reports
- Pierre FerraguÊ
The Great Replatforming, part I – the Special Theory
Capex ROI is the trending question these days, but what does it actually mean? In a “replatforming”, capex are enablers of revenue growth and productivity enhancements, as long as they are the foundation for a good “right to make money” (a defensible competitive advantage) and meet good demand. Our “Special Replatforming Theory” looks at how it has been at play for a decade already at hyperscalers, and how we expect the next 10 years to play out, with AI bringing an even more capital-intensive...
ANET ARISTA NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
MRVL MARVELL TECHNOLOGY GROUP LTD.
CSCO CISCO SYSTEMS INC.
5930 SAMSUNG ELECTRONICS CO LTD
JNPR JUNIPER NETWORKS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
660 SK HYNIX INC
- Pierre FerraguÊ
Growth in Public Cloud: Where from? What’s next?
Growth in Public Cloud reaccelerated, in line with our expectations, and, if anything, even stronger than we thought, and shifting fast, with AI representing an increasing share of public cloud growth, and with the fast-growing crowd of native AI start-ups becoming a meaningful segment. We gathered all the initial datapoints at hand and looked at all angles we could, to provide a first perspective of how public cloud is growing today and where it is headed next.
ANET ARISTA NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
MRVL MARVELL TECHNOLOGY GROUP LTD.
CSCO CISCO SYSTEMS INC.
5930 SAMSUNG ELECTRONICS CO LTD
JNPR JUNIPER NETWORKS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
660 SK HYNIX INC
- Pierre FerraguÊ
Bible 1Q25: Telecom Infrastructure – Mobile stabilizes off the lows, ...
Today, we are publishing the Telecom Infrastructure section of our 27th 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 Enterprise IT and PCs. Fixed equipment revenues are rebounding from the inventory correction, rising 9% YoY. RAN spending is stabilizing, up l...
- Pierre FerraguÊ
Bible 1Q25 – Hyperscale & Cloud: Inference inflecting, more hints on 2...
Today, we are publishing the Hyperscale & Cloud section of our 27th 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 Telecom Infrastructure, Memory, Enterprise IT, and PCs. Hyperscale revenues grew 11% YoY, with cloud services stabilizing in the mid-20%, and acce...
ANET ARISTA NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
MRVL MARVELL TECHNOLOGY GROUP LTD.
CSCO CISCO SYSTEMS INC.
5930 SAMSUNG ELECTRONICS CO LTD
JNPR JUNIPER NETWORKS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
660 SK HYNIX INC
- Pelham Smithers
SNPS SYNOPSYS INC.
QCOM QUALCOMM INC
NVDA NVIDIA CORPORATION
INTC INTEL CORPORATION
CDNS CADENCE DESIGN SYSTEMS INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
5803 FUJIKURA LTD
6702 FUJITSU LIMITED
5801 FURUKAWA ELECTRIC CO. LTD.
AMD ADVANCED MICRO DEVICES INC.
AVGO BROADCOM INC.
6526 SOCIONEXT INC
ALAB ASTERA LABS INC
Marvell Technology Inc: 3 directors
Three Directors at Marvell Technology Inc sold 8,739 shares at between 64.750USD and 65.100USD. The significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors o...
- Pierre FerraguÊ
Bible 4Q24 – Hyperscale & Cloud: material capex revisions, now consist...
Today, we are publishing the Hyperscale & Cloud section of our 26th 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. Hyperscale revenues grew 11% YoY, with cloud services stabilizing in the mid-20%, driven by strong demand for both traditional & AI infrastructure. Capex grew 73% YoY and 25% QoQ, 11% above con...
ANET ARISTA NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
MRVL MARVELL TECHNOLOGY GROUP LTD.
CSCO CISCO SYSTEMS INC.
5930 SAMSUNG ELECTRONICS CO LTD
JNPR JUNIPER NETWORKS INC.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
660 SK HYNIX INC
- Pierre FerraguÊ
Bible 4Q24: Telecom Infrastructure – Recovery across the board
Today, we are publishing the Telecom Infrastructure section of our 26th 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. Telecom capex rebounded, up 13% YoY, driving a strong recovery across the value chain—from fixed and mobile equipment to semiconductors. Nokia remains our top pick in the sector.
- Pelham Smithers
PSA Technology: Semiconductor Industry 2025 Outlook
Following the recent results season where several leading semiconductor and SPE companies globally produced either disappointing results or guidance, we look at where the semiconductor industry is at present, where it looks to be headed in 2025 and identify opportunities in the Japanese IC / SPE space.
005930 SAMSUNG ELECTRONICS CO. LTD.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
WDC WESTERN DIGITAL CORPORATION
TER TERADYNE INC.
ORCL ORACLE CORPORATION
ON ON SEMICONDUCTOR CORPORATION
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
COHR COHERENT INC.
AMAT APPLIED MATERIALS INC.
NFLX NETFLIX INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
7751 CANON INC.
9697 CAPCOM CO. LTD.
6383 DAIFUKU CO. LTD.
7735 SCREEN HOLDINGS CO. LTD
5803 FUJIKURA LTD
6861 KEYENCE CORPORATION
6501 HITACHI LTD.
000660 SK HYNIX INC
6920 LASERTEC CORP.
6728 ULVAC INC.
6723 RENESAS ELECTRONICS CORPORATION
6902 DENSO CORPORATION
6701 NEC CORP.
7731 NIKON CORP.
7201 NISSAN MOTOR CO. LTD.
7105 MITSUBISHI NICHIYU FORKLIFT
6963 ROHM CO. LTD.
9984 SOFTBANK GROUP CORP.
6758 SONY CORPORATION
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
AIR AIR PARTNER PLC
5930 SAMSUNG ELECTRONICS CO LTD
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
STM STMICROELECTRONICS NV
00981 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORP.
AVGO BROADCOM INC.
3993 PKSHA TECHNOLOGY INC.
6600 JT KIOXIA HOLDINGS (6600 JT)
ASO ACADEMY SPORTS AND OUTDOORS
CRSR CORSAIR GAMING
WOLF WOLFSPEED INC
TSE: 2980 SRE HOLDINGS CORP
688728 GALAXYCORE INC
688234 SICC CO LTD
6526 SOCIONEXT INC
6526 JT SOCIONEXT (6526 JT)
ARM ARM HOLDINGS PLC
ACCL DOLOMITE HOLDINGS LTD
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
- Pierre FerraguÊ
Generative AI – Use cases & infrastructure evolution: Updated thoughts...
We hosted on September 14th the third edition of our “Big Idea” conference, organized jointly by New Street Research and Boston Consulting Group. We had an exceptional line up of speakers for this full day event, focused on Generative AI and spanning from use cases to underlying technology infrastructure.
- 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
- Matthew Bryson
VMW VMWARE INC. CLASS A
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AXTI AXT INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
- Matthew Bryson
VMW VMWARE INC. CLASS A
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
AXTI AXT INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
- Matthew Bryson
VMW VMWARE INC. CLASS A
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AXTI AXT INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
- Matthew Bryson
VMW VMWARE INC. CLASS A
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AXTI AXT INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
- Matthew Bryson
VMW VMWARE INC. CLASS A
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AXTI AXT INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
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