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.

Google Is Running Out of Money! Just Kidding! AI Capex Financing Versus Token Cost Decline.

Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

Micron 3Q26 (May 26) Beat by 21%, Guidance Beat by 20%, Consensus ~20% Too Low. Stock Trading at 7x

Nvidia: It’s Very Simple. 90% YoY Growth Trading at ~24x This Year EPS. Consensus Is Too Low.

SOXX, Hyperscalers and IGV. Slow Recovery in Software Names, a Few Catch-Up Opportunities

Semiconductor Market Value. TSMC Said $1.5tn by 2030. WSTS Says $1.9tn in '27. $2.5 Trillion by '30?

Memory Is Still Your Best Friend. Memory Revenues Revised up Massively, Margins Expanding Further

NVIDIA Keynote Computex 2026. Key Takeaways & Full Transcript

Equity Bottom-Up

<ul>
<li>I don’t think that Broadcom guidance is the reason for the huge decline in stock price. It’s a few % away from expectations.</li>
<li>Financial engineering with Apollo, Blackstone to guarantee leasing TPU to Anthropic and OpenAI. It looks very large, at least $200bn, could be $400bn. Not clear what guarantees Broadcom will provide.</li>
<li>Or we’re having a little correction for the Semi sector, after a mad rally since early April.</li>
</ul>


I don’t think that Broadcom guidance is the reason for the huge decline in stock price. It’s a few % away from expectations.
Financial engineering with Apollo, Blackstone to guarantee leasing TPU to Anthropic and OpenAI. It looks very large, at least $200bn, could be $400bn. Not clear what guarantees Broadcom will provide.
Or we’re having a little correction for the Semi sector, after a mad rally since early April.


Broadcom: The Stock Is Falling -14% ! How Bad Was It? Not Really Bad But…