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.

AMD Q424. Share Price Sinks As Data Center GPU Growth Stalls In H125. But Why?

Taiwan Tech Weekly: TSMC's Massive New 1nm GIGAFAB in Development; Can Japan Build the Next TSMC?

Taiwan Dual-Listings Monitor: TSMC Spread Back to Extremes; ChipMOS Still High

AMD 3Q24: The Stock Is Down 8% Afterhours. We See Concerns in the Wrong Place, a Buying Opportunity

Semiconductor Sales Reaccelerating, AI Accelerators Accelerating:  AMD, AVGO, NVDA, SK Hynix, TSMC

Tech News: Semi Revised Up, TSMC CoWoS up 3x, Hynix Speeding up for Nvidia, Intel 18A Behind TSMC N2

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>4Q24: just inline, flattish AI GPU revenue, recovery in Server and PC. Not impressive but ok. What matters is: accelerating GPU launch in 2025, the open-source software platform gains traction.</li>
<li>Please take this literally, from CEO: Data Center AI (revenue will increase) from US$5bn in 2024 to tens of billions of dollars of annual revenue over the coming years.</li>
<li>Stock has corrected by -32% since Oct-24. It’s trading at -1 standard deviation on forward EPS or 23x 2025EPS. Time to Buy.</li>
</ul>


4Q24: just inline, flattish AI GPU revenue, recovery in Server and PC. Not impressive but ok. What matters is: accelerating GPU launch in 2025, the open-source software platform gains traction.
Please take this literally, from CEO: Data Center AI (revenue will increase) from US$5bn in 2024 to tens of billions of dollars of annual revenue over the coming years.
Stock has corrected by -32% since Oct-24. It’s trading at -1 standard deviation on forward EPS or 23x 2025EPS. Time to Buy.


AMD 2024年第4四半期は予想通り、利益率は改善中。2025年に向けたAI GPUロードマップは印象的で加速中。買い。