Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

<ul><li>Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business, alongside rising complexity and execution demands tied to its expanding role in AI infrastructure.</li><li>Revenue reached a record level, supported primarily by sustained strength in data center interconnect, optics, switching, and storage, while communications markets showed signs of recovery after a prolonged inventory correction.</li><li>Management emphasized that demand exceeded internal expectations, particularly in networking-related products, contributing to upside versus guidance and continued operating leverage.</li></ul>

Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business, alongside rising complexity and execution demands tied to its expanding role in AI infrastructure.Revenue reached a record level, supported primarily by sustained strength in data center interconnect, optics, switching, and storage, while communications markets showed signs of recovery after a prolonged inventory correction.Management emphasized that demand exceeded internal expectations, particularly in networking-related products, contributing to upside versus guidance and continued operating leverage.

Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?

Ambarella, Inc. manufactures high definition video compression and image processing semiconductors. The Company products are used in digital still cameras, camcorders, and video-enabled mobile phones.

<ul><li>Ambarella's financial performance for the third quarter of fiscal year 2026 showed promising elements, with the company reporting record quarterly revenue of $108.5 million, a year-over-year increase of 31.2%.</li><li>This revenue exceeded the high end of their guidance range and was driven predominantly by sales from the Edge AI sector, which constituted 80% of the total revenue, marking six consecutive quarters of record Edge AI revenue.</li><li>The company also revised its fiscal 2026 revenue guidance upwards to a growth range of 36% to 38%, indicating robust demand and increased average selling prices (ASP).</li></ul>

Ambarella's financial performance for the third quarter of fiscal year 2026 showed promising elements, with the company reporting record quarterly revenue of $108.5 million, a year-over-year increase of 31.2%.This revenue exceeded the high end of their guidance range and was driven predominantly by sales from the Edge AI sector, which constituted 80% of the total revenue, marking six consecutive quarters of record Edge AI revenue.The company also revised its fiscal 2026 revenue guidance upwards to a growth range of 36% to 38%, indicating robust demand and increased average selling prices (ASP).

Ambarella: AI-Driven SoCs, Rising ASPs & the Edge Intelligence Growth Story!

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet</li>
<li>Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities </li>
<li>Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus </li>
</ul>


TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet
Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities 
Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus 


Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

OmniVision Integrated Circuits Group / Equity Capital Markets

OmniVision Integrated Circuits Group, Inc. manufactures image sensor and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. OmniVision Integrated Circuits Group markets its products worldwide.

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.</li>
<li>The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. </li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     
OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. 


OmniVision H Share Listing: The Investment Case

Technology / Semiconductor / Internet Research

Nicolas Baratte

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

<ul>
<li>Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. </li>
<li>Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.</li>
<li>Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. </li>
</ul>


Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. 
Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.
Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. 


Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

Semiconductors
Insights on Semiconductor Supply Chain

Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?

Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business,...

Baptista Research

Ambarella: AI-Driven SoCs, Rising ASPs & the Edge Intelligence Growth Story!

Ambarella's financial performance for the third quarter of fiscal year 2026 showed promising elements, with the company reporting record quarterly...

Baptista Research

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

strong performance in Nov-25 and Feb-26 due to price hikes and AI growth. Management optimistic for 2026-28 despite bit growth concerns. Stock...

Nicolas Baratte

Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?

Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business,...

Baptista Research

Ambarella: AI-Driven SoCs, Rising ASPs & the Edge Intelligence Growth Story!

Ambarella's financial performance for the third quarter of fiscal year 2026 showed promising elements, with the company reporting record quarterly...

Baptista Research

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

​TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

OmniVision H Share Listing: The Investment Case

OmniVision, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion. In this note, I discuss the...

Arun George

Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

strong performance in Nov-25 and Feb-26 due to price hikes and AI growth. Management optimistic for 2026-28 despite bit growth concerns. Stock...

Nicolas Baratte

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.