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.

Intel Q2 2026. Doubling Down On 14A, But Is It Too Little, Too Late?

Intel Q2: The $1.40 EPS Kicker and the 18A Margin Illusion

SK Hynix: A Little Miss and a Big Correction

Intel @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

ASML: The Clearest Signal of Increasing AI Semiconductor Demand

Google: Now You Can See AI’s Revenues, Profits, ROI

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

Equity Bottom-Up

<ul>
<li>Big beat. Revenue up 25% YoY driven by AI CPU demand. Gross Margin above 40%, improving pricing, manufacturing yields and loading, insourcing. 2Q26 is a major break thru for Intel.</li>
<li>2026 Capex increased slightly from ~18bn to above $20bn. 2027 capex up “significantly”. Intel is now showing real progress in yields, leading to insourcing (away from TSMC), hence higher margins.</li>
<li>2026 Consensus can be revised up ~20%. Bigger unknown is for 2027-28, Consensus could be revised up by 30-40%,  stock would be trading at ~40x 2027 EPS, ~25x 2028 EPS.</li>
</ul>


Big beat. Revenue up 25% YoY driven by AI CPU demand. Gross Margin above 40%, improving pricing, manufacturing yields and loading, insourcing. 2Q26 is a major break thru for Intel.
2026 Capex increased slightly from ~18bn to above $20bn. 2027 capex up “significantly”. Intel is now showing real progress in yields, leading to insourcing (away from TSMC), hence higher margins.
2026 Consensus can be revised up ~20%. Bigger unknown is for 2027-28, Consensus could be revised up by 30-40%,  stock would be trading at ~40x 2027 EPS, ~25x 2028 EPS.


Intel 2Q26: Big Beat Led by AI Data Center and Improving Foundry Execution

Intel Corp

Intel 2Q26: Big Beat Led by AI Data Center and Improving Foundry Execution