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
- Daniel Ives
- Matthew Weiss
- Sam Brandeis
- Scott Devitt
- Steven Wahrhaftig
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 1Q25
We publish today our comprehensive quarterly bible: 237 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.
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
NOKIA NOKIA OYJ
2330 TSMC
SOI SOITEC SA
CSCO CISCO SYSTEMS INC.
ASML ASML HOLDING NV
MBLY MOBILEYE NV
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
AVGO BROADCOM INC.
TXG 10X GENOMICS INC CLASS A
ERIC-B ERICSSON LM-B SHS
0084207D UBER TECHNOLOGIES INC
ME 23ANDME HLDG CO
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
Broadcom Delivers the Modern Private Cloud with VMware Cloud Foundatio...
Broadcom Delivers the Modern Private Cloud with VMware Cloud Foundation 9.0 Next Generation of Broadcom’s Private Cloud Platform and Advanced Services Help Customers Accelerate Innovation, Control Cloud Costs, and Enable Sovereignty and Security PALO ALTO, Calif., June 17, 2025 (GLOBE NEWSWIRE) -- Broadcom Inc. (NASDAQ: AVGO) is announcing the general availability of VMware Cloud Foundation (VCF) 9.0, the platform for the modern private cloud. With VCF 9.0, customers gain a consistent operating model for the private cloud, spanning data centers, edge, and managed cloud infrastructure fr...
- 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
- Antoine Legault
- Matthew Bryson
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
GOOGL ALPHABET INC. CLASS A
AXTI AXT INC.
7974 NINTENDO CO. 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.
MRVL MARVELL TECHNOLOGY INC
STX SEAGATE TECHNOLOGY HLDGS PLC
DBD DIEBOLD NIXDORF INCORPORATED
- 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...
- Antoine Legault
- Matthew Bryson
TSLA TESLA INC
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.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
AVGO BROADCOM INC.
SMCI SUPER MICRO COMPUTER
MRVL INC.
STX MARVELL TECHNOLOGY INC
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- 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
- Pierre FerraguÊ
- Wedbush Research
TSLA TESLA INC
PEGA PEGASYSTEMS INC.
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
EBAY EBAY INC.
CYBR CYBERARK SOFTWARE LTD.
CRM SALESFORCE.COM INC.
INOD INNODATA
CVNA CARVANA CO. CLASS A
ANAB ANAPTYSBIO INC.
MDB MONGODB INC. CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
ZS ZSCALER INC.
ESTC ELASTIC N.V.
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
AI C3.AI
PLTR PALANTIR TECHNOLOGIES
SNOW SNOWFLAKE INC. CLASS A
BASE COUCHBASE INC
SOUN SOUNDHOUND AI INC
ALCC ALTC ACQUISITION CORP
NOW-US SERVICENOW
INC.
- Daniel Ives
- Sam Brandeis
- Steven Wahrhaftig
Broadcom Ships Tomahawk 6: World’s First 102.4 Tbps Switch
Broadcom Ships Tomahawk 6: World’s First 102.4 Tbps Switch Unmatched Performance for Scale-Up and Scale-Out AI Networks with Support for Co-Packaged Optics PALO ALTO, Calif., June 03, 2025 (GLOBE NEWSWIRE) -- (NASDAQ:AVGO) announced today that it is now shipping the Tomahawk® 6 switch series, delivering the world’s first 102.4 Terabits/sec of switching capacity in a single chip – double the bandwidth of any Ethernet switch currently available on the market. With unprecedented scale, energy efficiency, and AI-optimized features, Tomahawk 6 is built to power the next generation of scale-...
NIO Inc. Reports Unaudited First Quarter 2025 Financial Results
NIO Inc. Reports Unaudited First Quarter 2025 Financial Results SHANGHAI, June 03, 2025 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the global smart electric vehicle market, today announced its unaudited financial results for the first quarter ended March 31, 2025. Operating Highlights for the First Quarter of 2025 Vehicle deliveries were 42,094 in the first quarter of 2025, consisting of 27,313 vehicles from the Company’s premium smart electric vehicle brand NIO and 14,781 vehicles from the Company’s fa...
- Wedbush Research
PEGA PEGASYSTEMS INC.
KURA KURA ONCOLOGY INC.
ISR ISORAY
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
SWTX SPRINGWORKS THERAPEUTICS
IDYA IDEAYA BIOSCIENCES
ORIC ORIC PHARMACEUTICALS
SNOW SNOWFLAKE INC. CLASS A
TNGX TANGO THERAPEUTICS
GLUE INC
JANX MONTE ROSA THERAPEUTICS INC
MLTX JANUX THERAPEUTICS INC
CRBP MOONLAKE IMMUNOTHERAPEUTICS
BCAX CORBUS PHARMACEUTICALS HOLDINGS INC.
BICARA THERAPEUTICS INC.
- Daniel Ives
- Sam Brandeis
- Steven Wahrhaftig
Broadcom Announces New CloudHealth User Experience for Greater Cloud S...
Broadcom Announces New CloudHealth User Experience for Greater Cloud Spend Management Across Enterprise Teams New AI-powered Features Deliver Actionable Insights and Enhanced Collaboration PALO ALTO, Calif., June 02, 2025 (GLOBE NEWSWIRE) -- Broadcom (NASDAQ: AVGO) today announced the general availability of the newest investment made to VMware Tanzu CloudHealth, a comprehensive new user experience that delivers a suite of feature enhancements and new AI-powered features like Intelligent Assist and Smart Summary. The new CloudHealth experience brings more accurate data and actionable in...
NIO Inc. Provides May 2025 Delivery Update
NIO Inc. Provides May 2025 Delivery Update 23,231 vehicles were delivered in May 2025, increasing by 13.1% year-over-year89,225 vehicles were delivered year-to-date in 2025, increasing by 34.7% year-over-yearCumulative deliveries reached 760,789 as of May 31, 2025 SHANGHAI, June 01, 2025 (GLOBE NEWSWIRE) -- NIO Inc. (NYSE: NIO; HKEX: 9866; SGX: NIO) (“NIO” or the “Company”), a pioneer and a leading company in the global smart electric vehicle market, today announced its May 2025 delivery results. The Company delivered 23,231 vehicles in May 2025, representing an increase of 13.1% ye...
Broadcom’s Private Cloud Outlook 2025 Report Reveals Definitive Cloud ...
Broadcom’s Private Cloud Outlook 2025 Report Reveals Definitive Cloud Reset Private cloud now rated as a strategic equal to public cloud, driven by cost predictability, GenAI requirements, and trust in delivering on security and compliance needs 53% surveyed say private cloud is their top priority for deploying new workloads over the next three years84% use private cloud for both traditional enterprise apps and modern, cloud-native workloads PALO ALTO, Calif., May 29, 2025 (GLOBE NEWSWIRE) -- Private clouds are no longer playing catch-up, and public clouds are no longer the default as or...
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