Top 10 Mega Caps | Artificial Intelligence, Mint Finance

Uttkarsh Kohli

Top 10 Mega Caps | Artificial Intelligence

Deep Fundamental Analysis

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Equity Bottom-Up

<ul>
<li>Broadcom's Strong Q2 Performance: Broadcom's Q2 revenue surged 43% year-over-year to USD 12.5 billion, driven by AI demand and VMware contributions.</li>
<li>Dominance in AI ASIC Market: Broadcom holds a 60% market share in AI-specific integrated circuits, serving major clients like Alphabet and Meta.</li>
<li>Lead up to Stock Split Upside Potential: Mega caps have seen an average 17% outperformance relative to S&amp;P 500 from announcement to actual stock split, signaling sharp upside for Broadcom.</li>
</ul>


Broadcom's Strong Q2 Performance: Broadcom's Q2 revenue surged 43% year-over-year to USD 12.5 billion, driven by AI demand and VMware contributions.
Dominance in AI ASIC Market: Broadcom holds a 60% market share in AI-specific integrated circuits, serving major clients like Alphabet and Meta.
Lead up to Stock Split Upside Potential: Mega caps have seen an average 17% outperformance relative to S&amp;P 500 from announcement to actual stock split, signaling sharp upside for Broadcom.


Broadcom's AI-Driven Growth Signals Upside Amid Stock Split Surges

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>Broadcom Inc. presented its second quarter fiscal year 2024 financial results, underscoring notable growth and strategic advancements, particularly through its semiconductor and software segments.</li><li>The revenue recorded was $12.5 billion, a substantial 43% increase year-on-year, buoyed significantly by the inclusion of a full quarter's financial contribution from VMware.</li><li>Excluding this factor, revenue was up 12% from the previous year.</li></ul>

Broadcom Inc. presented its second quarter fiscal year 2024 financial results, underscoring notable growth and strategic advancements, particularly through its semiconductor and software segments.The revenue recorded was $12.5 billion, a substantial 43% increase year-on-year, buoyed significantly by the inclusion of a full quarter's financial contribution from VMware.Excluding this factor, revenue was up 12% from the previous year.

Broadcom Inc: How Are They Expanding AI and Networking Technologies! - Major Drivers

<ul><li>Broadcom reported consolidated net revenue of $12 billion, a 34% increase year-on-year, with semiconductor solutions contributing $7.4 billion, up 4% from the previous year.</li><li>Infrastructure software revenue saw a significant increase of 153% year-on-year, totaling $4.6 billion.</li><li>These improvements are due in part to the contribution from VMware, which has resulted in a sequential jump in revenue by 132%.</li></ul>

Broadcom reported consolidated net revenue of $12 billion, a 34% increase year-on-year, with semiconductor solutions contributing $7.4 billion, up 4% from the previous year.Infrastructure software revenue saw a significant increase of 153% year-on-year, totaling $4.6 billion.These improvements are due in part to the contribution from VMware, which has resulted in a sequential jump in revenue by 132%.

Broadcom Inc: A Stable Semiconductor & Software Ecosystem! - Key Drivers

<ul><li>Broadcom Inc. delivered a positive result and managed an all-around beat in the last quarter, marked by growth in both the Semiconductor Solutions and Infrastructure Software segments.</li><li>Infrastructure Software, including the recent acquisition of VMware, contributed to the overall robust fiscal year 2023 results.</li><li>With a focus on private and hybrid cloud solutions, Broadcom is well-positioned for strategic growth in the Infrastructure Software market following the successful closing of the VMware purchase.</li></ul>

Broadcom Inc. delivered a positive result and managed an all-around beat in the last quarter, marked by growth in both the Semiconductor Solutions and Infrastructure Software segments.Infrastructure Software, including the recent acquisition of VMware, contributed to the overall robust fiscal year 2023 results.With a focus on private and hybrid cloud solutions, Broadcom is well-positioned for strategic growth in the Infrastructure Software market following the successful closing of the VMware purchase.

Broadcom Inc.: The AI Revolution: Inside the Innovative Leap Forward in Technology! - Major Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
<strong>No more Moore's Law</strong>: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Broadcom's AI-Driven Growth Signals Upside Amid Stock Split Surges

Broadcom’s dominance in AI-specific circuits, stunning Q2 earnings & stock split could send its shares soaring akin to those of NVIDIA. Initial...

Mint Finance

Broadcom Inc: How Are They Expanding AI and Networking Technologies! - Major Drivers

Broadcom Inc. presented its second quarter fiscal year 2024 financial results, underscoring notable growth and strategic advancements,...

Baptista Research

Broadcom Inc: A Stable Semiconductor & Software Ecosystem! - Key Drivers

Broadcom reported consolidated net revenue of $12 billion, a 34% increase year-on-year, with semiconductor solutions contributing $7.4 billion, up...

Baptista Research

Broadcom Inc.: The AI Revolution: Inside the Innovative Leap Forward in Technology! - Major Drivers

Broadcom Inc. delivered a positive result and managed an all-around beat in the last quarter, marked by growth in both the Semiconductor Solutions...

Baptista Research

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

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