Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Technology sector in Asia mostly, and Global Tech in a couple of jobs. Nicolas has worked on the sell-side for JPMorgan, CLSA and Macquarie. On the buy-side for a Tiger fund and Prudential. Nicolas has covered Asian semiconductors, Asian hardware and components, and the global Semi supply chain. In addition to stock coverage, he also publishes research on sectors as that often shows clearer trends and pinpoints the inflection points in a sharper way. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

TSMC Order Cut Rumors: Keep Calm and Ignore the Rumors.

NVIDIA's >5x YoY "Singapore" Revenue Growth Is A Red Flag

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>This reports addresses the alarmist wrong conclusions over DeepSeek, especially over GPU usage and costs</li>
<li>This said, DeepSeek shows that Foundational models are commoditizing. Applications will be more resilient and profitable, ie customized with attached services</li>
<li>We are just at the beginning of the AI revolution with language models. Physical models are next and massive Application deployment.  </li>
</ul>


This reports addresses the alarmist wrong conclusions over DeepSeek, especially over GPU usage and costs
This said, DeepSeek shows that Foundational models are commoditizing. Applications will be more resilient and profitable, ie customized with attached services
We are just at the beginning of the AI revolution with language models. Physical models are next and massive Application deployment.  


Taiwan Semiconductor (TSMC) - ADR (TSM US)

DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix