Anticipating the memory supply-demand balance of 2026, on a single sli...

In our Micron initiation in 2022, we introduced a unique framework to track memory supply and demand, based on COGS and PPE. In today’s one-slider, we update our view on memory supply-demand balance for 2026.

Where is the cost of HBM going ? A perspective on a single slide

We publish today a single slide on how we expect the cost and price of HBM to evolve in the next few years. Link below.

Samsung & Hynix 4Q25: Implications for memory & Micron

Samsung and Hynix reported this week. Please see the link for our take on the read-through for Micron and the broader memory market

AI in 2027; Intel’s turnaround; TSMC in 2026; Mobileye; Ericsson. Tech...

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 4 names we over the last two weeks, follow the link below.

Reconciling TSMC guide with total AI Infra. Spending in 2030, on a sin...

TSMC raised its AI revenue growth outlook last week to mid-to-high 50% CAGR from 2024 to 2029. Click on the link for a reconciliation with our forecast for total AI Infrastructure Spending.

​​​​​​​TSMC 4Q25: Strong implied 2027 guide for AI Infra.; WFE read-ac...

TSMC 4Q25 QT: Strong implied 2027 guide for AI Infra.; WFE read-across...

TSMC reported 4Q25 this morning.

Technology infrastructure in 2026: Top picks & updated perspective - C...

TSMC: What to expect from 2026 guidance?

TSMC will provide its initial 2026 revenue guidance on the 4Q25 earnings call on Thursday.

TSMC: 4Q revenues beat. Top Pick for 2026.

TSMC reported 4Q25 Revenues.

AI infrastructure in 2026: Updated perspective & top picks

As usual, to start the year, we have pulled together our favorite ideas in our coverage for 2026. We have selected names with our highest conviction.

Bible 3Q25 – Foundries: Strong set-up for TSMC into 2026. Downside ris...

Today, we are publishing the Foundry 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. TSMC increased its 2025 growth outlook to 35%, as we anticipated. For other foundries, expectations were revised down 1pt to 9% growth in 2025, which implies a reasonable 2% sequential growth in 4Q. For ne...

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:

Gen AI Big Idea Series – The Broadcom Platform – ​Hock Tan, CEO

We hosted another session of the 5th annual BCG × NSR Gen-AI Big Idea Series this week. We will host a slate of exceptional speakers through Feb-26 (full line-up here). This session was a conversation with Hock Tan, CEO of Broadcom, along with Kirsten Spears, CFO, and Charlie Kawwas, President of the Semiconductor Solutions Group. Please see the link below for our takes.

Bible 3Q25 – Hyperscale & Cloud: 2026 capex expectations up another 1...

Today, we are publishing the Hyperscale & Cloud 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 Telecom Equipment, Industrials, PCs, Enterprise IT, and Foundry later this week. Hyperscale revenues grew 16% YoY, with cloud services up nearly 30%. Capacity constra...

Bible 3Q25 – Memory: Thesis played out. Secular growth to meet multipl...

Today, we are publishing the Memory 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. In the coming weeks we will publish sections on Automotive, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Foundry, and Semicap Equipment. HBM demand grows alongside a recovery in c...

OpenAI Losing the Lead to Google? Implications for Microsoft

The release of Gemini 3 has triggered a wave of strong reception across the industry. Please click the link for our thoughts on what this means for Microsoft.

PSA Semiconductors: Readthrough from Nvidia’s Q3 Results

While the FY25 Q3 results constituted a beat, they came in quite close to what the share price implied. However, the guidance for Q4 surprised on the upside. Pelham Smithers reviews the performance and outlook, with a readacross to beneficiaries in Japan and the numbers from China.

2026 AI Infra. outlook forming: XPU spending catching up with capex, u...

It has been a busy week with Nvidia’s comments in Washington and three hyperscalers reporting last night. Building on these updates, we have already formed a very insightful perspective on how AI infrastructure deployments are shaping up for next year. Please follow the link for our insight summarized on a single slide.

Microsoft-OpenAI: Quick thoughts on the new deal.

Microsoft and OpenAI announced a new definitive agreement for the “next chapter” of their partnership. Please see the link below for our high-level views.