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.

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

MTK 2Q25: Inline but Positive One-Off. Weak 3Q with Revenue Decline QoQ and Margins Compression.

Equity Bottom-Up

<ul>
<li>Smartphone units increase ~3% YoY, that’s slightly better than 1H26 at ~1.5%, but still low growth.   </li>
<li>Premium replacement demand is solid (Samsung, iPhone 17).  Improvements in Emerging Markets (Xiaomi, Transsion, vivo).   </li>
<li>Mediatek reports on 31 Oct, Qualcomm on 5 Nov.  Their Smartphone business isn’t a driver given tepid growth. New ventures revenue timeline is the question.</li>
</ul>


Smartphone units increase ~3% YoY, that’s slightly better than 1H26 at ~1.5%, but still low growth.   
Premium replacement demand is solid (Samsung, iPhone 17).  Improvements in Emerging Markets (Xiaomi, Transsion, vivo).   
Mediatek reports on 31 Oct, Qualcomm on 5 Nov.  Their Smartphone business isn’t a driver given tepid growth. New ventures revenue timeline is the question.


Smartphone 3Q25: A Little Bit Better, Just a Little

Mediatek Inc

Smartphone 3Q25: A Little Bit Better, Just a Little