reports
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 4Q23
We publish today our comprehensive quarterly bible: 212 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:
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
9984 SOFTBANK GROUP CORP.
8035 TOKYO ELECTRON LTD.
KLAC KLA CORPORATION
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
MBLY ASML HOLDING NV
AMD MOBILEYE NV
AAPL ADVANCED MICRO DEVICES INC.
AVGO APPLE INC.
SOH1 BROADCOM INC.
BESI SOITEC
IFX UBER TECHNOLOGIES INC.
UBER ERICSSON
ERIC.B ERICSSON LM-B SHS
ERIC-B GRABTAXI HOLDINGS PTE LTD
ERICB EU WOLFSPEED INC
0967655D GRAB HLDGS LTD
WOLF ARM HOLDINGS PLC
GRAB ARMEYSKI HLDG AD
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pelham Smithers
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 3Q23
We publish this morning our comprehensive quarterly bible: 218 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.
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
9984 SOFTBANK GROUP CORP.
8035 TOKYO ELECTRON LTD.
KLAC KLA CORPORATION
NOAA NOKIA TRADEGATE EXCHANGE
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
AMD ASML HOLDING NV
AAPL ADVANCED MICRO DEVICES INC.
AVGO APPLE INC.
SOH1 BROADCOM INC.
BESI SOITEC
UBER UBER TECHNOLOGIES INC.
ERIC.B ERICSSON
ERIC-B ERICSSON LM-B SHS
ERICB EU GRABTAXI HOLDINGS PTE LTD
0967655D UBER TECHNOLOGIES INC
0084207D WOLFSPEED INC
WOLF GRAB HLDGS LTD
GRAB ARM HOLDINGS PLC
ARM ARMEYSKI HLDG AD
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
Next steps for Softbank: Buyback, investment in generative A.I… or bot...
Last Thursday marked Arm's return to the public market. In this note, we discuss the implications of the IPO for SoftBank Group, which retains a 90% stake in Arm. We also discuss the likely next steps for SoftBank and our view on the stock.
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 2Q23
We publish this morning our comprehensive quarterly bible: 199 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.
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
9984 SOFTBANK GROUP CORP.
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
AVGO BROADCOM INC.
SOH1 SOITEC
BESI UBER TECHNOLOGIES INC.
UBER ERICSSON
ERIC.B ERICSSON LM-B SHS
ERIC-B GRABTAXI HOLDINGS PTE LTD
ERICB EU MOBILEYE NV
0967655D AEVA INC
MBBYF WOLFSPEED INC
- Pierre FerraguÊ
Arm: Bringing it together ahead of the IPO
We gather in today’s report the latest version of all the materials we have published on Arm in recent weeks and presented to investors in webcasts. We summarize our final view ahead of the IPO in 3 main points: Arm has a high-quality financial model; It’s a good time for Arm to IPO; The IPO is at an attractive valuation as we see 17 – 27% upside on a one-year horizon.
- Pelham Smithers
VMW VMWARE INC. CLASS A
PEP PEPSICO INC.
ARM ARM CEMENT LTD
TSLA TESLA INC
PG PROCTER & GAMBLE COMPANY
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
MCD MCDONALD'S CORPORATION
LRCX LAM RESEARCH CORPORATION
FB FACEBOOK INC. CLASS A
AMAT APPLIED MATERIALS INC.
TSCON TESCO PLC
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
OCDO OCADO GROUP PLC
PGHL PROCTER & GAMBLE HEALTH
7735 SCREEN HOLDINGS CO. LTD
JE. JUST EAT PLC
6501 HITACHI LTD.
4217 HITACHI CHEMICAL COMPANY LTD.
6920 LASERTEC CORP.
6723 RENESAS ELECTRONICS CORPORATION
6701 NEC CORP.
2340 OPTO TECH CORP.
9984 SOFTBANK GROUP CORP.
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
SNAP SNAP INC. CLASS A
SAP SAP SE
WMT WALMART INC.
SOW SOFTWARE AG
TKWY JUST EAT TAKEAWAY.COM N.V.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
UBER UBER TECHNOLOGIES INC.
9434 SOFTBANK CORP.
TXG 10X GENOMICS INC CLASS A
1469157D AUTOSTORE
1250307D DARKTRACE LTD
1036057D GINKGO BIOWORKS INC
3IN 3I INFRASTRUCTURE PLC
QCOM/O QUALCOMM INCORPORATED
SNOW SNOWFLAKE INC. CLASS A
AI C3 AI
SHOP SHOPIFY INC. (SHOP)
ROO DELIVEROO PLC
GFS GLOBALFOUNDRIES INC
TSE: 2980 SRE HOLDINGS CORP
4169 JT ENECHANGE LIMITED
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
- Chris Hoare
Softbank Corp (Buy, TP: ¥2,200, +40%) Q1 23 Quick Take: Encouraging q...
Softbank Corp reported a strong operating income beat by 4.9%, driven by Media & EC (previously Yahoo! Japan/Line) and Consumer. Group revenue was in-line while Consumer mobile revenue decline eased further and is expected to bottom this year.
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 1Q23
We publish this morning our comprehensive quarterly bible: 192 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:
ANET ARISTA NETWORKS INC.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
9984 SOFTBANK GROUP CORP.
NOAA NOKIA TRADEGATE EXCHANGE
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
AMD ASML HOLDING NV
AAPL ADVANCED MICRO DEVICES INC.
AVGO APPLE INC.
SOH1 BROADCOM INC.
UBER SOITEC
ERIC.B UBER TECHNOLOGIES INC.
ERIC-B ERICSSON
ERICB EU ERICSSON LM-B SHS
0967655D GRABTAXI HOLDINGS PTE LTD
MBBYF MOBILEYE NV
0084207D UBER TECHNOLOGIES INC
AEVA AEVA INC
WOLF WOLFSPEED INC
- Pierre FerraguÊ
- Pierre FerraguÊ
- Thao Nguyen
- Pierre FerraguÊ
SoftBank: How could the ARM IPO affect the stock? Buy, ¥7,200
ARM is one of the strongest franchises in the semiconductor industry and is currently on a double-digit growth trajectory, benefiting from share gains and the ramp of the new v9 architecture. SoftBank Group is planning to take ARM public later this year. We see a $50bn valuation justified, and the IPO should be a material catalyst for SoftBank.
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