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>Intel Corp. is reportedly nearing a $1.6 billion acquisition of artificial intelligence startup SambaNova Systems Inc., marking a potential inflection point in its strategic roadmap to reclaim dominance in the AI and semiconductor space.</li><li>This potential deal—first reported by Bloomberg—could materialize as early as next month, and would give Intel a foothold in custom AI chip architecture at a steep discount compared to SambaNova’s last valuation of $5 billion in 2021.</li><li>The move comes on the heels of a transformative year for Intel, highlighted by the U.S. government taking a 10% stake, major equity infusions from NVIDIA and SoftBank, and a public commitment from CEO Lip-Bu Tan to rebuild Intel’s AI, foundry, and inference capabilities.</li></ul>

Intel Corp. is reportedly nearing a $1.6 billion acquisition of artificial intelligence startup SambaNova Systems Inc., marking a potential inflection point in its strategic roadmap to reclaim dominance in the AI and semiconductor space.This potential deal—first reported by Bloomberg—could materialize as early as next month, and would give Intel a foothold in custom AI chip architecture at a steep discount compared to SambaNova’s last valuation of $5 billion in 2021.The move comes on the heels of a transformative year for Intel, highlighted by the U.S. government taking a 10% stake, major equity infusions from NVIDIA and SoftBank, and a public commitment from CEO Lip-Bu Tan to rebuild Intel’s AI, foundry, and inference capabilities.

Intel’s $1.6B SambaNova Deal Could Be a Game Changer—or a Gamble!

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.

<ul>
<li>Intel hired Tan specifically for his deep ecosystem ties. Demanding he wield that influence while having zero financial footprint in the industry is a naive contradiction.</li>
<li>The Rivos bidding war was a tactical masterclass that established a valuation floor and forced a competitor to pay a premium.</li>
<li>While the media frets over portfolio disclosures, Tan has doubled the stock and secured billions in capital in a market otherwise built on circular debt bubbles.</li>
</ul>


Intel hired Tan specifically for his deep ecosystem ties. Demanding he wield that influence while having zero financial footprint in the industry is a naive contradiction.
The Rivos bidding war was a tactical masterclass that established a valuation floor and forced a competitor to pay a premium.
While the media frets over portfolio disclosures, Tan has doubled the stock and secured billions in capital in a market otherwise built on circular debt bubbles.


CEO With Muddy Boots: Why Intel Needs Lip-Bu Tan’s Baggage

<ul>
<li>Intel's supply constraints aren't manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.  </li>
<li>Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.</li>
<li>Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.</li>
</ul>


Intel's supply constraints aren't manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.  
Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.
Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.


The Structural Forces Behind Intel's Supply Squeeze

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> may outsource iPad CPU production to Intel in 2027.</li>
<li>U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. </li>
<li>The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.</li>
</ul>



Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.


Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

<ul>
<li>Multiple industry checks now indicate that Apple is preparing to source its entry-level M-series processors from Intel’s 18A node with EMIB-T packaging as early as 2027.</li>
<li>The revenue impact will be modest, but the signalling value is enormous: Apple does not hand out advanced-node access unless the foundry roadmap is de-risked.</li>
<li>This development aligns directly with the structural shifts we’ve been highlighting; Intel’s packaging-first wedge, foundry credibility, and TSMC’s overcapacity creating space for second-sourcing.</li>
</ul>


Multiple industry checks now indicate that Apple is preparing to source its entry-level M-series processors from Intel’s 18A node with EMIB-T packaging as early as 2027.
The revenue impact will be modest, but the signalling value is enormous: Apple does not hand out advanced-node access unless the foundry roadmap is de-risked.
This development aligns directly with the structural shifts we’ve been highlighting; Intel’s packaging-first wedge, foundry credibility, and TSMC’s overcapacity creating space for second-sourcing.


Apple’s 18A Test Case Is the Inflection Intel Needed

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Intel Corp (INTC US)

Intel’s $1.6B SambaNova Deal Could Be a Game Changer—or a Gamble!

Intel Corp. is reportedly nearing a $1.6 billion acquisition of artificial intelligence startup SambaNova Systems Inc., marking a potential...

Baptista Research

CEO With Muddy Boots: Why Intel Needs Lip-Bu Tan’s Baggage

Intel hired Lip-Bu Tan for his industry connections, but expecting him to use them without financial involvement is naive.

Mint Finance

The Structural Forces Behind Intel's Supply Squeeze

Intel is facing supply constraints due to three simultaneous demand drivers, including hyperscalers securing multi-year CPU commitments, leading...

Mint Finance

Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

Apple may outsource iPad CPU production to Intel in 2027, while U.S. semiconductor reshoring faces barriers. Intel's 18A execution is the key...

Patrick Liao

Apple’s 18A Test Case Is the Inflection Intel Needed

Apple sourcing entry-level M-series processors from Intel's 18A node signals a shift in the industry landscape towards Intel's packaging-first...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel’s $1.6B SambaNova Deal Could Be a Game Changer—or a Gamble!

Intel Corp. is reportedly nearing a $1.6 billion acquisition of artificial intelligence startup SambaNova Systems Inc., marking a potential...

Baptista Research

CEO With Muddy Boots: Why Intel Needs Lip-Bu Tan’s Baggage

​Intel hired Lip-Bu Tan for his industry connections, but expecting him to use them without financial involvement is naive.

Mint Finance

The Structural Forces Behind Intel's Supply Squeeze

​Intel is facing supply constraints due to three simultaneous demand drivers, including hyperscalers securing multi-year CPU commitments, leading...

Mint Finance

Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

​Apple may outsource iPad CPU production to Intel in 2027, while U.S. semiconductor reshoring faces barriers. Intel's 18A execution is the key...

Patrick Liao

Apple’s 18A Test Case Is the Inflection Intel Needed

​Apple sourcing entry-level M-series processors from Intel's 18A node signals a shift in the industry landscape towards Intel's packaging-first...

Mint Finance

Intel hired Lip-Bu Tan for his industry connections, but expecting him to use them without financial involvement is naive.

Intel is facing supply constraints due to three simultaneous demand drivers, including hyperscalers securing multi-year CPU commitments, leading...

Apple may outsource iPad CPU production to Intel in 2027, while U.S. semiconductor reshoring faces barriers. Intel's 18A execution is the key...

Apple sourcing entry-level M-series processors from Intel's 18A node signals a shift in the industry landscape towards Intel's packaging-first...