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.

US Middle East AI Splurge. A Bold Move But Also A Curious Affair

ASML Downgrades, Semi Production Equipment Demand

ASML 2Q25 Beat but the Steep Slowdown in 2H25 Is Confirmed, It Will Most Likely Extend to 1H26

ASML: Overall on Track to Achieve 2025 Guidance. The Stock Has Corrected but Isn’t that Cheap

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

Intel CEO Shock Resignation. What's Going On?

Equity Bottom-Up

<ul>
<li>There’s been an avalanche of biased or disingenuous comments along the lines of “Samsung, TSMC won’t use High N.A. EUV” or “too expensive, too difficult”. </li>
<li>Samsung will use High NA in 4F² DRAM by 2028; TSMC in some but not all A14 processes by 2028. </li>
<li>We should really think about High NA as optionality value for ASML (share price), rather than a catalyst.</li>
</ul>


There’s been an avalanche of biased or disingenuous comments along the lines of “Samsung, TSMC won’t use High N.A. EUV” or “too expensive, too difficult”. 
Samsung will use High NA in 4F² DRAM by 2028; TSMC in some but not all A14 processes by 2028. 
We should really think about High NA as optionality value for ASML (share price), rather than a catalyst.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

No More High N.A. EUV (ASML Next Gen)? Not Accurate. High N.A. Will Come, but Slowly: 2028-29

ASML Holding NV

No More High N.A. EUV (ASML Next Gen)? Not Accurate. High N.A. Will Come, but Slowly: 2028-29