Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

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Equity Bottom-Up

<ul>
<li>1Q better than guided, 2Q a bit better but margins and net income remain very low. Reiteration that 1Q25 is the trough. Mngt mentions concerns about “the macro” and “tariffs”.</li>
<li>CEO emphasizes "it won’t be easy" to fix products, manufacturing, culture. Re-org is coming but no details. Lower Opex but "we have not yet identified what that means for headcount".</li>
<li>Consensus continues to expect a swift runaround into 2026. Based on this optimistic forecast, the stock trades at 18x 2026 EPS. Too many unknowns.</li>
</ul>


1Q better than guided, 2Q a bit better but margins and net income remain very low. Reiteration that 1Q25 is the trough. Mngt mentions concerns about “the macro” and “tariffs”.
CEO emphasizes "it won’t be easy" to fix products, manufacturing, culture. Re-org is coming but no details. Lower Opex but "we have not yet identified what that means for headcount".
Consensus continues to expect a swift runaround into 2026. Based on this optimistic forecast, the stock trades at 18x 2026 EPS. Too many unknowns.


Intel 1Q25: Work in Progress, More Unknowns than Clarity

Intel Corp

Intel 1Q25: Work in Progress, More Unknowns than Clarity