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.

Broadcom: The Stock Is Falling -14% ! How Bad Was It? Not Really Bad But…

Google Is Running Out of Money! Just Kidding! AI Capex Financing Versus Token Cost Decline.

Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

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

Memory Is Still Your Best Friend. Memory Revenues Revised up Massively, Margins Expanding Further

NVIDIA Keynote Computex 2026. Key Takeaways & Full Transcript

NVIDIA (NVDA): Capitalizing on Agentic AI with a Long Volatility Strategy

Equity Bottom-Up

<ul>
<li>Estimates of Semiconductors value keep going up. Memory as prices double and triple in 2026, plus volume growth. Logic because unit demand is going up (AI), plus cost increase. </li>
<li>You’ve been told during the last earnings season: Agentic / Inference demand is going ballistic. The key question is not “is there demand” but can token cost decline fast enough? </li>
<li>For the Semi industry to reach $2.5tn by 2030, how much AI Capex and revenues do we need by 2030?</li>
</ul>


Estimates of Semiconductors value keep going up. Memory as prices double and triple in 2026, plus volume growth. Logic because unit demand is going up (AI), plus cost increase. 
You’ve been told during the last earnings season: Agentic / Inference demand is going ballistic. The key question is not “is there demand” but can token cost decline fast enough? 
For the Semi industry to reach $2.5tn by 2030, how much AI Capex and revenues do we need by 2030?
