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.

ASML. Class Action Lawsuit Looms As Share Price Declines 37% From Peak

ASML Investor Day: Oops They Did It Again. Different Story, Same 2030 Targets.

Intel CEO Shock Resignation. What's Going On?

Intel Finalises US CHIPS Funding But With Some Rather Unusual T&C's

Kioxia IPO Early Re-Look - Better Placed This Time Around

Equity Bottom-Up

<ul>
<li>An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.</li>
<li>HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. </li>
<li>140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). </li>
</ul>


An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.
HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. 
140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). 


Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

ASML Holding NV

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL