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

Tower Semiconductor: The TSMC of the CPO Trade

[Part 1: The Materials Chokepoint] Looking Into (And Past) The Indium Price Story

LAZR: When a Photonics ETF Becomes a Private AI Wrapper

[Part 1] Co-Packaged Optics: The Case For, and the Fine Print

[Part 2] Known Good Die and the Test Bottleneck CPO Cannot Seem to Bypass

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Thematic (Sector/Industry)

Japan Semiconductors and semiconductor equipment / Thematic (Sector/Industry)

<ul>
<li>Advantest disclosed its first large high‑volume ATE order for silicon photonics, guiding to at least two more years of doubling growth in this line, while holding operating margins above 44%</li>
<li>FormFactor’s results show record revenue, a 45% YoY jump in Probe Cards, a 30% increase in Foundry &amp; Logic revenue, with NVIDIA crossing the 10% customer threshold.</li>
<li>Moving on, we map how others, i.e. Teradyne, MPI, ficonTEC, Aehr, Keysight, Lumentum, etc fit around this core and which of them keep or gain structural leverage in the stack.</li>
</ul>


Advantest disclosed its first large high‑volume ATE order for silicon photonics, guiding to at least two more years of doubling growth in this line, while holding operating margins above 44%
FormFactor’s results show record revenue, a 45% YoY jump in Probe Cards, a 30% increase in Foundry &amp; Logic revenue, with NVIDIA crossing the 10% customer threshold.
Moving on, we map how others, i.e. Teradyne, MPI, ficonTEC, Aehr, Keysight, Lumentum, etc fit around this core and which of them keep or gain structural leverage in the stack.


[Part 3] What Advantest and FormFactor’s Earnings Say About CPO’s Bottleneck