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.

TSMC: Consensus Revised Up, but Modestly. Stock at Reasonable Valuations

What Intel Needs to Show to Sustain the Recent Reratings

Equity Bottom-Up

<ul>
<li>Management says that 4Q25 results beat guidance on revenue and margins. But revenue, gross / operating profits decline YoY.</li>
<li>Weak 1Q26 outlook, both revenue and margins, blamed on supply bottleneck. But the real problem is poor 18A yield rates. Management says it will improve from 2Q26.</li>
<li>The major problem with Consensus remains expectation that operating margins will increase sharply from 5.5% (2025) to 8.5% (2026) to 13.3% (2027). This implies major improvements in yields and thruput. </li>
</ul>


Management says that 4Q25 results beat guidance on revenue and margins. But revenue, gross / operating profits decline YoY.
Weak 1Q26 outlook, both revenue and margins, blamed on supply bottleneck. But the real problem is poor 18A yield rates. Management says it will improve from 2Q26.
The major problem with Consensus remains expectation that operating margins will increase sharply from 5.5% (2025) to 8.5% (2026) to 13.3% (2027). This implies major improvements in yields and thruput. 


Intel: Hopes of a Turnaround Are More Faith than Fact (For Now)

Intel Corp

Intel: Hopes of a Turnaround Are More Faith than Fact (For Now)