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.

SK Hynix (000660 KS): Large Moves Prompt Largest 2x Product to Reduce Leverage

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

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

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

ASML: The Clearest Signal of Increasing AI Semiconductor Demand

AI Is a Bubble, Again? Stocks Aren’t Expensive. Hyperscalers’ Future Revenue Tells a Different Story

Google: Now You Can See AI’s Revenues, Profits, ROI

Equity Bottom-Up

<ul>
<li>2Q was a small miss, 5% below Consensus, as DRAM ASP increased less than Commodity DRAM. That’s mostly because of Long Term Agreements that are “designed to address price volatility”. </li>
<li>Add timing issues, HBM4 ramp, tech migrations to 1c-node for DRAM and 321-layer NAND and Management says that 2H26 will see 1) higher bit growth and 2) higher blended ASP. </li>
<li>In the meantime, the stock is crashing and trading at 5x 2026 EPS, 3.4x 2027.</li>
</ul>


2Q was a small miss, 5% below Consensus, as DRAM ASP increased less than Commodity DRAM. That’s mostly because of Long Term Agreements that are “designed to address price volatility”. 
Add timing issues, HBM4 ramp, tech migrations to 1c-node for DRAM and 321-layer NAND and Management says that 2H26 will see 1) higher bit growth and 2) higher blended ASP. 
In the meantime, the stock is crashing and trading at 5x 2026 EPS, 3.4x 2027.


SK Hynix: A Little Miss and a Big Correction