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.

Samsung Electronics (005930 KS) Tactical Outlook: Position for Next Leg Up

Samsung Electronics (005930 KS): 2x Leveraged ETF AUM Retreats as Performance Drag Mounts

Samsung Elec (005930 KS): August Gains Fail to Stem 2x Leveraged ETF Outflows

SK Hynix: A Little Miss and a Big Correction

Microsoft: Cloud and AI Revenue Accelerating, Capex Will Increase in FY27

Micron 3Q26 (May 26) Beat by 21%, Guidance Beat by 20%, Consensus ~20% Too Low. Stock Trading at 7x

Intel 2Q26: Big Beat Led by AI Data Center and Improving Foundry Execution

Equity Bottom-Up

<ul>
<li>Management says that Memory supply shortage will be worse in 2027 than in 2026 and will persist through 2028. 3Q26 HBM4 revenue will more than triple QoQ.</li>
<li>Memory Long Term Agreements signed with 5 largest data centre customers. Target coverage: 60% to 70% of planned capacity. Can LTAs convert a cyclical business into a backlog business?  </li>
<li>Samsung Elec trades at 4.4x 2026 EPS, 3.1x 2027. That’s close to ridiculous, and really ridiculous if LTAs end the cyclicality of the Memory market.</li>
</ul>


Management says that Memory supply shortage will be worse in 2027 than in 2026 and will persist through 2028. 3Q26 HBM4 revenue will more than triple QoQ.
Memory Long Term Agreements signed with 5 largest data centre customers. Target coverage: 60% to 70% of planned capacity. Can LTAs convert a cyclical business into a backlog business?  
Samsung Elec trades at 4.4x 2026 EPS, 3.1x 2027. That’s close to ridiculous, and really ridiculous if LTAs end the cyclicality of the Memory market.


Samsung 2Q26: Record Revenue & Profit. Management Says Memory Shortage Deepening into 2027 and 2028.