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

<ul><li>In a landmark move underscoring its deepening AI infrastructure ambitions, Oracle has emerged as a central player in the $38 billion Jacquard AI data center financing project, a joint venture involving OpenAI and SoftBank.</li><li>The initiative—dubbed "Stargate"—will be developed by Vantage Data Centers and consists of two massive AI facilities in Texas and Wisconsin.</li><li>Oracle is not merely a tenant in this project; it has signed a 15-year lease agreement and committed to a $300 billion purchase contract with OpenAI, positioning itself as a critical AI infrastructure provider.</li></ul>

In a landmark move underscoring its deepening AI infrastructure ambitions, Oracle has emerged as a central player in the $38 billion Jacquard AI data center financing project, a joint venture involving OpenAI and SoftBank.The initiative—dubbed "Stargate"—will be developed by Vantage Data Centers and consists of two massive AI facilities in Texas and Wisconsin.Oracle is not merely a tenant in this project; it has signed a 15-year lease agreement and committed to a $300 billion purchase contract with OpenAI, positioning itself as a critical AI infrastructure provider.

Oracle’s AI Empire Starts Here: The $38 Billion Jacquard Project Exposed!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).</li>
<li>It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.</li>
<li>Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). </li>
</ul>


The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).
It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.
Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). 


Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

<ul><li>Oracle Corporation recently announced its Q1 fiscal year 2026 results, revealing significant accomplishments and some financial challenges that investors should consider.</li><li>The company reported total revenues of $14.9 billion, representing an 11% increase from the previous year, showcasing continued demand for its cloud business and infrastructure services.</li><li>Oracle's cloud revenue, including both applications and infrastructure, reached $7.2 billion, marking a significant 27% year-over-year growth.</li></ul>

Oracle Corporation recently announced its Q1 fiscal year 2026 results, revealing significant accomplishments and some financial challenges that investors should consider.The company reported total revenues of $14.9 billion, representing an 11% increase from the previous year, showcasing continued demand for its cloud business and infrastructure services.Oracle's cloud revenue, including both applications and infrastructure, reached $7.2 billion, marking a significant 27% year-over-year growth.

Oracle’s $144 Billion Cloud Bet – Can It Dominate the Next Wave of Digital Transformation?

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

<ul><li>Oracle is on a mission to rival the Big Three cloud providers and its cloud ambitions are part of a theme that will determine GDP growth in the US and globally as a whole.</li><li>They are guiding for a 10x revenue increase in cloud computing in just four years which would transform Oracle Cloud from a nobody with 3% market share to a leading player with a business larger than AWS is today.</li><li>Most importantly, this guidance is based on contracted revenue, i.e. revenue that their customers (most importantly OpenAI) basically only can get out by declaring bankruptcy.</li></ul>

Oracle is on a mission to rival the Big Three cloud providers and its cloud ambitions are part of a theme that will determine GDP growth in the US and globally as a whole.They are guiding for a 10x revenue increase in cloud computing in just four years which would transform Oracle Cloud from a nobody with 3% market share to a leading player with a business larger than AWS is today.Most importantly, this guidance is based on contracted revenue, i.e. revenue that their customers (most importantly OpenAI) basically only can get out by declaring bankruptcy.

<ul><li>Oracle Corporation has catapulted into the center of the artificial intelligence (AI) race with a landmark $300 billion cloud infrastructure deal with OpenAI, positioning itself as the new backbone of AI computing.</li><li>The agreement, which spans five years starting in 2027, is one of the largest cloud contracts in history and has already helped Oracle lock in a record $455 billion in remaining performance obligations (RPO).</li><li>This unprecedented backlog of contracted revenue reflects surging demand from major AI players including Meta, xAI, NVIDIA, and AMD.</li></ul>

Oracle Corporation has catapulted into the center of the artificial intelligence (AI) race with a landmark $300 billion cloud infrastructure deal with OpenAI, positioning itself as the new backbone of AI computing.The agreement, which spans five years starting in 2027, is one of the largest cloud contracts in history and has already helped Oracle lock in a record $455 billion in remaining performance obligations (RPO).This unprecedented backlog of contracted revenue reflects surging demand from major AI players including Meta, xAI, NVIDIA, and AMD.

Oracle’s $300 Billion OpenAI Deal Sends It Skyward—But Can It Stick The Landing?

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

Oracle’s AI Empire Starts Here: The $38 Billion Jacquard Project Exposed!

In a landmark move underscoring its deepening AI infrastructure ambitions, Oracle has emerged as a central player in the $38 billion Jacquard AI...

Baptista Research

Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4...

Douglas Kim

Oracle’s $144 Billion Cloud Bet – Can It Dominate the Next Wave of Digital Transformation?

Oracle Corporation recently announced its Q1 fiscal year 2026 results, revealing significant accomplishments and some financial challenges that...

Baptista Research

What the Heck Is Going on with Oracle?

Oracle is on a mission to rival the Big Three cloud providers and its cloud ambitions are part of a theme that will determine GDP growth in the US...

Fallacy Alarm

Oracle’s $300 Billion OpenAI Deal Sends It Skyward—But Can It Stick The Landing?

Oracle Corporation has catapulted into the center of the artificial intelligence (AI) race with a landmark $300 billion cloud infrastructure deal...

Baptista Research

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