N. Baratte - TechStock01

N. Baratte - TechStock01

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AMD: management expects revenue re-acceleration from 2H26 with MI400 launch. That’s pretty much a done deal. Consensus expects a sharp…
Stock price needs a breather
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Nicolas Baratte - TechStock01
Hyperscalers’ Cloud revenue and Capex update
Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25.
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Nicolas Baratte - TechStock01
Mediatek 3Q25: a lot of good news (ASIC revenue) but weak margins are getting weaker (TSMC wafer price up, Opex – R&D). Stock is not…
Weak 3Q reported, weak 4Q guidance (Operating Margin) due to wafer price, some TSMC tightness (5-3nm), Opex increase.
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Nicolas Baratte - TechStock01
AMZN 3Q25: very good 3Q as AWS revenue accelerates to 20% YoY. AWS Data Center capacity will double from 2025 to 2027!
3Q25 revenue up 13% YoY, AWS up 20%, Operating Profit would have increased by 25% YoY but 2 one-time charges (FTC and headcount) bring OP flat YoY.
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Nicolas Baratte - TechStock01
MSFT 1Q26 (Sept-25): a huge quarter. AI demand is accelerating but (for the AI bubble crowd): Capex comes before revenues, before profits…
Total revenue up 18% YoY.
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Nicolas Baratte - TechStock01
Meta: a good 3Q spoiled by a Tax problem. Capex boom continues into 2026. Consensus / Valuations reflect concerns on margins decline.
Good 3Q25: revenue 4% above Consensus, Operating Income 7% above.
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Nicolas Baratte - TechStock01
Hyperscalers’ Capex update. Remember Jensen’s $500bn yesterday ?
Altogether it looks like a ~50% Capex increase in 2026
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Nicolas Baratte - TechStock01
Google: Ad and Cloud re-accelerating. Large impact of AI tools. Stock is not expensive.
GOOG is trading at 25x 2026 EPS and 22x 2027. Not expensive.
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Nicolas Baratte - TechStock01
Nvidia’s Jensen’s $500bn: what did he say exactly? what does it mean for supply chain forecasts?
Nvidia’s CEO Jensen said he has a $500bn AI GPU order book.
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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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