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.

Samsung 2Q26: Record Revenue & Profit. Management Says Memory Shortage Deepening into 2027 and 2028.

Samsung Electronics (005930 KS) Tactical Outlook: Position for Next Leg Up

Samsung Electronics (005930 KS): 2x Leveraged ETF AUM Retreats as Performance Drag Mounts

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

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

Micron Technology (MU US): 3QFY26 Blow-Out Beat Every Metric; SCA Framework Provides LT Visibility

Micron Technology (MU US): The Memory Supercycle's Moment of Truth — Q3FY26 Preview

Equity Bottom-Up

<ul>
<li>Big ~20% beats. Consensus is ~20% too low for FY26 and FY27. The stock is trading at 7.1x FY27 EPS. </li>
<li>The most important part of the call are the details on the long-term agreements that cover ~25% of volumes ~50%+ of revenues, with floor/ceiling pricing and margins above previous peaks.</li>
<li>Some people will conclude that ceiling prices will limit upside. That’s a misreading. Ceiling is based on “existing products”. ASP for future Gen HBM or DDR6 will increase.</li>
</ul>


Big ~20% beats. Consensus is ~20% too low for FY26 and FY27. The stock is trading at 7.1x FY27 EPS. 
The most important part of the call are the details on the long-term agreements that cover ~25% of volumes ~50%+ of revenues, with floor/ceiling pricing and margins above previous peaks.
Some people will conclude that ceiling prices will limit upside. That’s a misreading. Ceiling is based on “existing products”. ASP for future Gen HBM or DDR6 will increase.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Micron 3Q26 (May 26) Beat by 21%, Guidance Beat by 20%, Consensus ~20% Too Low. Stock Trading at 7x