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>China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.</li>
<li>Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.</li>
<li>If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.</li>
</ul>


China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.
Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.
If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.


Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Synopsys Inc. recently reported its third-quarter earnings for fiscal year 2025, amid a challenging global market environment, marked by the completion of its acquisition of Ansys.</li><li>The quarter highlighted both opportunities and challenges for the company as it navigates its strategic transition.</li><li>The acquisition of Ansys is a defining moment for Synopsys, significantly broadening its product portfolio and customer base.</li></ul>

Synopsys Inc. recently reported its third-quarter earnings for fiscal year 2025, amid a challenging global market environment, marked by the completion of its acquisition of Ansys.The quarter highlighted both opportunities and challenges for the company as it navigates its strategic transition.The acquisition of Ansys is a defining moment for Synopsys, significantly broadening its product portfolio and customer base.

Synopsys’ Global Expansion – Will Ansys Synergies Open New Market Frontiers?

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>Last week, Synopsys reported Q325 results and guidance both well below expectations causing the share price to collapse over 34% in the immediate aftermath.</li>
<li>The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the year"</li>
<li>That "major foundry customer" is likely Intel. Who's next in line to face similar revenue impact from Intel's challenges? </li>
</ul>


Last week, Synopsys reported Q325 results and guidance both well below expectations causing the share price to collapse over 34% in the immediate aftermath.
The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the year"
That "major foundry customer" is likely Intel. Who's next in line to face similar revenue impact from Intel's challenges? 


Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).</li>
<li>Nota's technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.</li>
<li>We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026. </li>
</ul>


Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
Nota's technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026. 


<ul>
<li>Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.</li>
<li>The IPO price range is from 7,600 won to 9,100 won. At this price range, the company's expected market cap is from 163 billion won to 196 billion 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 is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.
The IPO price range is from 7,600 won to 9,100 won. At this price range, the company's expected market cap is from 163 billion won to 196 billion 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®.


United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...

Mint Finance

Synopsys’ Global Expansion – Will Ansys Synergies Open New Market Frontiers?

Synopsys Inc. recently reported its third-quarter earnings for fiscal year 2025, amid a challenging global market environment, marked by the...

Baptista Research

Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the...

William Keating

Nota IPO Valuation Analysis

Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range...

Douglas Kim

Nota IPO Preview

Nota is getting ready to complete its IPO on KOSDAQ in September. Nota provides technology that enables the efficient operation of high-performance...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Not a Bargaining Chip: Beijing Is Dismantling Nvidia’s China Playbook

​China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...

Mint Finance

Synopsys’ Global Expansion – Will Ansys Synergies Open New Market Frontiers?

Synopsys Inc. recently reported its third-quarter earnings for fiscal year 2025, amid a challenging global market environment, marked by the...

Baptista Research

Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the...

William Keating

Nota IPO Valuation Analysis

Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range...

Douglas Kim

Nota IPO Preview

Nota is getting ready to complete its IPO on KOSDAQ in September. Nota provides technology that enables the efficient operation of high-performance...

Douglas Kim

China is strategically pushing foreign tech out of its supply chain, with Nvidia facing challenges and domestic chipmakers benefiting. Another ban...