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.

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Taiwan Tech Weekly: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

AMD Ups The Ante With A Flurry Of Smaller Acquisitions

Alphawave Ditches WiseWave Before Embracing Qualcomm Bid. But Why?

TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.

MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.

Equity Bottom-Up

<ul>
<li>Marvell AI event yesterday, good efforts to explain its Data Center / Accelerators roadmap, growth opportunity: ~50% Cagr to 2028, a bit higher than TSMC (45%), lower than AMD (60%). </li>
<li>CEO suggests that data center revenues can increase 4.4x to 2028, total revenue to ~triple to CY28. That’s possible but Marvell’s fragility is margins and lower scalability than AMD, Nvidia.  </li>
<li>The nature of custom-designed ASICs is a lot of R&amp;D for a single customer. Marvell GAAP margins are thin and therefore a binary bet on operating leverage.</li>
</ul>


Marvell AI event yesterday, good efforts to explain its Data Center / Accelerators roadmap, growth opportunity: ~50% Cagr to 2028, a bit higher than TSMC (45%), lower than AMD (60%). 
CEO suggests that data center revenues can increase 4.4x to 2028, total revenue to ~triple to CY28. That’s possible but Marvell’s fragility is margins and lower scalability than AMD, Nvidia.  
The nature of custom-designed ASICs is a lot of R&amp;D for a single customer. Marvell GAAP margins are thin and therefore a binary bet on operating leverage.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

マーベルは、より高い収益リスクを伴いながら、データセンター向けカスタムチップ（ASIC）の急成長を予測している。

Marvell Technology

マーベルは、より高い収益リスクを伴いながら、データセンター向けカスタムチップ（ASIC）の急成長を予測している。