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 Q1 FY27. Stellar Beat & Raise With Vera CPU Adding A Further $200 Billion TAM

SOXX, Hyperscalers and IGV. Slow Recovery in Software Names, a Few Catch-Up Opportunities

NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions

Semiconductor Production Equipment (SPE): All Big Firms Have Increased Revenue Forecasts

Worried About the SOX? The Rally Hides 1) Wide Performance Divergence 2) Wide Valuations Dispersion

AMAT Q2 FY26. Raising WFE Guidance From 20% YoY Growth To 30%. Yikes!

Applied Materials Buys ASMPT’s NEXX Problem Child For $120M

Equity Bottom-Up

<ul>
<li>Apr-27 beats Consensus by 6%. Apr-27 revenue guidance was revenue growing at 77% YoY. Actual result is 85% YoY. Jul-27 revenue guidance shows 95% growth YoY. Consensus forecasts 84%. </li>
<li>Forecasts: Consensus is too low. My forecast show 20% upside to Consensus for FY28 and 40% for FY28.</li>
<li>Valuations: Nvidia is trading below average PEx, based on a Consensus that’s ~20-40% too low. On my forecasts, the stock is trading at 16x FY28 and 11x FY29 EPS</li>
</ul>


Apr-27 beats Consensus by 6%. Apr-27 revenue guidance was revenue growing at 77% YoY. Actual result is 85% YoY. Jul-27 revenue guidance shows 95% growth YoY. Consensus forecasts 84%. 
Forecasts: Consensus is too low. My forecast show 20% upside to Consensus for FY28 and 40% for FY28.
Valuations: Nvidia is trading below average PEx, based on a Consensus that’s ~20-40% too low. On my forecasts, the stock is trading at 16x FY28 and 11x FY29 EPS


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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

NVIDIA Corp

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