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.

Microsoft FYQ425. Who Says Elephants Can't Dance?

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

AI Servers: The Big System Designers / Assemblers in Taiwan

TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

SK Hynix, Micron HBM4 Qualification by Nvidia Is Done. Samsung Still Failing to Qualify with Nvidia

TechChain Insights: Zhen Ding - How Next Generation PCBs/Substrates Will Be Critical for AI Devices

Equity Bottom-Up

<ul>
<li>Google: increased 2025 Capex ($75bn -&gt; 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.</li>
<li>Meta: last quarter increased 2025 Capex ($62.5bn -&gt; 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.</li>
<li>Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).</li>
</ul>


Google: increased 2025 Capex ($75bn -&gt; 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.
Meta: last quarter increased 2025 Capex ($62.5bn -&gt; 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.
Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

Microsoft Corp

Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher