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.

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

HBM Should Be as Attractive an Investment as Nvidia or TSMC but the Stocks Don’t Show That

Taiwan Tech Weekly: 1.4nm Slips from Samsung’s Grip? Why Intel May Be TSMCs Sole Next Gen Competitor

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

Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)

SK Hynix Will Derive ~50% of Revenues from AI in 2025. Why Is the Stock Trading at 6x 2025 EPS?

Equity Bottom-Up

<ul>
<li>2025 GPU (Blackwell for Nvidia, MI350 for AMD) use HBM3e 12Hi. SK Hynix and Micron supply Nvidia, Samsung has failed qualification again. Micron and Samsung supply AMD.  </li>
<li>2026 GPU (Rubin, MI400) use HBM4 12Hi. SK Hynix, Micron are qualified by Nvidia – that’s done. Micron is closing the gap with Hynix. Samsung still nowhere to be seen.</li>
<li>Samsung got its consolation prize: AMD is using its HBM3e 12Hi in MI350. It looks like Broadcom will use Samsung’s HBM3e 8Hi in 2 projects (speculatively Apple and OpenAI).</li>
</ul>


2025 GPU (Blackwell for Nvidia, MI350 for AMD) use HBM3e 12Hi. SK Hynix and Micron supply Nvidia, Samsung has failed qualification again. Micron and Samsung supply AMD.  
2026 GPU (Rubin, MI400) use HBM4 12Hi. SK Hynix, Micron are qualified by Nvidia – that’s done. Micron is closing the gap with Hynix. Samsung still nowhere to be seen.
Samsung got its consolation prize: AMD is using its HBM3e 12Hi in MI350. It looks like Broadcom will use Samsung’s HBM3e 8Hi in 2 projects (speculatively Apple and OpenAI).


SK Hynix、Micron HBM4のNVIDIAによる認定は完了。Samsungは依然としてNVIDIAの認定を受けられず