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 Meets the Bar; Working Capital Remains Elevated

Reading Nvidia Through the Stack: Dell and CoreWeave Show Deployment Still Scaling

Beyond Chips and Capex: Private Credit in the AI Ecosystem

Equity Bottom-Up

<ul>
<li>Over past month, Consensus has revised up FY27 (2026) and FY28 (2027) by 10%. There’s more coming. 4Q26 (Jan-26) and 1Q27 (Apr-26) revenue growth is accelerating to ~75% YoY</li>
<li>Consensus is revising up, the stock is stuck at $200 and getting cheaper: 24x FY27 and 19x FY28 EPS.</li>
<li>But this market is not in the mood. Patience is required</li>
</ul>


Over past month, Consensus has revised up FY27 (2026) and FY28 (2027) by 10%. There’s more coming. 4Q26 (Jan-26) and 1Q27 (Apr-26) revenue growth is accelerating to ~75% YoY
Consensus is revising up, the stock is stuck at $200 and getting cheaper: 24x FY27 and 19x FY28 EPS.
But this market is not in the mood. Patience is required


Nvidia: All Good. Consensus Will Keep Revising Up, Stock Is Getting Cheaper – but Patience Required

NVIDIA Corp

Nvidia: All Good. Consensus Will Keep Revising Up, Stock Is Getting Cheaper – but Patience Required