AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

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>AMD's market share in the desktop CPU segment has surged to 30%, driven by strong Ryzen sales and innovative product releases, challenging Intel's longstanding dominance in this space.</li>
<li>Intel's revenue in the data centre segment fell 20% year-over-year, reflecting challenges in product delays and increasing competition from AMD's EPYC processors, impacting overall growth potential.</li>
<li>Both companies have ramped up AI-related investments, with AMD committing $1.5 billion and Intel investing $3 billion in AI technology development, aiming to capitalize on the growing market demand.</li>
</ul>


AMD's market share in the desktop CPU segment has surged to 30%, driven by strong Ryzen sales and innovative product releases, challenging Intel's longstanding dominance in this space.
Intel's revenue in the data centre segment fell 20% year-over-year, reflecting challenges in product delays and increasing competition from AMD's EPYC processors, impacting overall growth potential.
Both companies have ramped up AI-related investments, with AMD committing $1.5 billion and Intel investing $3 billion in AI technology development, aiming to capitalize on the growing market demand.


AMD Strengthens CPU Market Position as Intel Faces Challenges in Data Center Growth

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

<ul>
<li>The acquisition positions AMD to capitalize on the booming AI infrastructure market, which is expected to grow to $372.9 billion by 2029, leveraging ZT Systems' hyperscale computing and integration capabilities.  </li>
<li>AMD will use ZT Systems' experience in AI infrastructure deployment for cloud providers like AWS and Azure, helping it compete with NVIDIA’s 70% market share and Intel's data center push.</li>
<li>Analysts expect the acquisition to be financially accretive by 2025, with ZT Systems enabling AMD to provide comprehensive AI solutions, boosting its presence in the cloud, AI, and enterprise sectors.</li>
</ul>


The acquisition positions AMD to capitalize on the booming AI infrastructure market, which is expected to grow to $372.9 billion by 2029, leveraging ZT Systems' hyperscale computing and integration capabilities.  
AMD will use ZT Systems' experience in AI infrastructure deployment for cloud providers like AWS and Azure, helping it compete with NVIDIA’s 70% market share and Intel's data center push.
Analysts expect the acquisition to be financially accretive by 2025, with ZT Systems enabling AMD to provide comprehensive AI solutions, boosting its presence in the cloud, AI, and enterprise sectors.


AMD Acquires ZT Systems for $4.9B, Challenging NVIDIA in the AI Infrastructure Market

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>  will benefit from <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>'s decision to use their 20A processor, named Arrow Lake.  </li>
<li>Intel plans to stick with the 18A process and has identified about 5 potential customers.</li>
<li>As of now, TSMC remains the primary source for technology deliveries.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US)  will benefit from Intel Corp (INTC US)'s decision to use their 20A processor, named Arrow Lake.  
Intel plans to stick with the 18A process and has identified about 5 potential customers.
As of now, TSMC remains the primary source for technology deliveries.


TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

<ul>
<li>TSMC's top 5 clients for 2024 are <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <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>
<li>Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.</li>
<li>Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.</li>
</ul>


TSMC's top 5 clients for 2024 are Apple (AAPL US), Advanced Micro Devices (AMD US, Qualcomm Inc (QCOM US), Mediatek Inc (2454 TT) and NVIDIA Corp (NVDA US).
Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.
Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.


United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

AMD Strengthens CPU Market Position as Intel Faces Challenges in Data Center Growth

AMD's Ryzen success bolsters its CPU standing, while Intel sees a decline in data center revenues. Both companies ramp up AI investments to secure...

Mint Finance

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

AMD Acquires ZT Systems for $4.9B, Challenging NVIDIA in the AI Infrastructure Market

AMD's $4.9B acquisition of ZT Systems boosts its AI infrastructure capabilities challenging NVIDIA. ZT’s expertise in hyperscale solutions...

Mint Finance

TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...

Patrick Liao

TSMC (2330.TT; TSM.US): 2024 Top Clients

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AMD Strengthens CPU Market Position as Intel Faces Challenges in Data Center Growth

AMD's Ryzen success bolsters its CPU standing, while Intel sees a decline in data center revenues. Both companies ramp up AI investments to secure...

Mint Finance

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

AMD Acquires ZT Systems for $4.9B, Challenging NVIDIA in the AI Infrastructure Market

AMD's $4.9B acquisition of ZT Systems boosts its AI infrastructure capabilities challenging NVIDIA. ZT’s expertise in hyperscale solutions...

Mint Finance

TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

​TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...

Patrick Liao

TSMC (2330.TT; TSM.US): 2024 Top Clients

​TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...