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

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.</li>
<li>With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.</li>
<li>If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.</li>
</ul>


Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.
With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.
If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.


The Intel-Nvidia Deal Could Outflank AMD Entirely

Taiwan Tech Focused Senior Analyst

Patrick Liao

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>’s GPUs and AI chips have been tested at <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> facilities for the past three years.  </li>
<li>The recent upward momentum in the share price has been driven by strong fundamentals.</li>
<li>
<a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd-407e849c-0357-479b-94a1-a43aee0a32e4" target="_blank" data-smartkarma-citation="entities:739:1" rel="noopener">ASE Technology Holding (ASX US)</a>/SPIL is trying to enter the burn-in testing space, but its equipment still lacks full certification from <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.  </li>
</ul>



NVIDIA Corp (NVDA US)’s GPUs and AI chips have been tested at King Yuan Electronics Co, Ltd. (2449 TT) facilities for the past three years.  
The recent upward momentum in the share price has been driven by strong fundamentals.

ASE Technology Holding (ASX US)/SPIL is trying to enter the burn-in testing space, but its equipment still lacks full certification from NVIDIA Corp (NVDA US).  


KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Fed's "risk management cut" and a dovish outlook of 2 more cuts in 2025 are driving foreign flows back to Asia. US$11.5bn inflows in September till date underscores the sentiment.</li>
<li>Korea (US$4.94bn) and Taiwan (US$7.5bn) grabbed the Asian flows entirely, driven by the rejuvenated AI capex theme. India (-US$904m) continues to be sold, though the selling pace has diminished.</li>
<li>FIIs bought Indonesia (US$672m) in August and sold almost identical amount in Thailand. Philippines, despite being cheap and having a few sectors with upward earnings inflection, continues to be sold.</li>
</ul>


Fed's "risk management cut" and a dovish outlook of 2 more cuts in 2025 are driving foreign flows back to Asia. US$11.5bn inflows in September till date underscores the sentiment.
Korea (US$4.94bn) and Taiwan (US$7.5bn) grabbed the Asian flows entirely, driven by the rejuvenated AI capex theme. India (-US$904m) continues to be sold, though the selling pace has diminished.
FIIs bought Indonesia (US$672m) in August and sold almost identical amount in Thailand. Philippines, despite being cheap and having a few sectors with upward earnings inflection, continues to be sold.


Asian Equities: Foreign Flows Come Roaring Back in September; India, ASEAN Still Getting Sold

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.</li>
<li>SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.</li>
<li>While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.</li>
</ul>


Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.
SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.
While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.


Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

<ul>
<li>Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.</li>
<li>Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.</li>
<li>Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.</li>
</ul>


Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.
Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.
Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.


Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

The Intel-Nvidia Deal Could Outflank AMD Entirely

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

Asian Equities: Foreign Flows Come Roaring Back in September; India, ASEAN Still Getting Sold

Fed's dovish outlook drives foreign flows back to Asia, with KR & TW leading the way while India sees continued selling. Indonesia bought,...

Manishi Raychaudhuri

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Intel-Nvidia Deal Could Outflank AMD Entirely

​Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

​NVDA GPUs and AI chips tested at KYEC for 3 years; share price rise driven by strong fundamentals. ASEH/SPIL trying to enter burn-in testing...

Patrick Liao

Asian Equities: Foreign Flows Come Roaring Back in September; India, ASEAN Still Getting Sold

​Fed's dovish outlook drives foreign flows back to Asia, with KR & TW leading the way while India sees continued selling. Indonesia bought,...

Manishi Raychaudhuri

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

​Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

​Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

NVDA GPUs and AI chips tested at KYEC for 3 years; share price rise driven by strong fundamentals. ASEH/SPIL trying to enter burn-in testing...

Fed's dovish outlook drives foreign flows back to Asia, with KR & TW leading the way while India sees continued selling. Indonesia bought,...

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...