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: TSMC's Market Share Keeps Rising; Semi Revenues Show AI the Only Pillar; AI PCs

Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

TSMC 3Q25 Big Beat on Margins, 4Q Guidance Above Consensus, Raising 2025 Guidance

USG 1:1 Rule on Semi Manufacturing: Not a Clear Positive to Intel but Clearly Positive to TSMC

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC and UMC 3Q revenues are slightly above Guidance / Consensus. In US$, TSMC revenues growing at 40% YoY. Legacy Fab UMC growing at 4%. </li>
<li>This will continue, even if AI / HPC growth is slowing into 2026, the gap will remain wide between AI / HPC (say 35% growth) and Legacy (5%). </li>
<li>Ongoing concerns of AI investment bubble reflect “a lack of imagination” (Lisa Su). Stick with the category winners Nvidia - SK Hynix - TSMC , followed by AMD - Micron.</li>
</ul>


TSMC and UMC 3Q revenues are slightly above Guidance / Consensus. In US$, TSMC revenues growing at 40% YoY. Legacy Fab UMC growing at 4%. 
This will continue, even if AI / HPC growth is slowing into 2026, the gap will remain wide between AI / HPC (say 35% growth) and Legacy (5%). 
Ongoing concerns of AI investment bubble reflect “a lack of imagination” (Lisa Su). Stick with the category winners Nvidia - SK Hynix - TSMC , followed by AMD - Micron.


Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

Semi Revenues Divergence Continues. AI, HPC Growing at ~45%, Everything Legacy in the Slumps.