Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

AMD Q1 2025 Earnings Review. Firing On All Cylinders

AMD. Adding $6 Billion Buyback & Authorizing 78% Increase In Share Count. But Why?

AMD Ups The Ante With A Flurry Of Smaller Acquisitions

AMD Q424. Share Price Sinks As Data Center GPU Growth Stalls In H125. But Why?

AMD 4Q24 In-Line, Margins Improving. AI GPU Roadmap for 2025 Is Impressive and Accelerating. Buy.

NVIDIA's >5x YoY "Singapore" Revenue Growth Is A Red Flag

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Good 1Q25, revenue +36% YoY, EPS +55%. Complicated 2-3Q ahead due to US export restrictions cutting down revenue by 1.5bn. This is a one-off. Ignoring this, underlying growth looks strong.   </li>
<li>AMD is gaining share in PC and Server, incl enterprise. GPU offering is still behind Nvidia but improving with MI350 in mid-25, MI400 mid-26. MI400 should be on-par with NVDA.</li>
<li>The stock is down -45% from Jan-24. Trading on low multiples versus historicals: 17x 2026 EPS or more than -1 stdev below avg. Buy!</li>
</ul>


Good 1Q25, revenue +36% YoY, EPS +55%. Complicated 2-3Q ahead due to US export restrictions cutting down revenue by 1.5bn. This is a one-off. Ignoring this, underlying growth looks strong.   
AMD is gaining share in PC and Server, incl enterprise. GPU offering is still behind Nvidia but improving with MI350 in mid-25, MI400 mid-26. MI400 should be on-par with NVDA.
The stock is down -45% from Jan-24. Trading on low multiples versus historicals: 17x 2026 EPS or more than -1 stdev below avg. Buy!


AMD: 1Q25 Small Beat, 2Q Would Have Been a Large Beat Except for New US Export Restrictions to China