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.

NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers

Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

Did The Elon & Jensen Clown Show Just Crater The AI Narrative?

Equity Bottom-Up

<ul>
<li>NVDA has $500bn revenue visibility for Blackwell and Rubin. This implies that Data Center Computing revenues will increase by ~70% in 2026.</li>
<li>Cloud capacity is fully utilized, 6-year old GPU are fully utilized. Don’t worry about depreciation theories. But the gap between capex and future revenues / profits will remain.</li>
<li>Consensus is ~20% too low for FY27 and possibly more for FY28, Stock trading below avg PEx.</li>
</ul>


NVDA has $500bn revenue visibility for Blackwell and Rubin. This implies that Data Center Computing revenues will increase by ~70% in 2026.
Cloud capacity is fully utilized, 6-year old GPU are fully utilized. Don’t worry about depreciation theories. But the gap between capex and future revenues / profits will remain.
Consensus is ~20% too low for FY27 and possibly more for FY28, Stock trading below avg PEx.


NVDA Strong Quarter, Strong Guidance, Consensus ~20% Too Low, Stock Is Not Expensive

NVIDIA Corp

NVDA Strong Quarter, Strong Guidance, Consensus ~20% Too Low, Stock Is Not Expensive