reports
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 3Q25
We publish today our comprehensive quarterly bible: 242 pages of detailed analysis 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:
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
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.
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
onsemi to Develop Next-Generation GaN Power Devices with GlobalFoundri...
onsemi to Develop Next-Generation GaN Power Devices with GlobalFoundries Collaboration expands onsemi’s power portfolio to include high-performance 650V lateral GaN solutions for AI data centers, automotive, aerospace, and other critical markets Summary: onsemi expands its leadership in intelligent power through a new collaboration agreement with GlobalFoundries (GF) to develop and manufacture next-generation gallium nitride (GaN) power devices, beginning with 650V. onsemi products will combine GF’s 200mm eMode GaN-on-silicon process with onsemi’s industry-leading silicon drivers, contro...
- Pierre FerraguÊ
Bible 3Q25 – Industrials: cyclical recovery well underway
Today, we are publishing the final section of our 29th Tech Infrastructure Quarterly Bible on industrials. 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. Industrial semiconductor momentum is accelerating, with revenue growth up to 18% YoY. Industry commentary points to further growth in 4Q and into 2026, reinforcing our expectation of continued...
- Pierre FerraguÊ
Bible 3Q25 – Autos: Limited near-term visibility, but our cycle thesis...
Today, we are publishing the Automotive section of our 29th 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. We will publish sections on Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, and Foundry later this week. Auto demand came in above expectations, with limited signs of an air-pock...
onsemi and Innoscience Announce Plans to Collaborate to Speed Global R...
onsemi and Innoscience Announce Plans to Collaborate to Speed Global Rollout of GaN Power Portfolio Collaboration would add high-volume, cost-optimized, worldwide GaN manufacturing for faster market deployment of energy-efficient power devices Summary:onsemi announced it has signed a memorandum of understanding with Innoscience to explore expanding production of gallium nitride (GaN) power devices using Innoscience’s proven 200mm GaN-on-silicon process. The collaboration would combine onsemi’s system integration, drivers, and packaging expertise with Innoscience’s GaN wafers and high-volu...
- Martin Marandon-Carlhian
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
HAL HAL TRUST
VOE VOESTALPINE AG
ACX ACERINOX SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
SHL SIEMENS HEALTHINEERS AG
ATCO A ATLAS COPCO AB
- Martin Marandon-Carlhian
- Stephane Houri
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
SZG SALZGITTER AG
CDR CD PROJEKT S.A.
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
HAL HAL TRUST
VOE VOESTALPINE AG
ACX ACERINOX SA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
SHL SIEMENS HEALTHINEERS AG
ATCO A ATLAS COPCO AB
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Pierre FerraguÊ
onsemi Announces $6 Billion Share Repurchase Authorization
onsemi Announces $6 Billion Share Repurchase Authorization SCOTTSDALE, Ariz., Nov. 18, 2025 (GLOBE NEWSWIRE) -- (the “Company”) (Nasdaq: ) today announced that its Board of Directors has authorized a new share repurchase program of up to $6 billion over the next three years. The new share repurchase program will launch on January 1, 2026 after the previous $3 billion authorization expires on December 31, 2025. Under the prior authorization, onsemi has repurchased $2.1 billion of its common stock over the last three years, in particular spending approximately 100% of the company’s free ca...
- Pierre FerraguÊ
AMAT APPLIED MATERIALS INC.
DTE DEUTSCHE TELEKOM AG
6758 SONY CORPORATION
00700 TENCENT HOLDINGS LTD.
CSCO CISCO SYSTEMS INC.
AMD ADVANCED MICRO DEVICES INC.
VOD VODAFONE GROUP PLC
9434 SOFTBANK
2357 TT ASUSTEK COMPUTER
981 SEMICONDUCTOR MANUFACTURING
LAZR LUMINAR TECHNOLOGIES INC (A)
GFS GLOBALFOUNDRIES INC
CRWV COREWEAVE INC
- Pierre FerraguÊ
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
CA CARREFOUR SA
FORTUM FORTUM OYJ
KBC KBC GROUP N.V.
FHZN FLUGHAFEN ZURICH AG
MRK MERCK KGAA
HOT HOCHTIEF AG
EOAN E.ON SE
RWE RWE AG
DTE DEUTSCHE TELEKOM AG
UTG UNITE GROUP PLC
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
STR STRABAG SE
BNR BRENNTAG SE
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DHER DELIVERY HERO SE
SHL SIEMENS HEALTHINEERS AG
MRNA MODERNA INC.
AGN AEGON N.V.
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
EDEN EDENRED SA
RR. ROLLS-ROYCE HOLDINGS PLC
CA CARREFOUR SA
FORTUM FORTUM OYJ
KBC KBC GROUP N.V.
FHZN FLUGHAFEN ZURICH AG
MRK MERCK KGAA
HOT HOCHTIEF AG
EOAN E.ON SE
RWE RWE AG
DTE DEUTSCHE TELEKOM AG
UTG UNITE GROUP PLC
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
STR STRABAG SE
BNR BRENNTAG SE
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DHER DELIVERY HERO SE
SHL SIEMENS HEALTHINEERS AG
MRNA MODERNA INC.
AGN AEGON N.V.
- Martin Marandon-Carlhian
- Stephane Houri
- Martin Marandon-Carlhian
- Stephane Houri
- Pierre FerraguÊ
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
MC LVMH MOET HENNESSY LOUIS VUITTON SE
MUV2 MUNICH REINSURANCE COMPANY
EOAN E.ON SE
RWE RWE AG
BAYN BAYER AG
SLHN SWISS LIFE HOLDING AG
BA. BAE SYSTEMS PLC
LEG LEG IMMOBILIEN AG
YPSN YPSOMED HOLDING AG
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
POST OSTERREICHISCHE POST AG
BNR BRENNTAG SE
HAG HENSOLDT AG
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