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

Nvidia GTC Taipei 2026 Financial Analyst Q&A. Executive Summary & Full Transcript.

NVIDIA @ BofA Global Technology Conference 2026. Key Takeaways & Full Transcript

AI Is a Bubble, Again? Stocks Aren’t Expensive. Hyperscalers’ Future Revenue Tells a Different Story

NVIDIA & SDVs: Full-Stack Headwinds Vs Physical AI Opportunity

NVIDIA Q1 FY27. Stellar Beat & Raise With Vera CPU Adding A Further $200 Billion TAM

Forget the Chips, Nvidia’s Real Problem Is the Plumbing

Nvidia: It’s Very Simple. 90% YoY Growth Trading at ~24x This Year EPS. Consensus Is Too Low.

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Equity Bottom-Up

<ul>
<li>GAAP EPS of $2.39 vs. $1.87 non-GAAP has the delta owing to a $15.9bn unrealised mark-to-market gain on private AI stakes. Any correction, and GAAP swings violently without touching operations.</li>
<li>Inventory build is front-loaded in raw materials; NVIDIA is supply-constrained at inputs, not demand-constrained at outputs. The risk is HBM4 yield and CoWoS-L capacity as against unsold product.</li>
<li>Jensen guided $20bn in standalone Vera CPU revenue this year; a ceiling if CoWoS-L supply stays tight, but potentially understated if it scales; x86 incumbency remains the underappreciated risk.</li>
</ul>


GAAP EPS of $2.39 vs. $1.87 non-GAAP has the delta owing to a $15.9bn unrealised mark-to-market gain on private AI stakes. Any correction, and GAAP swings violently without touching operations.
Inventory build is front-loaded in raw materials; NVIDIA is supply-constrained at inputs, not demand-constrained at outputs. The risk is HBM4 yield and CoWoS-L capacity as against unsold product.
Jensen guided $20bn in standalone Vera CPU revenue this year; a ceiling if CoWoS-L supply stays tight, but potentially understated if it scales; x86 incumbency remains the underappreciated risk.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions

NVIDIA Corp

NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions