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.

Valneva : Strong H1 - Key Lyme vaccine catalyst ahead in Q4

Valneva delivered a solid H1 and reaffirmed its 2025 guidance. The company’s cash position, standing at €161m, is sufficient to fund operations through 2027e, providing solid financial visibility. Looking ahead, the next key catalyst is the Phase III data readout for VLA15, Valneva’s Lyme disease v

Deliveroo: strengthening growth/margin profile ahead of DoorDash deal

Post-another strong print and FY guidance upgrade, fuelled by a recovery in order growth and market share gains, we see more credibility in Deliveroo's MT targets and have increased our EBITDA and FCF estimates by 8% and 11%. PT unchanged at 180p to stick to the DoorDash offer, which we view as fai

Valneva : FDA lifts age restriction on IXCHIQ

Valneva announced yesterday that the FDA has lifted its recommended pause on the use of IXCHIQ in individuals aged 60+, following updated safety data. This follows a similar decision by the EMA in July, which lifted temporary restrictions after a safety review. Despite regulatory clearance from bot