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.

Broadcom: The Stock Is Falling -14% ! How Bad Was It? Not Really Bad But…

Google Is Running Out of Money! Just Kidding! AI Capex Financing Versus Token Cost Decline.

Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

Hyperscalers: Consensus Revisions and Valuations Post Earnings. Best Growth Stocks: GOOG and AMZN

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

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

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

Equity Bottom-Up

<ul>
<li>Nvidia stock price was down slightly yesterday, in response to stellar results and guidance. It probably reflects exhaustion after the SOXX’s ~60% rally in 2 months. </li>
<li>What about Software aka IGV ETF? Since end of March, the recovery has been a modest 20% with some stocks up more than 50%. A few stocks still look interesting. </li>
<li>Holding to the Hyperscalers has been 1) less volatile 2) more profitable than Software. The group is up 29% since end March ’26. </li>
</ul>


Nvidia stock price was down slightly yesterday, in response to stellar results and guidance. It probably reflects exhaustion after the SOXX’s ~60% rally in 2 months. 
What about Software aka IGV ETF? Since end of March, the recovery has been a modest 20% with some stocks up more than 50%. A few stocks still look interesting. 
Holding to the Hyperscalers has been 1) less volatile 2) more profitable than Software. The group is up 29% since end March ’26. 


SOXX, Hyperscalers and IGV. Slow Recovery in Software Names, a Few Catch-Up Opportunities

AppLovin

SOXX, Hyperscalers and IGV. Slow Recovery in Software Names, a Few Catch-Up Opportunities