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.

Cerebras Systems IPO (NASD: CBRS): The Implied Equity Value of $211 Represents ~76% Upside

Hyperscalers: What Is Consensus Forecasting? Good or Bad? How Much Capex Can They Spend?

Is Software Getting Cheap? De-Rating, but Not Cheap. Hyperscalers and Some Fintech More Interesting.

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

Equity Bottom-Up

<ul>
<li>Alphabet aka Google: some room for Consensus to increase, Cloud growth * margins expansion are accelerating. Valuations are reasonable at 27x next year EPS for 18% EBIT Cagr over ’25-28.</li>
<li>Amazon: highest growth at 27% EBIT Cagr over ’25-28, same valuations as GOOG: 27x next year. Relative to GOOG, you probably apply a valuation discount to eCommerce</li>
<li>Microsoft is probably the best “value” stock: 21x next year earnings, 18% EBIT CAGR but we need to see Cloud margins improving. The latest Capex guidance puts that into doubts </li>
</ul>


Alphabet aka Google: some room for Consensus to increase, Cloud growth * margins expansion are accelerating. Valuations are reasonable at 27x next year EPS for 18% EBIT Cagr over ’25-28.
Amazon: highest growth at 27% EBIT Cagr over ’25-28, same valuations as GOOG: 27x next year. Relative to GOOG, you probably apply a valuation discount to eCommerce
Microsoft is probably the best “value” stock: 21x next year earnings, 18% EBIT CAGR but we need to see Cloud margins improving. The latest Capex guidance puts that into doubts 


Hyperscalers: Consensus Revisions and Valuations Post Earnings. Best Growth Stocks: GOOG and AMZN