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.

Deep Fundamental Analysis

What Is Making TSMC Race Its Own Cost Curve?

Decoding TSMC's Transition from Offence to Defence

The Structural Forces Behind Intel's Supply Squeeze

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

Apple’s 18A Test Case Is the Inflection Intel Needed

How 172% DRAM Spikes Turn Intel’s ‘Worst’ Feature Into Its Best Asset

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Nvidia’s push for more H200 output collides with TSMC’s already-stretched 4nm capacity, turning AI supply into a zero-sum allocation problem beyond a simple demand upcycle.</li>
<li>TSMC to choose between prioritising Nvidia’s China-linked volumes and preserving flexibility for other customers, while packaging and test emerge just as binding as wafer capacity.</li>
<li>While markets are bidding up foundries on capex optimism, several bottlenecks emerge, including time. This still leaves TSMC structurally advantaged, even as the system grows more fragile.</li>
</ul>


Nvidia’s push for more H200 output collides with TSMC’s already-stretched 4nm capacity, turning AI supply into a zero-sum allocation problem beyond a simple demand upcycle.
TSMC to choose between prioritising Nvidia’s China-linked volumes and preserving flexibility for other customers, while packaging and test emerge just as binding as wafer capacity.
While markets are bidding up foundries on capex optimism, several bottlenecks emerge, including time. This still leaves TSMC structurally advantaged, even as the system grows more fragile.


Inside TSMC’s Fight to Balance H200 Wafers and CoWoS Packaging