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.

TechChain Insights Q&A: Where Mediatek Partner Neuralspike Sees Edge AI Demand Right Now

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Smartphone 3Q25: A Little Bit Better, Just a Little

Mediatek: Emerging as the Picks-And-Shovels Play on Edge AI Infrastructure

Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive.

MediaTek (2454.TT): 1Q26 Rev Flat To -6% QoQ; Flagship Share Gains.

Equity Bottom-Up

<ul>
<li>4Q25: just in-line. 2025 ends with essentially no growth YoY. Weak 1Q26 guidance, weak margins, operating profit -8% below Consensus and declining -27% YoY. Very weak.</li>
<li>2026: decline in smartphone volumes due component (memory) prices pressure; growth in Edge, connectivity and the beginning of AI Data Center chips. The slow decline in margins could finally stabilize. </li>
<li>Weak outlook but CEO increase AI addressable market (not timeline). Is it enough?</li>
</ul>


4Q25: just in-line. 2025 ends with essentially no growth YoY. Weak 1Q26 guidance, weak margins, operating profit -8% below Consensus and declining -27% YoY. Very weak.
2026: decline in smartphone volumes due component (memory) prices pressure; growth in Edge, connectivity and the beginning of AI Data Center chips. The slow decline in margins could finally stabilize. 
Weak outlook but CEO increase AI addressable market (not timeline). Is it enough?


Mediatek: 4Q25 Was Ok, 1Q26 Guidance Very Weak. AI Chip Revenue in '26 Lead to Expensive Valuation

Mediatek Inc

Mediatek: 4Q25 Was Ok, 1Q26 Guidance Very Weak. AI Chip Revenue in '26 Lead to Expensive Valuation