Bible 2Q25 - Smartphones: 2025 weak and front-loaded. Increasing concerns about the Back-half.

Dear all, ​​ Today, we are publishing the Smartphones section of our 28th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, Foundry, and Semicap Equipment. ​Shipment growth held, but our view of front-loaded 2025 smartphone demand was reinforced t...

Soitec 1FQ26: Inventory digestion remain a drag. Thesis unchanged. Buy, €55.

Soitec 1FQ26: Inventory digestion remain a drag. Thesis unchanged.

Soitec reported 1FQ26 sales last night and hosted its conference call this morning.

Egetis: Submits pre-NDA meeting, positive recruitment update

Egetis posted a positive US development update on Emcitate with 15 evaluable patients in the US ReTRIACt phase 3 study (vs 12 at previous update) and has submitted a pre-NDA meeting (Type B) request to the FDA, with plans to initiate the submission of the NDA for tiratricol (Emcitate) this year. As

Faron: Positive FDA feedback sends BEX into a registrational phase 2/3 study

Faron is advancing bexmarilimab (BEX) into a registrational phase 2/3 trial in HR-MDS following a positive EOP2 meeting with the FDA. We view the feedback of broadly positive, as the trial design remains largely unchanged, with a single study expected to support approvals in both frontline and rela

Fastned: H1 results, GM recovery, roll-out acceleration expected in H2

This morning, Fastned published its H1 2025 key metrics and number of operating stations. H1 sales came in at EUR54.3m (+44% YoY), implying revenue of EUR26.3m in Q2 2025 (-9% vs cons. at EUR28.9m) and pointing to an annual run-rate of at least EUR108m (vs cons. at EUR130.8m for FY25 and STFe EUR13