N. Baratte - TechStock01

N. Baratte - TechStock01

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TSMC 2Q25: a number of very positive messages, plus a major contradiction on 4Q25 revenue
NT$ appreciation has a very large impact on revenue / margins but TSMC beats consensus in 2Q, 3Q guidance is in-line.
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Nicolas Baratte - TechStock01
ASML 2Q25 Conf Call: trying to clear doubts on EUV growth and China demand – short update
I'm not sure that we have more clarity after the conf call
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Nicolas Baratte - TechStock01
ASML 2Q25 beat but the steep slowdown in 2H25 is confirmed, it will most likely extend to 1H26. Weak patch ahead.
The stock lacks catalysts for another 2-3 quarters.
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Nicolas Baratte - TechStock01
AI servers: the big system designers / assemblers in Taiwan
AI Accelerators (Nvidia and AMD GPU, hyperscalers’ in-house chips) receive a lot of attention.
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Nicolas Baratte - TechStock01
Jensen went to the White House, and to China
for Nvidia, AI GPU revenues from China at US$ 30-35bn (15-17% of total)
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Nicolas Baratte - TechStock01
TSMC June revenue dropped -18% MoM. OMG what’s going on? First it’s not a miss, 2Q revenues are spot inline with guidance. Second, the NT…
Do not trade big monthly sales move
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Nicolas Baratte - TechStock01
PC 2Q25: 6-7% unit growth YoY is pretty good. 2025 looks like a 5-6% growth year, better than I thought (2%)
Demand driven by Enterprise, positive to ASP and margins
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Nicolas Baratte - TechStock01
Samsung 2Q25: it’s even worse than the official leak
Large Consensus reset is unavoidable
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Nicolas Baratte - TechStock01
Semi news: Power GaN, Samsung and Intel’s Foundry margins (and wafer price), Chinese GPU IPO
Power GaN coming oversupply, an illustration.
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Nicolas Baratte - TechStock01
N. Baratte - TechStock01
N. Baratte - TechStock01
I'm Nicolas Baratte, Tech equity analyst for 25 years, focusing on Tech, Semi, Hyperscale, Asia. Company & Industry analysis. I’ve worked on the sell-side (JPM, CLSA) and buy-side (Tiger, Prudential). Now on Substack!
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