnerships.</li>
<li>Intel’s 20% server (and/or more) price hikes remain intact; the actual threat to this re-rating is entirely tied to 18A production yields. Lower Q2 marginal guidance not a structural indicator. </li>
</ul>


The massive $13.6bn revenue beat proved the market fundamentally mispriced how agentic AI is turning the CPU into an urgently necessary orchestration bottleneck.
With orchestration dominating workload latency, an incremental $60 billion CPU TAM plays directly into Intel’s massive x86 installed base and NVLink partnerships.
Intel’s 20% server (and/or more) price hikes remain intact; the actual threat to this re-rating is entirely tied to 18A production yields. Lower Q2 marginal guidance not a structural indicator. 


The ChatGPT Moment for a 60-Year-Old Company

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

Cerebras Systems / Private Capital Markets

<ul><li>Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.</li><li>Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.</li><li>Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.</li></ul>

Since our last coverage, Cerebras postponed its IPO following regulatory questions about its UAE revenue concentration (G42 accounted for ~83% of 2023 revenue) and instead raised $1B from Fidelity and Tiger Global.Cerebras&#39;s single-chip architecture loads entire AI models onto one chip with ~44GB of onboard memory, delivering inference ~10x faster than traditional multi-GPU setups—the company historically sold these as $2M hardware units to national labs, but launched a cloud inference API in summer 2024 that has since become the primary growth driver, serving customers like Perplexity, Notion, Windsurf, and Cognition on a pay-per-token basis.Where selling $2M chips to national labs like Argonne and Livermore limited Cerebras to a small pool of state-backed research customers with long sales cycles and high revenue concentration, selling inference via API creates higher velocity and opens up the much larger market of AI startups and enterprises that want speed without buying and operating specialized hardware.

<ul><li>Cerebras generated $250M of revenue in 2023, up 200% year-over-year, their growth accelerating with the rise in AI compute demand from big enterprises training models on their proprietary data.</li><li>Cerebras (2015) designed its Wafer-Scale Engine chip to vastly accelerate training on the compute-intensive BERT models used in scientific deep learning, finding product-market fit with national labs like Argonne and Livermore working on protein folding, climate prediction, and molecular dynamics.</li><li>With GPTs ascendant (vs BERT models), Cerebras and Groq are both repurposing their chips to move into the $150B and growing market of LLM and AI model training to take on Nvidia.</li></ul>

Cerebras generated $250M of revenue in 2023, up 200% year-over-year, their growth accelerating with the rise in AI compute demand from big enterprises training models on their proprietary data.Cerebras (2015) designed its Wafer-Scale Engine chip to vastly accelerate training on the compute-intensive BERT models used in scientific deep learning, finding product-market fit with national labs like Argonne and Livermore working on protein folding, climate prediction, and molecular dynamics.With GPTs ascendant (vs BERT models), Cerebras and Groq are both repurposing their chips to move into the $150B and growing market of LLM and AI model training to take on Nvidia.

United States

Hardware-software stack for running and scaling enterprise generative AI workloads

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SambaNova Systems (SYSTEMS US)

The ChatGPT Moment for a 60-Year-Old Company

Intel's revenue beat highlights the importance of AI-driven orchestration in turning the CPU into a bottleneck, with potential for price hikes and...

Mint Finance

Cerebras Vs Nvidia

TL;DR: After UAE regulatory scrutiny stalled its IPO, Cerebras raised $1B and is diversifying revenue by selling cloud inference alongside...

Sacra

Cerebras At $250M

TL;DR: Sacra estimates that Cerebras generated $250M of revenue in 2023, up 200% year-over-year, their growth accelerating with the rise in AI...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The ChatGPT Moment for a 60-Year-Old Company

​Intel's revenue beat highlights the importance of AI-driven orchestration in turning the CPU into a bottleneck, with potential for price hikes and...

Mint Finance

Cerebras Vs Nvidia

TL;DR: After UAE regulatory scrutiny stalled its IPO, Cerebras raised $1B and is diversifying revenue by selling cloud inference alongside...

Sacra

Cerebras At $250M

TL;DR: Sacra estimates that Cerebras generated $250M of revenue in 2023, up 200% year-over-year, their growth accelerating with the rise in AI...

Sacra

Intel's revenue beat highlights the importance of AI-driven orchestration in turning the CPU into a bottleneck, with potential for price hikes and...