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.

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

Memory Is Still Your Best Friend. Memory Revenues Revised up Massively, Margins Expanding Further

Semiconductor Market Value. TSMC Said $1.5tn by 2030. WSTS Says $1.9tn in '27. $2.5 Trillion by '30?

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

AMAT Q2 FY26. Raising WFE Guidance From 20% YoY Growth To 30%. Yikes!

Hyperscalers: Excellent 1Q26! Higher Revenue Growth, Margins Expansion Supporting Higher Capex

Applied Materials Buys ASMPT’s NEXX Problem Child For $120M

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>The SOX is up ~55% since March ’26, on the back of massive earnings. Valuations are  average. Within the SOX, there is a wide divergence in performance and valuations.</li>
<li>Memory sector is, at the same time: highest earnings growth, highest stock performance, and yet the lowest valuations. </li>
<li>Within the big caps, NVDA and TSMC are now abnormally cheap.</li>
</ul>


The SOX is up ~55% since March ’26, on the back of massive earnings. Valuations are  average. Within the SOX, there is a wide divergence in performance and valuations.
Memory sector is, at the same time: highest earnings growth, highest stock performance, and yet the lowest valuations. 
Within the big caps, NVDA and TSMC are now abnormally cheap.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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