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.

US Congress’s Gift to Semiconductor Manufacturers: 35% Tax Credit on Investments

Semi News: Power GaN, Samsung and Intel’s Foundry Margins (And Wafer Price), Chinese GPU IPO

Cerabyte. Forever Data Storage At A Fraction Of Current Costs?

Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

TSMC Wafer Price Increase ~30-40% at Each Node (N2-A16-A14), that Will Eventually Limit Demand

TSMC. Full Steam Ahead Despite Tariff Threats & China Bans. For Now.

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Kumamoto 2nd Fab delayed because of bad traffic? Sure, bad traffic, but legacy Fab utilization is 70%, who needs additional capacity now and in 2026? Legacy demand remains weak. </li>
<li>Arizona construction is accelerating, highlighting the dichotomy that I’ve been <a href="https://techstock01.substack.com/p/tsmc-umc-monthly-sales-a-tale-of" target="_blank" rel="noopener">mentioning</a> : demand for AI / Data Center is booming, demand for Legacy (specially auto &amp; industrial) remains weak. </li>
<li>2nm yield reached 90%. True, but that’s the yield of SRAM test cell. This is not a production yield. SRAM is a very small cell used to qualify volume ramp. </li>
</ul>


Kumamoto 2nd Fab delayed because of bad traffic? Sure, bad traffic, but legacy Fab utilization is 70%, who needs additional capacity now and in 2026? Legacy demand remains weak. 
Arizona construction is accelerating, highlighting the dichotomy that I’ve been mentioning : demand for AI / Data Center is booming, demand for Legacy (specially auto &amp; industrial) remains weak. 
2nm yield reached 90%. True, but that’s the yield of SRAM test cell. This is not a production yield. SRAM is a very small cell used to qualify volume ramp. 


TSMC News: Kumamoto Postponed, Maybe Germany Too. Arizona Accelerating. N2 Yield Rates.