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.

Semiconductor Market Value. TSMC Said $1.5tn by 2030. WSTS Says $1.9tn in '27. $2.5 Trillion by '30?

Broadcom: The Stock Is Falling -14% ! How Bad Was It? Not Really Bad But…

Google Is Running Out of Money! Just Kidding! AI Capex Financing Versus Token Cost Decline.

Nvidia: It’s Very Simple. 90% YoY Growth Trading at ~24x This Year EPS. Consensus Is Too Low.

What to Do with Semi Stocks? The SOX Rally Is Not a Crazy Bubble.

Semiconductor Production Equipment (SPE): All Big Firms Have Increased Revenue Forecasts

Equity Bottom-Up

<ul>
<li>TrendForce has revised up its 2026-27 Memory industry value massively. In 2026: US$889 bn, up 278% YoY. In 2027 $1,283bn, up 44% YoY, and that’s probably too low.</li>
<li>Upside from 1) AI capex increasing in particular Agentic / Inference is accelerating 2) higher price increase than expected 3) Inference means more CPU, more server DDR (not HBM).</li>
<li>Based on that, the aggregate of Kioxia, Micron, SK Hynix, Samsung is trading at 6.7x Market-Cap-to-EBIT for 2026, 4.5x for 2027. Memory stocks are still very cheap. Buy a bundle.</li>
</ul>


TrendForce has revised up its 2026-27 Memory industry value massively. In 2026: US$889 bn, up 278% YoY. In 2027 $1,283bn, up 44% YoY, and that’s probably too low.
Upside from 1) AI capex increasing in particular Agentic / Inference is accelerating 2) higher price increase than expected 3) Inference means more CPU, more server DDR (not HBM).
Based on that, the aggregate of Kioxia, Micron, SK Hynix, Samsung is trading at 6.7x Market-Cap-to-EBIT for 2026, 4.5x for 2027. Memory stocks are still very cheap. Buy a bundle.


Memory Is Still Your Best Friend. Memory Revenues Revised up Massively, Margins Expanding Further

Samsung Electronics

Memory Is Still Your Best Friend. Memory Revenues Revised up Massively, Margins Expanding Further