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.

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

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

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

OpenAI, AMD Enter Into Strategic Partnership. Guys, This Is Getting Ridiculous!

Equity Bottom-Up

<ul>
<li>3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.</li>
<li>Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.</li>
<li>The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.</li>
</ul>


3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.


Intel: You’re Buying Hopes of a Better 2027

Intel Corp

Intel: You’re Buying Hopes of a Better 2027