Om Bakhda

Om Bakhda joined Jefferies in September 2023 and has been covering the technology sector for two years, with a focus on SMID cap and semicap semiconductor stocks. Janardan Menon joined Jefferies in November 2021 to cover the European Semiconductor and Telecom Equipment sectors. He has over 27 years of experience covering the semiconductor and technology hardware sectors across both Europe and Asia Isaac Dale joined the team as an associate in 2025.

What We Are Known For

• Industry experience. Having been through many semiconductor cycles, inventory corrections and bubbles since the mid-90s, we bring extensive insight into the industry’s cyclicality, its warning signs, opportunities from mispricing and the behaviour of share prices across the cycle. We do not allow temporarily strong positive or negative share price momentum to influence our views on underlying fundamentals and value. We also understand the complex aspects of technology as well as the global interconnections of the industry and are able to apply this knowledge to stock recommendations. In recent years we have been instrumental in demystifying complex technologies such as Gate-All-Around transistor architecture, 4F2, 800V HVDC, etc.
• Willing to be non-consensus based on fundamentals: We are willing to take strong non-consensus views on stocks, based on our analysis of fundamentals and valuations. In 2025 we refrained from being carried away by AI hype on the semicap names, as we felt that the conversion of AI infrastructure investments to wafer fab equipment spending will remain weaker than what the market was pricing in. We double downgraded Nordic Semiconductor, a consensus long at the start of H1’25 on 2026 growth and profitability concerns. Q3’25 results demonstrated initial signs of weakness, and we see scope for further cuts into 2026.
• Global perspective: We take a collaborative approach to our coverage of the Tech Hardware space and frequently host calls with our US and Asian counterparts to discuss key sector themes, as well as the possible impact of global macro dynamics. We also often take differing views versus our colleagues, which we believe adds to more constructive and insightful debate.