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.

Our Thesis: Intel Should Take a Stake in UMC -- New Signals Reinforce the Case

Intel Layoffs Finally Kick Off With A Chaotic Start In Oregon

Intel 2Q25: Getting Worse. Excluding Restructuring Charges, GM Miss by 700bps, Non-GAAP OP Negative.

Intel @ BofA Securities 2025 Global Technology Conference

Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength

Equity Bottom-Up

<ul>
<li>The real point of Reuters’ article on Intel CEO “new” Foundry strategy is, imo, to pre-announce the possibility of a very large write off </li>
<li>TSMC discontinues GaN doesn’t matter, it’s not even 1% of revenue. 1) Auto demand is slow, GaN is lower margins, lot of competition  2) management has better things to do </li>
<li>UMC 6nm rumor, maybe yes but most likely with Intel’s manufacturing after 2030. UMC and Intel first start with 12nm in 2027-28.</li>
</ul>


The real point of Reuters’ article on Intel CEO “new” Foundry strategy is, imo, to pre-announce the possibility of a very large write off 
TSMC discontinues GaN doesn’t matter, it’s not even 1% of revenue. 1) Auto demand is slow, GaN is lower margins, lot of competition  2) management has better things to do 
UMC 6nm rumor, maybe yes but most likely with Intel’s manufacturing after 2030. UMC and Intel first start with 12nm in 2027-28.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Intel 18A Not Ready for Foundry (Preparing for Bad News?), TSMC Exit GaN (Doesn’t Matter), UMC 6nm

Intel Corp

Intel 18A Not Ready for Foundry (Preparing for Bad News?), TSMC Exit GaN (Doesn’t Matter), UMC 6nm