N. Baratte - TechStock01
Nicolas Baratte - TechStock01I'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 | 222 | Founded | 2 years ago | Last Issue | 5 days ago |
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techstock01.substack.comLatest Issues
Semiconductor Production Equipment (SPE): all big firms have increased revenue forecasts, ~20% growth in 2026, similar or more in 2027
AMAT was the last SPE vendor to report, like others it has revised up its revenue outlook.
AMAT was the last SPE vendor to report, like others it has revised up its revenue outlook.
AMD: beyond a strong quarter, higher growth for next 3-4 years
Consensus will revise up 15-20%, stock trades at 23-25x ‘27EPS and ~18-20x ’28 EPS.
Same story as Intel: Server CPU demand is accelerating on AI inference and agents. AMD is in a better position than Intel: AMD is gaining share and has a h...
Hyperscalers: Consensus revisions and Valuations post earnings
Best growth stocks: GOOG and AMZN, which are also the highest valuations at 27x next year.
Alphabet aka Google: some room for Consensus to increase, Cloud growth * margins expansion are accelerating. Valuations are reasonable at 27x next y...
Hyperscalers: excellent 1Q26! Higher revenue growth, margins expansion supporting higher Capex
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In aggregate, the 4 hyperscalers reported excellent results. Revenue growth is accelerating. Cloud growth is accelerating. Margins are increasing. Which in turns translates into higher Capex.
- Capex growth (65% in 2025 and ~100% in 20...
Worried about the SOX? The rally hides 1) wide divergence in performance 2) wide dispersion in valuations
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The Semiconductor Index is the stellar outperformer in the ongoing market rally. But the details show a wide divergence in performance and a wide dispersion in valuations.
- The rally is based on each firm’s growth outlook but it also...
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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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