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.

Micron. Don't Sweat The Dip, Focus On The Five Year SCA!

A Stellar Quarter Sees Micron Fix Cyclicality; Could That Hurt The Stock?

Memory's TurboQuant Panic Misses Where Demand Actually Sits

Hyperscalers: What Is Consensus Forecasting? Good or Bad? How Much Capex Can They Spend?

Alphabet. More Of The AI, Less Of The Drama

Hyperscalers: Is AI Capex Too High? What’s AI Return on Investment?

Google: Very Impressive. Higher Capex, Higher Growth & Margins

Equity Bottom-Up

<ul>
<li>This report looks at SaaS-Software versus Hyperscalers. Which group is getting cheapest and is attractive? Is the steep Software correction justified by SaaSpocalypse? I add FinTech and eComm. </li>
<li>The overall market’s direction says that it’s not time to buy anything. However, we still can think about the merits, risk/reward, valuations/growth of different sectors. </li>
<li>Conclusions 1) SaaS-Software has derated to a level consistent with earnings growth 2) Hyperscalers tend to outperform with lower volatility 3) a couple of FinTechs are interesting.</li>
</ul>


This report looks at SaaS-Software versus Hyperscalers. Which group is getting cheapest and is attractive? Is the steep Software correction justified by SaaSpocalypse? I add FinTech and eComm. 
The overall market’s direction says that it’s not time to buy anything. However, we still can think about the merits, risk/reward, valuations/growth of different sectors. 
Conclusions 1) SaaS-Software has derated to a level consistent with earnings growth 2) Hyperscalers tend to outperform with lower volatility 3) a couple of FinTechs are interesting.


Is Software Getting Cheap? De-Rating, but Not Cheap. Hyperscalers and Some Fintech More Interesting.