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.

Intel. Mr. Tan's Greatest Challenge Is Not Process Or Foundry Leadership. It's Something Far Bigger

Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators

Taiwan Dual-Listings Monitor: TSMC Spread Close to Long Level; UMC & ASE Deep Discounts

TSMC To Invest A Further $100 Billion In Arizona

TSMC US$100bn Investment in Arizona: Some Context

Tech Supply Chain Tracker (27-Feb-2025): Trump pressures TSMC to partner with Intel for US ties.

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>The latest TSMC taking over Intel Foundry was on 13 March and involved joint investments by AMD, Broadcom, Nvidia, Qualcomm. Complicated.</li>
<li>Yesterday, TSMC Board member and Taiwan Minister of National Development Paul LIU flatly denied: “such a topic has never been discussed at the board level”.</li>
<li>As a result, Intel stock declined -6% yesterday. TSMC has corrected by -16% since early Feb. The stock is at average valuations, no obvious upside to Consensus.</li>
</ul>


The latest TSMC taking over Intel Foundry was on 13 March and involved joint investments by AMD, Broadcom, Nvidia, Qualcomm. Complicated.
Yesterday, TSMC Board member and Taiwan Minister of National Development Paul LIU flatly denied: “such a topic has never been discussed at the board level”.
As a result, Intel stock declined -6% yesterday. TSMC has corrected by -16% since early Feb. The stock is at average valuations, no obvious upside to Consensus.


TSMCによるインテル買収：公式否定