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.

Salesforce Goes Headless. That's A Big Deal.

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

NVIDIA Q1 FY27. Stellar Beat & Raise With Vera CPU Adding A Further $200 Billion TAM

Forget the Chips, Nvidia’s Real Problem Is the Plumbing

Equity Bottom-Up

<ul>
<li>The Semiconductor Index is the stellar outperformer in the ongoing market rally. But the details show a wide divergence in performance and a wide dispersion in valuations.</li>
<li>The rally is based on each firm’s growth outlook but it also results in steep re-rating for many stocks.</li>
<li>Memory stocks are very cheap. Broadcom, Nvidia, TSMC are not expensive. AMAT, ASML are on the expensive side. AMD, Intel have to deliver stellar growth to justify current valuations</li>
</ul>


The Semiconductor Index is the stellar outperformer in the ongoing market rally. But the details show a wide divergence in performance and a wide dispersion in valuations.
The rally is based on each firm’s growth outlook but it also results in steep re-rating for many stocks.
Memory stocks are very cheap. Broadcom, Nvidia, TSMC are not expensive. AMAT, ASML are on the expensive side. AMD, Intel have to deliver stellar growth to justify current valuations


TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

Worried About the SOX? The Rally Hides 1) Wide Performance Divergence 2) Wide Valuations Dispersion

NVIDIA Corp

Worried About the SOX? The Rally Hides 1) Wide Performance Divergence 2) Wide Valuations Dispersion