reports
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 2Q25
We publish today our comprehensive quarterly bible: 229 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides. Please follow the link below for more details.
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
IFX INFINEON TECHNOLOGIES AG
TXG 10X GENOMICS INC CLASS A
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
- Martin Marandon-Carlhian
- Oliver Metzger
- Sinan Doganli
- Stephane Houri
FME FRESENIUS MEDICAL CARE AG
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
CBK COMMERZBANK AG
NOVN NOVARTIS AG
EVT EVOTEC SE
EN BOUYGUES SA
HNR1 HANNOVER RUECK SE
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
GLJ GRENKE AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
SDF K+S AG
ZAL ZALANDO SE
BAS BASF SE
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
BAYN BAYER AG
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
IMPN IMPLENIA AG
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
BC8 BECHTLE AG
ADN1 ADESSO AG
SAX STROEER SE & CO. KGAA
EVK EVONIK INDUSTRIES AG
WAF SILTRONIC AG
SMHN SUESS MICROTEC AG
FNTN FREENET AG
AZN ASTRAZENECA PLC
BIM BIOMERIEUX SA
DUE DURR AG
BFSA BEFESA SA
SANT S&T AG
AEIN ALLGEIER HOLDING AG
HAG HENSOLDT AG
NA9 NAGARRO
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
GSK GSK PLC
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
SCHOTT PHARMA AG
CVC CVC CAPITAL PARTNERS PLC
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Oliver Metzger
- Sinan Doganli
- Stephane Houri
FME FRESENIUS MEDICAL CARE AG
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
CBK COMMERZBANK AG
NOVN NOVARTIS AG
EVT EVOTEC SE
EN BOUYGUES SA
HNR1 HANNOVER RUECK SE
AFX CARL ZEISS MEDITEC AG
SRT3 SARTORIUS AG PREF
GLJ GRENKE AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
SDF K+S AG
ZAL ZALANDO SE
BAS BASF SE
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
BAYN BAYER AG
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
IMPN IMPLENIA AG
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
BC8 BECHTLE AG
ADN1 ADESSO AG
SAX STROEER SE & CO. KGAA
EVK EVONIK INDUSTRIES AG
WAF SILTRONIC AG
SMHN SUESS MICROTEC AG
FNTN FREENET AG
AZN ASTRAZENECA PLC
BIM BIOMERIEUX SA
DUE DURR AG
BFSA BEFESA SA
SANT S&T AG
AEIN ALLGEIER HOLDING AG
HAG HENSOLDT AG
NA9 NAGARRO
FPE3 FUCHS PETROLUB SE
SPAC 468 SPAC I SE
GSK GSK PLC
IOS IONOS GROUP SE
NOVO B NOVO NORDISK A/S
SCHOTT PHARMA AG
- Martin Marandon-Carlhian
- Stephane Houri
- Pierre FerraguÊ
Bible 2Q25 – Autos: Semi recovery underway; tangible risks of pull-for...
Today, we are publishing the Autos 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 Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry and Semicap Equipment. The auto semiconductor recovery is underway, with revenues up 4% QoQ ...
NXPIN NXP SEMICONDUCTORS NV
DAI DAIMLER AG
TSLA TESLA INC
ON ON SEMICONDUCTOR CORPORATION
F FORD MOTOR COMPANY
MG/CN MAGNA INTERNATIONAL INC.
MELE MELEXIS NV
GM GENERAL MOTORS COMPANY
STM STMICROELECTRONICS NV
CON CONTINENTAL AG
VOW VOLKSWAGEN (VOW GR)
Z29 029 GROUP SE
- Pierre FerraguÊ
Bible 2Q25 – Industrials: Accelerating momentum; watch out for tariff ...
Today, we are publishing the Industrials 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, PCs, Enterprise IT, Foundry, Semicap Equipment. Industrial semiconductor momentum is accelerat...
- Pierre FerraguÊ
- Pierre FerraguÊ
- Benoit Valleaux
- Steven Gould
SN. SMITH & NEPHEW PLC
CON CONTINENTAL AKTIENGESELLSCHAFT
INFINEON INFINEON TECHNOLOGIES AG
EBS ERSTE GROUP BANK AG
BEI BEIERSDORF AG
VNA VONOVIA SE
ZAL ZALANDO SE
FRE FRESENIUS SE & CO. KGAA
BAYN BAYER AG
RAA RATIONAL AG
TIT TELECOM ITALIA S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ENR SIEMENS ENERGY AG
NOVO B NOVO NORDISK A/S
QGEN QIAGEN N.V.
- Benoit Valleaux
- Steven Gould
SN. SMITH & NEPHEW PLC
CON CONTINENTAL AKTIENGESELLSCHAFT
INFINEON INFINEON TECHNOLOGIES AG
EBS ERSTE GROUP BANK AG
BEI BEIERSDORF AG
VNA VONOVIA SE
ZAL ZALANDO SE
FRE FRESENIUS SE & CO. KGAA
BAYN BAYER AG
RAA RATIONAL AG
TIT TELECOM ITALIA S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BP. BP P.L.C.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ENR SIEMENS ENERGY AG
NOVO B NOVO NORDISK A/S
QGEN QIAGEN N.V.
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
DHLN DHL GROUP
INFINEON INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
DGE DIAGEO PLC
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
ADEN ADECCO GROUP AG
CEZ CEZ AS
RAA RATIONAL AG
OTP OTP BANK NYRT
ABI ANHEUSER-BUSCH INBEV SA/NV
BP. BP P.L.C.
BNTX BIONTECH SE
CPR DAVIDE CAMPARI-MILANO N.V.
- Martin Marandon-Carlhian
- Stephane Houri
DHLN DHL GROUP
INFINEON INFINEON TECHNOLOGIES AG
FME FRESENIUS MEDICAL CARE AG
DGE DIAGEO PLC
RI PERNOD RICARD SA
RCO REMY COINTREAU SA
ADEN ADECCO GROUP AG
CEZ CEZ AS
RAA RATIONAL AG
OTP OTP BANK NYRT
ABI ANHEUSER-BUSCH INBEV SA/NV
BP. BP P.L.C.
BNTX BIONTECH SE
CPR DAVIDE CAMPARI-MILANO N.V.
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
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