reports
- Pierre FerraguÊ
Bible 3Q25 – Semicap: Cautious on 2026; not the right AI play.
Today, we are publishing the Semicap Equipment 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, and Foundry. 3Q25 semicap revenues were flat QoQ, with China up...
- Pierre FerraguÊ
Semicon West: 2026 outlook? Does AI drive growth? DRAM architectures? ...
Last week we attended the 2025 edition of the Semicon West conference, the key event for investors focused on the semiconductor equipment market. Over two days we hosted more than a dozen meetings with companies across the semiconductor value chain. Here are our key takeaways.
TSFA TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. SPONSORED ADR
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
AMAT APPLIED MATERIALS INC.
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
8035 TOKYO ELECTRON LTD.
KLAC KLA CORPORATION
AMD ASML HOLDING N.V.
ASML ASML HOLDING NV
AVGO ADVANCED MICRO DEVICES INC.
SOH1 ASML
BESI BROADCOM INC.
SOITEC
- Pierre FerraguÊ
Semicap and the $3tn AI bull-case: material upside, but well below the...
We published earlier this week our updated view on the Semicap rally, looking at the implication of AI spending tripling by 2030 for WFE spending. Today, we publish a follow-up looking at the implications of the $3tn AI bull case for Semicap on a single slide.
- Pierre FerraguÊ
- Jérôme VINERIER
Short term view - ASML : The major support has been reached, it causes...
The trend is still bullish. No indicator nor pattern are questioning it. The invalidation is below €153.70. The target is at €180.40Arguments :- The major support has been reached, it causes the bounce.- Prices made a new all-time-high, this confirms the strength of the trend.- The moving average is supporting prices.
- Jérôme VINERIER
Analyse court terme - ASML : Le support majeur est atteint, il cause l...
La tendance est toujours haussière, aucun indicateur ni aucune figure ne la remettent en cause. L'invalidation est sous 153,70 €. L'objectif est à 180,40 €Arguments :- Le support majeur est atteint, il cause le rebond.- Les cours font un nouveau plus haut historique, ce qui témoigne de la force de la tendance.- La moyenne mobile sert de support.
- Jérôme VINERIER
Short term view - ASML : The moving average is supporting prices.
The trend is still bullish, the invalidation level is below €153.70. The target is at €180.40.Arguments :- The major support has been reached, it causes the bounce.- Prices made a new all-time-high, this confirms the strength of the trend.- The moving average is supporting prices.
- Jérôme VINERIER
Analyse court terme - ASML : La moyenne mobile sert de support.
La tendance est toujours haussière, son niveau d'invalidation est sous 153,70 €. L'objectif est à 180,40 €.Arguments :- Le support majeur est atteint, il cause le rebond.- Les cours font un nouveau plus haut historique, ce qui témoigne de la force de la tendance.- La moyenne mobile sert de support.
- Jérôme VINERIER
- Jérôme VINERIER
- Jérôme VINERIER
Short term view - ASML : The major support has been reached, it causes...
The trend is still bullish, the invalidation level is below €142.00. The target is at €180.40.Arguments :- The major support has been reached, it causes the bounce.- Prices made a new all-time-high, this confirms the strength of the trend.- The moving average is supporting prices.- The measuring gap, opened in the middle of the rally, reinforces the bullish trend.- The reaction at the resistance is weak, we anticipate its break soon.
- Jérôme VINERIER
Analyse court terme - ASML : Le support majeur est atteint, il cause l...
La tendance est toujours haussière, son niveau d'invalidation est sous 142,00 €. L'objectif est à 180,40 €.Arguments :- Le support majeur est atteint, il cause le rebond.- Les cours font un nouveau plus haut historique, ce qui témoigne de la force de la tendance.- La moyenne mobile sert de support.- Le gap haussier ouvert en milieu de mouvement renforce la tendance haussière.- La réaction sur la résistance est faible, nous anticipons donc son franchissement prochain.
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