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: You’re Buying Hopes of a Better 2027

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

NVIDIA Becomes The Latest To Back Intel's GoFundMe Appeal

What Is the Real Prize in Nvidia’s $5B Intel Bet?

Memory Monitor: The Sticky Era -- Memory’s Transition from Spot Pricing to Long-Cycle Commitments

Equity Bottom-Up

<ul>
<li>US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility</li>
<li>But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months</li>
<li>USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument</li>
</ul>


US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility
But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months
USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

Intel Corp

Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive