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.

What to Do with Semi Stocks? The SOX Rally Is Not a Crazy Bubble.

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

NVIDIA Q1 FY27. Stellar Beat & Raise With Vera CPU Adding A Further $200 Billion TAM

AMAT Q2 FY26. Raising WFE Guidance From 20% YoY Growth To 30%. Yikes!

Applied Materials Buys ASMPT’s NEXX Problem Child For $120M

Equity Bottom-Up

<ul>
<li>AMAT was the last SPE vendor to report, like others it has revised up its revenue outlook.</li>
<li>Similarly, estimates for the end-market, the semiconductor market, are going up, supported by a strong 1Q earnings season, and strong guidance.</li>
<li>Positive: growth keeps beating expectations. Negative: peak growth in 2026-27, valuations, maybe?</li>
</ul>


AMAT was the last SPE vendor to report, like others it has revised up its revenue outlook.
Similarly, estimates for the end-market, the semiconductor market, are going up, supported by a strong 1Q earnings season, and strong guidance.
Positive: growth keeps beating expectations. Negative: peak growth in 2026-27, valuations, maybe?


Semiconductor Production Equipment (SPE): All Big Firms Have Increased Revenue Forecasts