ODDO : Mémoire : Et si nous étions à l’aube d’un ‘supercycle’ ?

Les prix de la mémoire ont progressé de 15% sur un mois et de ~30% YTD. Cela reflète une forte tension sur l’offre alors que la demande IA est plus élevée qu’attendu. Les stocks de mémoires sont, par ailleurs, au plus bas, ouvrant la voie en 2026 à un supercycle, tiré par l’IA mais aussi par l’intégration de l’Edge AI dans les smartphones/PC. Un marché des semis à ~+15/20% en 2026 est crédible dans ce contexte. Dans notre couverture, cela devrait d’abord bénéficier à ASML, VAT, Siltronic, ASMi e...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/13/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/13/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 13/10/2025

ODDO : Memory: What if we were on the eve of a super cycle?

Memory prices have risen by 15% m-o-m and by ~30% since the start of 2025. This reflects a tight supply situation, with demand for AI stronger than expected. Memory inventories are also at an all-time low, paving the way for a super cycle in 2026, driven by AI but also by the integration of Edge AI in smartphones/PCs. A semis market at ~+15-20% in 2026 is a credible scenario in this context. In our coverage, this should first benefit ASML, VAT, Siltronic, ASMi and SUSS (Outperform vs Neutral), f...

Arista Networks Inc: 1 director

A director at Arista Networks Inc sold 8,000 shares at 147.486USD and the significance rating of the trade was 68/100. 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 over the last two years cle...

PSA Strategy: Japan Stock Market Quarterly for 2025 Q4

For almost three years the Nikkei 225 has been tracking its performance from the 2003~5 bull market, albeit at levels some 3.3x higher In this report, Pelham Smithers discusses the similarities and asks three key questions: (1) Can we continue to track 2005 through the rest of the year; (2) Whatever happens in Q4, should we fear or be hopeful for 2026? And (3) Who are the upcoming winners and losers.

Arista 2025 CMD: why we see upside to both the 2026 and long-term guid...

We followed Arista’s CMD yesterday. Please click the link for our key takeaways.

The Tech Infrastructure Quarterly Bible 2Q25

We publish today our comprehensive quarterly bible: 229 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. Please follow the link below for more details.

Bible 2Q25 – Enterprise IT: Broad-based cloud strength, SaaS stable, ...

Today, we are publishing the Enterprise IT 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. Legacy IT spending is moderating after a strong 2H24, while public-cloud growth accelerated slightly on broad-based strength across AI and traditional workloads. SaaS revenue growth remains in the lo...

Oracle RPOs: Beginning of the bubble... or beginning of the AI era?

Dear all, After we spent the day trying to figure out where AI compute would sit over the next 10 years, Oracle blessed us with a powerful datapoint: Half a trillion dollar RPOs. We pulled out a note overnight digging into what we learnt last night and confronting it to our deep understanding of the current AI infrastructure landscape. Very interesting findings emerged, follow the link below for details.

Bible 2Q25 – Hyperscale & Cloud: 2026 capex expectations up 19%, $3-4t...

Today, we are publishing the Hyperscale & Cloud 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 Enterprise IT and Foundry. Hyperscale capex grew 70% YoY. Most raised 2025 guides, and confirmed sustained spending in 2026, lifting expectations....

Is AI meant to absorb legacy or drive redesigns? Conversation with the...

Earlier this summer we had a fantastic conversation with Pankaj Patel, CEO of Nile. Nile provides a fully automated, subscription-based network-as-a-service platform that delivers secure, scalable connectivity without the complexity of legacy infrastructure. Follow the below link for our top thoughts on the back of this conversation.

Hot Chips 2025: memory, interconnects, and full-stack optimizations at...

Last week we attended the 2025 edition of the Hot Chips conference, still the place to be for investors who want to understand chip architecture and how it can impact competitive dynamics. ​​We followed presentations on datacenter XPUs, system-scale integration, and full-stack innovation, by Microsoft, Google, Meta, Nvidia, AMD, Intel, Broadcom, Marvell, Huawei, and others. Ping us for slide packs if you want the full primary material.

The Great Replatforming, Part II – The General Theory. Could Jensen ju...

In a very timely manner, as Jensen just touted a $3-4tn Tech. Infra. market for 2030, we publish the second part of our “Great Replatforming” series, in which we look at how much AI investments the global economy can absorb over time. In the first part of the series, we showed how increasing capex should be analyzed as enablers of revenue growth and productivity improvements, and applied the framework to hyperscalers, showing how pushing capex intensity to new highs is easily financed by contin...

Bible 2Q25 – Industrials: Accelerating momentum; watch out for tariff ...

Today, we are publishing the Industrials 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, Memory, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry, Semicap Equipment. Industrial semiconductor momentum is accelerat...

Bible 2Q25 - Smartphones: 2025 weak and front-loaded. Increasing conce...

Dear all, ​​ Today, we are publishing the Smartphones 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, Memory, Hyperscale & Cloud, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, Foundry, and Semicap Equ...

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.

Arista 2Q25: 2025 growth guide raised to mid-20%, in line with our mi...

Arista reported 2Q25 yesterday.