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.

Chips News: GPU, CPU in China. Qualcomm Going to Samsung Maybe, Microsoft Accelerator Delayed.

Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

Samsung Electronics: Share Buyback of 3.9 Trillion Won

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)

SK Hynix: Record-High Profits, the Stock Gets Cheaper.

Equity Bottom-Up

<ul>
<li>US tightening the screws on Foreign-owned Semi production in China: Samsung, SK Hynix, TSMC were exempted from import license. The risk of US removing Equipment license is known since 2022.</li>
<li>What’s the point? Negotiating tool in the ongoing US-China discussions? Increase uncertainty? Or maybe US unhappy about further Korean investments in China?   </li>
<li>Samsung has 35% of DRAM production in China, SK Hynix 40% of DRAM and NAND, TSMC a negligible 3% of total revenues. Samsung has kept upgrading capacity in China. </li>
</ul>


US tightening the screws on Foreign-owned Semi production in China: Samsung, SK Hynix, TSMC were exempted from import license. The risk of US removing Equipment license is known since 2022.
What’s the point? Negotiating tool in the ongoing US-China discussions? Increase uncertainty? Or maybe US unhappy about further Korean investments in China?   
Samsung has 35% of DRAM production in China, SK Hynix 40% of DRAM and NAND, TSMC a negligible 3% of total revenues. Samsung has kept upgrading capacity in China. 


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China