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.

Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

Hyperscalers’ Cloud Revenue and Capex Update

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

Equity Bottom-Up

<ul>
<li>Google was the laggard, threatened by ChatGPT. A lot of ink was wasted predicting doomsday. Evidence of great management, Google stayed quiet and accelerated AI rollout.</li>
<li>Stellar 3Q25. Revenue up 16%, Operating Profit up 22%. 2025 Capex forecast was $75bn at the beginning of the year, now $92bn.</li>
<li>Consensus: not high. OP growth in 2026 15%, in 2027 13%. GOOG is trading at 25x 2026 EPS and 22x 2027. Not expensive.</li>
</ul>


Google was the laggard, threatened by ChatGPT. A lot of ink was wasted predicting doomsday. Evidence of great management, Google stayed quiet and accelerated AI rollout.
Stellar 3Q25. Revenue up 16%, Operating Profit up 22%. 2025 Capex forecast was $75bn at the beginning of the year, now $92bn.
Consensus: not high. OP growth in 2026 15%, in 2027 13%. GOOG is trading at 25x 2026 EPS and 22x 2027. Not expensive.


Google: Ad and Cloud Re-Accelerating. Large Impact of AI Tools. Stock Is Not Expensive.

Alphabet

Google: Ad and Cloud Re-Accelerating. Large Impact of AI Tools. Stock Is Not Expensive.