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>Lam Research has surged to record highs as an AI-driven boom in memory and advanced logic manufacturing lifts demand for semiconductor equipment, placing the company at the center of one of the most powerful capital spending cycles the industry has seen in decades.</li><li>The stock’s run reflects accelerating investment in high-bandwidth memory, enterprise solid-state drives, and leading-edge foundry logic needed to support hyperscale AI data centers, all of which are deposition- and etch-intensive—Lam’s core strengths.</li><li>That backdrop makes the timing of CEO Tim Archer’s recent $27 million stock sale notable but not necessarily alarming.</li></ul>

Lam Research has surged to record highs as an AI-driven boom in memory and advanced logic manufacturing lifts demand for semiconductor equipment, placing the company at the center of one of the most powerful capital spending cycles the industry has seen in decades.The stock’s run reflects accelerating investment in high-bandwidth memory, enterprise solid-state drives, and leading-edge foundry logic needed to support hyperscale AI data centers, all of which are deposition- and etch-intensive—Lam’s core strengths.That backdrop makes the timing of CEO Tim Archer’s recent $27 million stock sale notable but not necessarily alarming.

Lam Research Hits New Peaks On AI Chip Demand While Its CEO Cashes Out $27 Million In Stock!

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Three distinct ways to play AI bandwidth. LAZR buys upstream components, LYTE buys transceiver assembly, and EUV buys the semiconductor capital stack.</li>
<li>Our holdings analysis shows LAZR’s equal-weighted and current-weighted returns aligned efficiently, while LYTE’s complex leverage and cash positioning blunted its upside.</li>
<li>EUV provides diversified capex exposure, sacrificing pure-play optics for a highly balanced bet on the broader semiconductor manufacturing system required for AI scale-out.</li>
</ul>


Three distinct ways to play AI bandwidth. LAZR buys upstream components, LYTE buys transceiver assembly, and EUV buys the semiconductor capital stack.
Our holdings analysis shows LAZR’s equal-weighted and current-weighted returns aligned efficiently, while LYTE’s complex leverage and cash positioning blunted its upside.
EUV provides diversified capex exposure, sacrificing pure-play optics for a highly balanced bet on the broader semiconductor manufacturing system required for AI scale-out.


Where Is the True Value in the Optics Trade? A Comparison of 3 ETFs

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>LRCX reported September 2025 quarter revenues of $5.32 billion, marginally above the guided midpoint, up 3% QoQ and up 27.7% YoY.</li>
<li>LRCX is forecasting current quarter revenues of $5.2 billion at the midpoint, slightly down sequentially, but up 18% YoY. In other words, the AI boost is coming, just not yet.</li>
<li>The elephant in the room was once again revenue mix from China which accounted for a whopping 43% of sales, up from 35% in the prior quarter. Oh my!</li>
</ul>


LRCX reported September 2025 quarter revenues of $5.32 billion, marginally above the guided midpoint, up 3% QoQ and up 27.7% YoY.
LRCX is forecasting current quarter revenues of $5.2 billion at the midpoint, slightly down sequentially, but up 18% YoY. In other words, the AI boost is coming, just not yet.
The elephant in the room was once again revenue mix from China which accounted for a whopping 43% of sales, up from 35% in the prior quarter. Oh my!


LRCX Q325. Solid Results, Outlook But China Exposure Is A Glaring Red Flag

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>LAM beats largely Sept-25 (15% above), Dec-25 guidance slightly above (4%), long-term drivers are concrete: $100bn in Data Center = 8bn in semi equipment, $40bn of NAND equipment to upgrade.</li>
<li>LAM is gaining share (depo / etch growing faster than litho), is ahead in the new stuff (Moly ALD, dry resist EUV). YTD Net Income is up 44%. Very impressive.</li>
<li>Among Semi Equipment stocks, LRCX is the best performer YTD: up 88%. LRCX is trading at +2.5 standard deviations: 30x forward EPS versus average 17x. Time to sell.</li>
</ul>


LAM beats largely Sept-25 (15% above), Dec-25 guidance slightly above (4%), long-term drivers are concrete: $100bn in Data Center = 8bn in semi equipment, $40bn of NAND equipment to upgrade.
LAM is gaining share (depo / etch growing faster than litho), is ahead in the new stuff (Moly ALD, dry resist EUV). YTD Net Income is up 44%. Very impressive.
Among Semi Equipment stocks, LRCX is the best performer YTD: up 88%. LRCX is trading at +2.5 standard deviations: 30x forward EPS versus average 17x. Time to sell.


Lam Research: Sept-25 Beat (15%), 4Q Above Consensus, but After 88% Rally the Stock Is Expensive.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

Lam Research Hits New Peaks On AI Chip Demand While Its CEO Cashes Out $27 Million In Stock!

Lam Research has surged to record highs as an AI-driven boom in memory and advanced logic manufacturing lifts demand for semiconductor equipment,...

Baptista Research

Where Is the True Value in the Optics Trade? A Comparison of 3 ETFs

Three new ETFs target the AI bandwidth bottleneck, but perform very differently. We analyse LAZR, LYTE & EUV to show why upstream components easily...

Mint Finance

LRCX Q325. Solid Results, Outlook But China Exposure Is A Glaring Red Flag

The elephant in the room was once again revenue mix from China which accounted for a whopping 43% of sales, up from 35% in the prior quarter. Oh my!

William Keating

Lam Research: Sept-25 Beat (15%), 4Q Above Consensus, but After 88% Rally the Stock Is Expensive.

LAM sees strong growth in Data Center and NAND equipment, gaining market share and showing impressive YTD Net Income increase. LRCX is top...

Nicolas Baratte

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lam Research Hits New Peaks On AI Chip Demand While Its CEO Cashes Out $27 Million In Stock!

Lam Research has surged to record highs as an AI-driven boom in memory and advanced logic manufacturing lifts demand for semiconductor equipment,...

Baptista Research

Where Is the True Value in the Optics Trade? A Comparison of 3 ETFs

Three new ETFs target the AI bandwidth bottleneck, but perform very differently. We analyse LAZR, LYTE & EUV to show why upstream components easily...

Mint Finance

LRCX Q325. Solid Results, Outlook But China Exposure Is A Glaring Red Flag

The elephant in the room was once again revenue mix from China which accounted for a whopping 43% of sales, up from 35% in the prior quarter. Oh my!

William Keating

Lam Research: Sept-25 Beat (15%), 4Q Above Consensus, but After 88% Rally the Stock Is Expensive.

​LAM sees strong growth in Data Center and NAND equipment, gaining market share and showing impressive YTD Net Income increase. LRCX is top...

Nicolas Baratte

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

LAM sees strong growth in Data Center and NAND equipment, gaining market share and showing impressive YTD Net Income increase. LRCX is top...