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.

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Taiwan Dual-Listings Monitor: TSMC and ASE Premiums Near Spead Short Levels

NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers

OpenAI, AMD Enter Into Strategic Partnership. Guys, This Is Getting Ridiculous!

Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

The Intel-Nvidia Deal Could Outflank AMD Entirely

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.</li>
<li>More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.</li>
<li>Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.</li>
</ul>


Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.
More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.
Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.


AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch