ASML investing in Mistral – Strategic core or distraction?

Media reported yesterday that ASML will invest €1.3bn in Mistral AI, a French start-up developing frontier AI models, as part of a €1.7bn Series C funding round valuing Mistral at €10bn pre-money. Click on the link below for our quick read.

Coffee, Croissants & Credit/ASML reportedly now Mistral's biggest shar...

Technology - ASML reportedly becomes the largest shareholder of Mistral

Losing China - winning Europe

Bible 2Q25 – Semicap: Cautious view justified; expectations at risk fo...

Today, we are publishing the Semicap 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, PCs, Enterprise IT and Foundry. 2Q25 semicap revenues up 2% QoQ, 2% above consensus. China up 19% after a 17% decline in 1Q, with manufac...

Bible 2Q25 – Telecom Infrastructure: Fixed and semis recover; mobile s...

Today, we are publishing the Telecom Infrastructure 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, PCs, Enterprise IT, Foundry and Semicap Equipment. Fixed equipment revenues are rebounding from the inventory correction, ...

Spain's stance on Huawei could influence rest of EU

5G in India: some pickup in Aug

Bible 2Q25 – Memory: margins of conventional DRAM to expand as HBM gro...

Today, we are publishing the Memory 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, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry and Semicap Equipment. DRAM COGS up 25% YoY and 21% QoQ, driven by seasonality,...

Sale of iconectiv completed - finally

CoreWeave profitability; DeepSeek’s ASIC try; Semicap; PC pull-forward...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 9 names we followed last week, follow the link below.

The Capital Goods Data Miner - August 2025

AMD GPUs, Cyber HW refresh, Arista, Auto cycle and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

ASML/Slower 2026, long-term intact/BUY

Despite a slower growth outlook for 2026 we remain positive on the ASML investment case. We believe that the long-term outlook for semiconductor capex remains strong. On top of that, we expect continued increases in litho intensity resulting in above-industry growth. The current valuation close to previous lows, the risk-reward is attractive in our view. We reiterate our BUY rating but slightly lower our target price from €825 to €800 per share.

Q2 trends, estimates, valuation and top picks

AI capex & replatforming; semicap into 2026; Apple, Arm & more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

Intel's NEX could see Ericsson stake

Traction in the Land of the Rising Sun

2026 AI Capex, HBM Pricing, Auto Semi Recovery, and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 22 names we followed last week, follow the link below.

US capex: fibre grabs more share

America’s AI Action Plan. Our 5 quick takes.

The Trump administration published its AI Action Plan yesterday. Please click the link below to see our summary on the 5 most relevant points for tech infrastructure and the broader AI supply chain.