A new battle over a familiar commodity is shaping the future of major global megatrends. Silver, critical for green energy, electromobility, and the electronics and semiconductor industries, is at the center of an explosive supply gap. The recent surge in silver prices is putting pressure on corporate margins, and like any crisis, it is creating both winners and losers. We therefore take a closer look at the current situation of BYD, Silver North Resources, and Intel.
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BYD – Between raw material pressure and growth trajectory
In addition to lithium, the rising price of silver could become an unexpected cost driver for BYD. According to studies, electric vehicles require up to 80% more silver than combustion engines, especially for power electronics and battery management. Although the precious metal accounts for only a small portion of the total cost, this factor becomes more noticeable when prices remain high and margins narrow. This fundamental industry risk is affecting a group whose growth momentum is slowing, as the December figures show. Sales of new vehicles were significantly below the previous year’s figure at around 420,000 units, even though the full year 2025 still recorded an increase with 4.6 million vehicles sold.
The current situation is mixed. On the one hand, BYD is expanding aggressively globally, as evidenced by export figures of over 133,000 vehicles in December. On the other hand, business is crumbling at home in China. Demand for plug-in hybrids, a traditional strength of BYD, is noticeably weakening. In addition, political risks are mounting, from new tariffs in Europe to demands from the US to place BYD on a list of companies with military ties. Interestingly, the Company has taken on massive long-term debt, which is inflating its cash reserves. This suggests strategic reserves for possible acquisitions or investments, for example, to circumvent trade barriers.
What are the current arguments for and against the stock? The pros remain strong. BYD is the global volume leader in electric vehicles, has deep vertical integration, and is successfully pushing into international markets with low-cost models. However, the cons also show dark clouds on the horizon. The bitter price war in China is squeezing profitability, growth in the domestic market is structurally flattening, and geopolitical resistance abroad is increasing. Investors are now faced with the question of whether global scaling can offset these domestic economic and political challenges in the short term. The stock is currently trading at EUR 10.44.
Silver North Resources – With high-grade discoveries
The high price of silver is putting the spotlight on producers and, above all, explorers. The price of the precious metal has reached historic highs several times in 2025 and was last trading at over USD 75 per ounce. These exploration companies are the suppliers of future mines, and where they encounter promising geology, investors may find early leverage. One example is Silver North Resources (TSXV:SNAG), which is active in the established Keno Hill silver district in Canada’s Yukon Territory. In this historic region, right next to Hecla Mining’s producing Keno Hill mine, the team is searching for the next big discovery. Recent drill results suggest they may be on a hot trail.
The latest data from the flagship Haldane project supports this impression. The Main Fault Zone has been extended by 50 m along strike through further drilling. It now extends over 150 m at depth and over 300 m from the surface. Drill hole HLD25-35 in particular delivered a solid interval of 14.4 m at 231 g/t silver. This includes a high-grade vein of 1.25 m at 1,261 g/t silver. Such results show that the mineralization can be systematically traced and was not just a one-off lucky strike. The consistent enrichment of gold in the samples is another positive metallurgical feature.
On December 19, 2025, the Company secured financing to carry this momentum into 2026. Approximately CAD 2.25 million was raised through a private placement of flow-through shares. These funds are earmarked for eligible Canadian exploration expenses and will allow the drilling program at Haldane to start early. The priority is clearly on further exploration of the Main Fault at depth. At the same time, data from the previous season is being evaluated to refine the next drilling targets. Silver North is planning an aggressive drill program for 2026 to further unlock the potential of the structure. The stock is currently trading at CAD 0.385, which is above the private placement price and can be considered a good sign.
Intel – Silver, the invisible backbone of the tech revolution
For investors in semiconductor stocks, it is worth taking a look behind the scenes at chip factories. One key element is often invisible: silver. Its unique combination of high electrical and thermal conductivity makes it virtually irreplaceable in modern electronics. From microscopic conductor tracks on high-performance CPUs and AI accelerators to cooling in data centers, silver is a critical raw material. Demand is being further fueled by the megatrends of AI, electromobility, and digitalization, while supply is struggling to keep pace. For chip companies, a stable supply of this raw material is a fundamental issue of production security.
Against this backdrop, developments at Intel are remarkable. The Company has received considerable tailwind since late summer. In addition to substantial government investment, the previously announced USD 5 billion deal with Nvidia was finalized at the end of December. This strategic partnership is aimed at the joint development of PC and server chips. At the same time, Intel is starting 2026 with renewed energy. The first Panther Lake chips, manufactured using its own 18A process, have been delivered and are expected to power over 200 PC designs. The Company also announced its return to the gaming market with a dedicated processor and platform strategy.
The question for investors is whether this momentum is sustainable. The valuation has heated up significantly following the sharp rise in the share price in recent months. Optimists point to the improved balance sheet, the leadership under CEO Lip-Bu Tan, and the opportunity to regain market share with 18A manufacturing and AI-optimized chips such as the “Crescent Island” announced for 2026. Skeptics continue to point to structural weaknesses. Pressure from AMD in the PC segment, losses in the foundry business, and the yet-to-be-proven competitiveness of the Company’s own manufacturing technology. The coming quarters will show whether the political and partnership signals will translate into an operational and profitable turnaround. The share price is currently trading at USD 42.63.
The silver shock reveals how differently companies are affected by the commodity crisis. As the world’s largest electric vehicle manufacturer, BYD is under growing cost pressure, which its narrower margins and the domestic price war are struggling to cushion. As an explorer, Silver North Resources is benefiting directly from record silver prices and is using fresh capital to advance the exploration of its promising project. For Intel, silver is the invisible but critical backbone of its chip revolution, although the current turnaround depends more on operational successes than on the raw material. The supply gap makes silver a strategic factor and separates the winners from the losers in the crisis.
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Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as “Relevant Persons”) may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a “Transaction”). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
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