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.

Amazon 2Q26: After Google and Microsoft, Another Cloud Acceleration: Growth Higher, Margins Higher

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

Intel 2Q26: Big Beat Led by AI Data Center and Improving Foundry Execution

ASML: The Clearest Signal of Increasing AI Semiconductor Demand

SK Hynix: A Little Miss and a Big Correction

Google: Now You Can See AI’s Revenues, Profits, ROI

Equity Bottom-Up

<ul>
<li>4Q26 (Jun-26): small beat but the news is Azure: revenue up 43% YoY, previous quarters 40%, next quarter 45% growth YoY. Azure passed $100bn annual revenue in FY26, up 41%.</li>
<li>Commercial RPO (Remaining Performance Obligation) $678bn, +84% YoY. The sequential increase came from customers outside frontier model labs. </li>
<li>Microsoft was Free Cash Flow positive every quarter of FY26, expects to be positive in FY27. The stock is trading at 20x FY27 EPS, 16.8x FY28.</li>
</ul>


4Q26 (Jun-26): small beat but the news is Azure: revenue up 43% YoY, previous quarters 40%, next quarter 45% growth YoY. Azure passed $100bn annual revenue in FY26, up 41%.
Commercial RPO (Remaining Performance Obligation) $678bn, +84% YoY. The sequential increase came from customers outside frontier model labs. 
Microsoft was Free Cash Flow positive every quarter of FY26, expects to be positive in FY27. The stock is trading at 20x FY27 EPS, 16.8x FY28.


Microsoft: Cloud and AI Revenue Accelerating, Capex Will Increase in FY27

Microsoft Corp

Microsoft: Cloud and AI Revenue Accelerating, Capex Will Increase in FY27