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.

Semiconductor Memory Q125 Review, Tariff & Tech Transition Impacts, HBM Outlook Etc.

MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs

Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected

Is the Valuations Divergence Justified? Mediatek Vs TSMC

Mediatek 1Q25 6% Beat, Growth Accelerating in 2Q, Large Revenue Opportunity for Data Center ASIC

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026. </li>
<li>The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.</li>
<li>I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.</li>
</ul>


IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026. 
The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.
I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.


2025年のスマートフォン出荷台数は下方修正、PCは上方修正（IDC）。Mediatekはやや高価、TSMCは安価。