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.

Taiwan Tech Weekly: Intel Tapes Out New Chips at TSMC - What It Means; PC Demand Growth in Focus

Taiwan Dual-Listings Monitor: TSMC Results Ahead; ASE Historically Rare Discount

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

3Q24 PC Shipments Are Flat YoY. Lenovo, Acer, Asus. Compal, Quanta, Wistron.

PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E

Equity Bottom-Up

<ul>
<li>Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. </li>
<li>2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.</li>
<li>On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.</li>
</ul>


Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. 
2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.
On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.


PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year