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.

Memory Monitor: SK Hynix Vs. Micron -- Different Speeds & Focus, Same Structural Shift

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

Samsung 2Q25: Poor Quarter, Poor Outlook for 2H25, Management Bullish on HBM / Foundry Catch Up

HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That

SK Hynix, Micron HBM4 Qualification by Nvidia Is Done. Samsung Still Failing to Qualify with Nvidia

Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)

Equity Bottom-Up

<ul>
<li>2Q25 beats consensus by 5% with a number of unexpected moves: NAND and Commodity DRAM shipments a lot higher than expected, hence weaker ASP (more commodity), margins decline QoQ. </li>
<li>HBM positive messages: HBM sales double in 2025, we now have secured visibility on next year's demand”, leading to higher capex in 2025, HBM will continue to enjoy strong growth. </li>
<li>But a lack of concrete numbers (HBM, eSSD % of revenue), 2025-26 Capex, capacity increase, etc means that the market will not find grounds to have a more positive view. </li>
</ul>


2Q25 beats consensus by 5% with a number of unexpected moves: NAND and Commodity DRAM shipments a lot higher than expected, hence weaker ASP (more commodity), margins decline QoQ. 
HBM positive messages: HBM sales double in 2025, we now have secured visibility on next year's demand”, leading to higher capex in 2025, HBM will continue to enjoy strong growth. 
But a lack of concrete numbers (HBM, eSSD % of revenue), 2025-26 Capex, capacity increase, etc means that the market will not find grounds to have a more positive view. 


SK Hynix: Good 2Q, Positive Messages but No 2026 Guidance Means that Market’s Doubts Will Remain