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

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 has suddenly found itself in the spotlight after speculation emerged that semiconductor giant Qualcomm (NASDAQ) could be considering an acquisition.</li><li>Ambarella shares rebounded 7.22% on October 9, 2026, closing at $67.43, following two consecutive sessions of declines.</li><li>The move lifted the company's market capitalization to approximately $3 billion, although neither company has confirmed any takeover discussions.</li></ul>

Ambarella has suddenly found itself in the spotlight after speculation emerged that semiconductor giant Qualcomm (NASDAQ) could be considering an acquisition.Ambarella shares rebounded 7.22% on October 9, 2026, closing at $67.43, following two consecutive sessions of declines.The move lifted the company's market capitalization to approximately $3 billion, although neither company has confirmed any takeover discussions.

Ambarella's $22.9 Billion AI Opportunity: Could Qualcomm Be Eyeing A Takeover?

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

<ul><li>Nvidia is reportedly exploring a potential acquisition of Reflection AI, a U.S.-based startup developing open-weight artificial intelligence models, in a move that could expand its influence beyond AI infrastructure into advanced model development.</li><li>According to reports published on October 10, 2026, discussions remain preliminary, with potential arrangements including a full acquisition, additional equity investment, technology licensing, or an acqui-hire agreement.</li><li>Nvidia has already invested approximately $800 million in Reflection, which was valued at $25 billion on a pre-money basis during its latest fundraising discussions.</li></ul>

Nvidia is reportedly exploring a potential acquisition of Reflection AI, a U.S.-based startup developing open-weight artificial intelligence models, in a move that could expand its influence beyond AI infrastructure into advanced model development.According to reports published on October 10, 2026, discussions remain preliminary, with potential arrangements including a full acquisition, additional equity investment, technology licensing, or an acqui-hire agreement.Nvidia has already invested approximately $800 million in Reflection, which was valued at $25 billion on a pre-money basis during its latest fundraising discussions.

Nvidia’s Reflection AI Takeover: A Game-Changer For Open-Weight AI & Agentic Computing?

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

<ul><li>Salesforce is expanding its enterprise AI ambitions with its latest move to acquire Loops, an AI-powered analytics platform designed to identify business performance drivers and recommend actionable improvements.</li><li>On October 12, 2026, the company announced a definitive acquisition agreement, with closing expected in early November, subject to customary conditions.</li><li>Financial terms remain undisclosed.</li></ul>

Salesforce is expanding its enterprise AI ambitions with its latest move to acquire Loops, an AI-powered analytics platform designed to identify business performance drivers and recommend actionable improvements.On October 12, 2026, the company announced a definitive acquisition agreement, with closing expected in early November, subject to customary conditions.Financial terms remain undisclosed.

Salesforce.Com Inc - Salesforce’s Loops Acquisition Could Unlock Four Major AI Opportunities!

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

<ul><li>Amazon.com is reportedly in discussions to acquire San Francisco-based artificial intelligence startup Decart in a transaction potentially valued at approximately $7 billion, marking another possible expansion of its AI infrastructure strategy.</li><li>Founded in 2023 by Israeli engineers Dean Leitersdorf, Orian Leitersdorf and Moshe Shalev, Decart specializes in software that allows developers to move AI workloads between different chip architectures, alongside developing advanced generative world models.</li><li>The startup has raised more than $400 million from investors including Sequoia Capital, Benchmark and Radical Ventures and was valued at nearly $4 billion in May 2026.</li></ul>

Amazon.com is reportedly in discussions to acquire San Francisco-based artificial intelligence startup Decart in a transaction potentially valued at approximately $7 billion, marking another possible expansion of its AI infrastructure strategy.Founded in 2023 by Israeli engineers Dean Leitersdorf, Orian Leitersdorf and Moshe Shalev, Decart specializes in software that allows developers to move AI workloads between different chip architectures, alongside developing advanced generative world models.The startup has raised more than $400 million from investors including Sequoia Capital, Benchmark and Radical Ventures and was valued at nearly $4 billion in May 2026.

Amazon - Amazon’s $7 Billion Decart Acquisition: The Secret Weapon Against Nvidia’s AI Dominance?

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Private markets value AI data centers at astronomical premiums, highlighted by Blackstone's 185bn USD platform, creating massive public-to-private valuation arbitrage for Asia-Pacific listed equities.</li>
<li>NextDC offers a prime actionable long trade, boasting a massive multi-hundred megawatt pipeline and elite NVIDIA-certified 600kW liquid-cooling capabilities necessary for next-generation AI workloads.</li>
<li>Accelerated hyperscaler leasing drives massive upside, while supply chain bottlenecks for critical electrical switchgear and transformers present the primary downside risk to near-term invested capital returns.</li>
</ul>


Private markets value AI data centers at astronomical premiums, highlighted by Blackstone's 185bn USD platform, creating massive public-to-private valuation arbitrage for Asia-Pacific listed equities.
NextDC offers a prime actionable long trade, boasting a massive multi-hundred megawatt pipeline and elite NVIDIA-certified 600kW liquid-cooling capabilities necessary for next-generation AI workloads.
Accelerated hyperscaler leasing drives massive upside, while supply chain bottlenecks for critical electrical switchgear and transformers present the primary downside risk to near-term invested capital returns.


Blackstone’s Data Center Platform $185 Billion Valuation: LONG NextDC as Ultimate Listed Infra Trade

The Artificial Intelligence (AI) Revolution
Insights on AI that's shaping the future

Ambarella's $22.9 Billion AI Opportunity: Could Qualcomm Be Eyeing A Takeover?

Ambarella has suddenly found itself in the spotlight after speculation emerged that semiconductor giant Qualcomm (NASDAQ) could be considering an...

Baptista Research

Nvidia’s Reflection AI Takeover: A Game-Changer For Open-Weight AI & Agentic Computing?

Nvidia is reportedly exploring a potential acquisition of Reflection AI, a U.S.-based startup developing open-weight artificial intelligence...

Baptista Research

Salesforce.Com Inc - Salesforce’s Loops Acquisition Could Unlock Four Major AI Opportunities!

Salesforce is expanding its enterprise AI ambitions with its latest move to acquire Loops, an AI-powered analytics platform designed to identify...

Baptista Research

Amazon - Amazon’s $7 Billion Decart Acquisition: The Secret Weapon Against Nvidia’s AI Dominance?

Amazon.com is reportedly in discussions to acquire San Francisco-based artificial intelligence startup Decart in a transaction potentially valued...

Baptista Research

Blackstone’s Data Center Platform $185 Billion Valuation: LONG NextDC as Ultimate Listed Infra Trade

Private markets value AI data centers at astronomical premiums, highlighted by Blackstone's 185bn USD platform, creating massive public-to-private...

Jacob Cheng