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.

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Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>A good quarter, good guidance, clear Data Center roadmap incl. supply chain provisions, very bullish management. I see little to be concerned about.</li>
<li>CEO implies that Data Center revenue growth can reach 60% in 2026, and higher in 2027. That’s because new GPU (MI450) and CPU (Venice) will launch late 2026. </li>
<li>After a bullish call, is there upside to Consensus? Not obviously. The positive is that valuations are finally reaching an ok level: 36x 2026 EPS, 23x 2027. </li>
</ul>


A good quarter, good guidance, clear Data Center roadmap incl. supply chain provisions, very bullish management. I see little to be concerned about.
CEO implies that Data Center revenue growth can reach 60% in 2026, and higher in 2027. That’s because new GPU (MI450) and CPU (Venice) will launch late 2026. 
After a bullish call, is there upside to Consensus? Not obviously. The positive is that valuations are finally reaching an ok level: 36x 2026 EPS, 23x 2027. 


AMD: 2026 Will Be a Good Year, 2027 Will Be Better Still. Valuations Normalizing.