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.

US Middle East AI Splurge. A Bold Move But Also A Curious Affair

ASML Downgrades, Semi Production Equipment Demand

ASML 2Q25 Beat but the Steep Slowdown in 2H25 Is Confirmed, It Will Most Likely Extend to 1H26

ASML: Overall on Track to Achieve 2025 Guidance. The Stock Has Corrected but Isn’t that Cheap

Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

SPE Part 2: Growth in 2025-26 from AI Segment Only (Logic, HBM, Packaging). Best 2 Stocks: ASML, KLA

Equity Bottom-Up

<ul>
<li>More US restrictions on export of SPE Semi Production Equipment to Chinese firms (CXMT, SMIC, YMTC). The big increase in Chinese spending was done over 2023-24, it's declining in 2025-26. </li>
<li>Chinese domestic SPE vendors are growing fast and gaining share from AMAT, LAM, TEL. ASML is a monopoly below 65nm. KLA is very dominant. Focus on best 2: ASML, KLA.</li>
<li>China’s efforts to grow its own supply chain and equipment makers will continue, AMEC and Naura are the leaders. Consolidation could start. </li>
</ul>


More US restrictions on export of SPE Semi Production Equipment to Chinese firms (CXMT, SMIC, YMTC). The big increase in Chinese spending was done over 2023-24, it's declining in 2025-26. 
Chinese domestic SPE vendors are growing fast and gaining share from AMAT, LAM, TEL. ASML is a monopoly below 65nm. KLA is very dominant. Focus on best 2: ASML, KLA.
China’s efforts to grow its own supply chain and equipment makers will continue, AMEC and Naura are the leaders. Consolidation could start. 


Advanced Micro-Fabrication Equ (688012 CH)

China – US: More US Restrictions on Chinese Firms, but Chinese Equipment Firms Are Growing Fast

ASML Holding NV

China – US: More US Restrictions on Chinese Firms, but Chinese Equipment Firms Are Growing Fast