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!
| Platform |  | Pricing | Freemium | Publishes | Daily |
|---|---|---|---|---|---|
| Issues | 246 | Founded | 2 years ago | Last Issue | 18 days ago |
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techstock01.substack.comLatest Issues
TSMC 3Q26: beat, raise, repeat – increasingly bullish tone
CEO CC Wei: TSMC “has no intention of leaving food on the table for others”
Management stressing that AI demand is accelerating, several mentions of “very strong”, “extremely robust” demand covering 3 large categories: AI accelerators, age...
ASML: the bright future is getting brighter (2028 and beyond)
3Q26 operating profit beat consensus by 8%.
3Q26 operating profit beat consensus by 8%. 4Q operating profit guidance beat consensus by 5%. Good but not spectacular.
Charts day – valuations and consensus
Valuations
S&P500
(actually 560 stocks as I add some US-listed like ASML, TSM, and I don’t remove the drop offs)
PEx valuations are at average, that’s 22.6x trailing (TTM) earnings, 19.4x forward (NTM).
- 2025 net income growth...
Erratums (errata): wrong revenues (maybe), wrong calculation (certainly)
Following yesterday’s AI Capex, ROI, circular financing: interesting reads, 2 corrections.
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OpenAI revenues (ARR) are? It depends. Maybe $50bn, maybe $70bn, maybe that’s the same thing actually.
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I made a very silly mistake yesterda...
AI Capex, ROI, circular financing: interesting reads
US$10 trillion capex requires $3.7 trillion revenue
Best financial analysis of AI investments so far, published by Stijn Van Nieuwerburgh (Prof of finance at Columbia) for the BPEA conference last week (Brookings Papers on Economic Acti...
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Authors
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Nicolas Baratte has been a financial analyst since 2000, covering the Technology sector, working on the sell-side (JPMorgan, CLSA) and buy-side (a Tiger fund, Prudential). Nicolas now publishes mostly on the global Semi supply chain.
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