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 Q3FY25 Growth Story Still On Track But Heed The Flaws In Jensen's GenAI Vision

Tech News This Week: Smartphone, Mediatek, Nvidia, Qualcomm, TSMC, Super Micro, SK Hynix, Samsung

Taiwan Tech Weekly: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect

Semiconductor Memory Q324 Revenue Close To Historic Highs Even As Decoupling Intensifies

For Its WFE Q324 Season Finale, AMAT Returns ASML's Favour & Sinks Semis Yet Again

Applied Materials: The Stock Is Reasonably Valued on Modest Expectations. More Attractive than ASML.

ASML Investor Day: Oops They Did It Again. Different Story, Same 2030 Targets.

Equity Bottom-Up

<ul>
<li>3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.</li>
<li>Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.</li>
<li>The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.</li>
</ul>


3Q25 (Oct-25) 5% above Consensus, Hopper growing incl H200, no Blackwell revenue. 4Q25 (Jan-25) guidance inline with Consensus but Nvidia has beat guidance for 8 quarters.
Jan-25: Blackwell revenue “several billion dollars”. Supply keeps to increase but supply constraints. GM will moderate to low-70% during Blackwell ramp due  but will stabilize at mid-70%.
The stock is not expensive, trading at its average multiples since 2019: 51x trailing EPS, 34x forward EPS. These multiples are high in an absolute sense, but average for NVDA.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

NVIDIA Corp

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards