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>Microsoft Corporation’s latest quarterly results delivered a strong rebound in investor confidence, with all major business segments exceeding internal forecasts and analyst expectations.</li><li>The company posted $70.1 billion in revenue, marking a 13% year-over-year increase.</li><li>Operating income reached $32 billion, coming in 6% above consensus estimates, and net income stood at $25.8 billion, or $3.46 per diluted share, well ahead of the expected $3.22.</li></ul>

Microsoft Corporation’s latest quarterly results delivered a strong rebound in investor confidence, with all major business segments exceeding internal forecasts and analyst expectations.The company posted $70.1 billion in revenue, marking a 13% year-over-year increase.Operating income reached $32 billion, coming in 6% above consensus estimates, and net income stood at $25.8 billion, or $3.46 per diluted share, well ahead of the expected $3.22.

Microsoft Just Sent a Message to the Market: Cloud, AI, and Cash Are King!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>GitLab Inc. is a complete DevSecOps platform delivered as a single application that empowers organizations to maximize the overall return on software development.</li>
<li>In October 2021, one the largest all-remote companies in the world completed an initial public offering at $77/share, raising $801M at ~$11B valuation.</li>
<li>The stock peaked at $137 in 2021 and fell ~71% over the next 4 years. The underperformance was driven by investor concerns around slowing revenue growth, competition and AI monetization.</li>
</ul>


GitLab Inc. is a complete DevSecOps platform delivered as a single application that empowers organizations to maximize the overall return on software development.
In October 2021, one the largest all-remote companies in the world completed an initial public offering at $77/share, raising $801M at ~$11B valuation.
The stock peaked at $137 in 2021 and fell ~71% over the next 4 years. The underperformance was driven by investor concerns around slowing revenue growth, competition and AI monetization.


2026 High Conviction: GitLab Inc., Undervalued With Duo Agent Platform Growth Upside/M&A Optionality

<ul><li>Microsoft’s latest earnings report for its fiscal second quarter of 2025 reveals a compelling mix of strengths and challenges.</li><li>While the company demonstrated solid overall revenue and profit growth, a slowdown in its flagship cloud computing business, Azure, tempered investor enthusiasm.</li><li>The stock reacted negatively, slipping 5% in after-hours trading, reflecting concerns about whether Microsoft can maintain its momentum in an increasingly competitive AI and cloud landscape.</li></ul>

Microsoft’s latest earnings report for its fiscal second quarter of 2025 reveals a compelling mix of strengths and challenges.While the company demonstrated solid overall revenue and profit growth, a slowdown in its flagship cloud computing business, Azure, tempered investor enthusiasm.The stock reacted negatively, slipping 5% in after-hours trading, reflecting concerns about whether Microsoft can maintain its momentum in an increasingly competitive AI and cloud landscape.

Microsoft’s Cloud Growth Hits A Speed Bump Amidst AI Surge: A Turning Point For Investors?

<ul><li>Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial intelligence (AI).</li><li>As AI reshapes industries, Microsoft has found itself playing catch-up against Google, Amazon, and Meta, all of whom have already developed custom AI chips.</li><li>By investing heavily in Nvidia's cutting-edge Hopper GPUs, Microsoft has managed to build out a formidable AI infrastructure but at a significant cost.</li></ul>

Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial intelligence (AI).As AI reshapes industries, Microsoft has found itself playing catch-up against Google, Amazon, and Meta, all of whom have already developed custom AI chips.By investing heavily in Nvidia's cutting-edge Hopper GPUs, Microsoft has managed to build out a formidable AI infrastructure but at a significant cost.

Microsoft Is Betting Big on NVIDIA GPUs — But Will Custom Chips Save Its AI Ambitions?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.</li>
<li>Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.</li>
<li>2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.</li>
</ul>


Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.
Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.
2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.


Hyperscalers’ Cloud Revenue and Capex Update

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft Just Sent a Message to the Market: Cloud, AI, and Cash Are King!

Microsoft Corporation’s latest quarterly results delivered a strong rebound in investor confidence, with all major business segments exceeding...

Baptista Research

2026 High Conviction: GitLab Inc., Undervalued With Duo Agent Platform Growth Upside/M&A Optionality

GitLab Inc., the leading DevSecOps platform provider that delivers software faster and efficiently, is my 2026 high conviction idea in the U.S....

Andrei Zakharov

Microsoft’s Cloud Growth Hits A Speed Bump Amidst AI Surge: A Turning Point For Investors?

Microsoft’s latest earnings report for its fiscal second quarter of 2025 reveals a compelling mix of strengths and challenges. While the company...

Baptista Research

Microsoft Is Betting Big on NVIDIA GPUs — But Will Custom Chips Save Its AI Ambitions?

Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial...

Baptista Research

Hyperscalers’ Cloud Revenue and Capex Update

Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.

Nicolas Baratte

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52-week Range

Market Cap (USDm)

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Microsoft Just Sent a Message to the Market: Cloud, AI, and Cash Are King!

Microsoft Corporation’s latest quarterly results delivered a strong rebound in investor confidence, with all major business segments exceeding...

Baptista Research

2026 High Conviction: GitLab Inc., Undervalued With Duo Agent Platform Growth Upside/M&A Optionality

GitLab Inc., the leading DevSecOps platform provider that delivers software faster and efficiently, is my 2026 high conviction idea in the U.S....

Andrei Zakharov

Microsoft’s Cloud Growth Hits A Speed Bump Amidst AI Surge: A Turning Point For Investors?

Microsoft’s latest earnings report for its fiscal second quarter of 2025 reveals a compelling mix of strengths and challenges. While the company...

Baptista Research

Microsoft Is Betting Big on NVIDIA GPUs — But Will Custom Chips Save Its AI Ambitions?

Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial...

Baptista Research

Hyperscalers’ Cloud Revenue and Capex Update

​Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.

Nicolas Baratte

Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.