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 Wafer Price Increase ~30-40% at Each Node (N2-A16-A14), that Will Eventually Limit Demand

TSMC News: Kumamoto Postponed, Maybe Germany Too. Arizona Accelerating. N2 Yield Rates.

US Congress’s Gift to Semiconductor Manufacturers: 35% Tax Credit on Investments

TSMC (2330.TT) Outlook After Intel 18A Setback

TSMC. Full Steam Ahead Despite Tariff Threats & China Bans. For Now.

Taiwan Foundry Revenue: Very Strong TSMC April Revenues

Intel 18A: Cracks in the Wall. Good for TSMC.

Key Indicator Updates: Semi Sales, WFE Forecast, Latest Taiwan Monthlies & A Blow Out April For TSMC

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   </li>
<li>Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.</li>
<li>The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  </li>
</ul>


Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   
Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.
The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  


Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung