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.

AI Is a Bubble, Again? Stocks Aren’t Expensive. Hyperscalers’ Future Revenue Tells a Different Story

Evaluating Open-Weight LLMs For Our Structured Equity & Financial Research Agent

Sergey Brin On Model Convergence, Prompt Engineering & Transformer Evolution

Hyperscalers: Excellent 1Q26! Higher Revenue Growth, Margins Expansion Supporting Higher Capex

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

Alphabet Q1 2026. Enterprise AI Demand Now The Primary Growth Driver For Google Cloud

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

Equity Bottom-Up

<ul>
<li>AI Capex is reaching operating cash flows, Hyperscalers won’t gear up and resort to equity issuance to finance Capex . At the same time, concerns are growing over token cost.</li>
<li>2 circular parameters – chicken and egg. More Capex is needed to increase scale, buy more efficient chips; so that token cost declines faster. Spend more to save more.</li>
<li>Your choice. 1) Cloud growth and margins are increasing. it’s a timing mismatch, Capex first, big profits later. 2) AI capacity can’t generate enough cash flow to finance itself. </li>
</ul>


AI Capex is reaching operating cash flows, Hyperscalers won’t gear up and resort to equity issuance to finance Capex . At the same time, concerns are growing over token cost.
2 circular parameters – chicken and egg. More Capex is needed to increase scale, buy more efficient chips; so that token cost declines faster. Spend more to save more.
Your choice. 1) Cloud growth and margins are increasing. it’s a timing mismatch, Capex first, big profits later. 2) AI capacity can’t generate enough cash flow to finance itself. 


TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

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