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.

Asian Equities: Rebalancing Our Model Portfolio - More to Korea and HK/China, Less to India

Curator's Cut: Seoul Searching, Luxury Lulls & Getting Insurance for Portfolios

Equity Bottom-Up

<ul>
<li>Record quarter, record year. 2025 was shaped by Volume growth (bit growth) * Mix change (more high ASP stuff like HBM, less commodity) * the beginning of ASP increase. </li>
<li>In 2026: Volume accelerates (new capacity, higher density products), hence Mix improvement will continue (blended ASP up). The new element is broad shortages leading to price increase. </li>
<li>Consensus is forecasting 70% revenue growth in ’26, 19% in ’27. 70% is ok, 19% will depend on the tightness or shortage situation – but it’s easy to see upside.   </li>
</ul>


Record quarter, record year. 2025 was shaped by Volume growth (bit growth) * Mix change (more high ASP stuff like HBM, less commodity) * the beginning of ASP increase. 
In 2026: Volume accelerates (new capacity, higher density products), hence Mix improvement will continue (blended ASP up). The new element is broad shortages leading to price increase. 
Consensus is forecasting 70% revenue growth in ’26, 19% in ’27. 70% is ok, 19% will depend on the tightness or shortage situation – but it’s easy to see upside.   


SK Hynix (SKH): Record Quarter, Record Year, Record Outlook