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.

APPLE (AAPL US) Post-Earnings Outlook: A Potential Tactical Buy

Apple WWDC25: Nothing Announcements, and Nothing on AI.

Apple Supply Chain Monitor: Latest AAPL Results -- Taiwan Suppliers Well Placed for Monday Re-Open

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell

Equity Bottom-Up

<ul>
<li>2Q25 small 2% beat. Products revenue (iPhone, Mac, etc) up 3% YoY. Services up 12%. Jun-25: low- to mid-single digit revenue growth YoY (inline), 100bps hit to margins or US$900m. </li>
<li>Good effort to articulate supply chain reshuffle for products sold in US: iPhone from India, the rest from Vietnam. Beyond June, no quantification of impact on costs and demand. </li>
<li>Despite low 5-8% EPS growth, the stock is expensive due to steady Services growth and large cash returns to shareholders. Trading at 29x FY25 EPS, 27x FY26. </li>
</ul>


2Q25 small 2% beat. Products revenue (iPhone, Mac, etc) up 3% YoY. Services up 12%. Jun-25: low- to mid-single digit revenue growth YoY (inline), 100bps hit to margins or US$900m. 
Good effort to articulate supply chain reshuffle for products sold in US: iPhone from India, the rest from Vietnam. Beyond June, no quantification of impact on costs and demand. 
Despite low 5-8% EPS growth, the stock is expensive due to steady Services growth and large cash returns to shareholders. Trading at 29x FY25 EPS, 27x FY26. 


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Apple Mar-25 Inline, June Slightly Weak as Tariffs Hit Margins, Supplychain Reshuffling Out of China