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

Advanced Micro Devices / Equity Bottom-Up

<ul><li>Advanced Micro Devices, Inc. reported its first quarter fiscal 2026 results exhibiting strong revenue growth and improved profitability driven by broad-based demand across its product portfolio, particularly within its Data Center segment.</li><li>Revenue increased 38% year-over-year to $10.3 billion, fueled by a 57% rise in data center sales to a record $5.8 billion, attributed to robust adoption of EPYC server CPUs and Instinct GPUs. The server CPU business grew over 50% annually, supported by both Cloud and Enterprise customers expanding their consumption, particularly for AI workloads that require high-performance CPUs to manage orchestration and inferencing tasks.</li><li>This segment delivered operating income of $1.6 billion or 28% of revenue, up from $932 million a year prior.</li></ul>

Advanced Micro Devices, Inc. reported its first quarter fiscal 2026 results exhibiting strong revenue growth and improved profitability driven by broad-based demand across its product portfolio, particularly within its Data Center segment.Revenue increased 38% year-over-year to $10.3 billion, fueled by a 57% rise in data center sales to a record $5.8 billion, attributed to robust adoption of EPYC server CPUs and Instinct GPUs. The server CPU business grew over 50% annually, supported by both Cloud and Enterprise customers expanding their consumption, particularly for AI workloads that require high-performance CPUs to manage orchestration and inferencing tasks.This segment delivered operating income of $1.6 billion or 28% of revenue, up from $932 million a year prior.

Advanced Micro Devices (AMD): Can 57% Data Center Growth Outrun Gaming Pressure?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Same story as Intel: Server CPU demand is accelerating on AI inference and agents. AMD is in a better position than Intel:  gaining share and inference specific roadmap.</li>
<li>That’s a dramatic change in narrative: the market was focused on GPU share gains – now we have a Server CPU story. We actually have both. </li>
<li>With higher Server CPU growth (2026 60-70% YoY, 2027 ~50%), Consensus is going to be 15-20% too low, implying that the stock trades at 23-25x ‘27EPS and ~18-20x ’28 EPS. </li>
</ul>


Same story as Intel: Server CPU demand is accelerating on AI inference and agents. AMD is in a better position than Intel:  gaining share and inference specific roadmap.
That’s a dramatic change in narrative: the market was focused on GPU share gains – now we have a Server CPU story. We actually have both. 
With higher Server CPU growth (2026 60-70% YoY, 2027 ~50%), Consensus is going to be 15-20% too low, implying that the stock trades at 23-25x ‘27EPS and ~18-20x ’28 EPS. 


AMD: Beyond a Strong Quarter, Higher Growth for Next 3-4 Years

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>AMD reported Q126 revenue of $10.253 billion, up 38% year-over-year, with non-GAAP EPS of $1.37, up 43% year-over-year </li>
<li>Guidance for Q2 was set at approximately $11.2 billion, up 46% year-over-year at the midpoint. Free cash flow tripled to a record $2.6 billion, which is 25% of revenue.</li>
<li>During the November 2025 Financial Analyst Day, Lisa Su pegged server CPU TAM at $60 billion by 2030. Now it has jumped to $120 billion by 2030. That’s insane.</li>
</ul>


AMD reported Q126 revenue of $10.253 billion, up 38% year-over-year, with non-GAAP EPS of $1.37, up 43% year-over-year 
Guidance for Q2 was set at approximately $11.2 billion, up 46% year-over-year at the midpoint. Free cash flow tripled to a record $2.6 billion, which is 25% of revenue.
During the November 2025 Financial Analyst Day, Lisa Su pegged server CPU TAM at $60 billion by 2030. Now it has jumped to $120 billion by 2030. That’s insane.


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>Four hyperscalers guide to $680B in combined capex. Amazon posted best cloud growth in 15 quarters, Google grew even faster. Spending is not slowing; AMD sits squarely in its path.</li>
<li>Record Data Centre margins, two separate 6GW GPU agreements with OpenAI and Meta, and MI450/Helios on track for Q3. AMD's product cycle and demand pipeline have never looked stronger.</li>
<li>China export controls, TSMC cost pass-throughs on the 2nm ramp, and an unresolved training-to-agentic workload shift. The bull case has some obvious stress points.</li>
</ul>


Four hyperscalers guide to $680B in combined capex. Amazon posted best cloud growth in 15 quarters, Google grew even faster. Spending is not slowing; AMD sits squarely in its path.
Record Data Centre margins, two separate 6GW GPU agreements with OpenAI and Meta, and MI450/Helios on track for Q3. AMD's product cycle and demand pipeline have never looked stronger.
China export controls, TSMC cost pass-throughs on the 2nm ramp, and an unresolved training-to-agentic workload shift. The bull case has some obvious stress points.


[AMD Pre-Earnings] Four Questions to Ascertain Whether the Momentum Story Holds

<ul><li>Advanced Micro Devices, Inc. reported a strong set of financial results for the fourth quarter and full year 2025, highlighted by record revenue, net income, and free cash flow amid broad demand across its portfolio.</li><li>Full-year revenue increased 34% year-over-year to $34.6 billion, driven by growth in key segments including Data Center and Client & Gaming.</li><li>Fourth quarter revenue reached $10.3 billion, up 34% year-over-year, with net income growing 42% to $2.5 billion and free cash flow nearly doubling to $2.1 billion.</li></ul>

Advanced Micro Devices, Inc. reported a strong set of financial results for the fourth quarter and full year 2025, highlighted by record revenue, net income, and free cash flow amid broad demand across its portfolio.Full-year revenue increased 34% year-over-year to $34.6 billion, driven by growth in key segments including Data Center and Client & Gaming.Fourth quarter revenue reached $10.3 billion, up 34% year-over-year, with net income growing 42% to $2.5 billion and free cash flow nearly doubling to $2.1 billion.

Advanced Micro Devices (AMD) Is Powering the Next Wave of AI Data Centers With MI450 Platform Innovation!

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

Advanced Micro Devices (AMD): Can 57% Data Center Growth Outrun Gaming Pressure?

Advanced Micro Devices, Inc. reported its first quarter fiscal 2026 results exhibiting strong revenue growth and improved profitability driven by...

Baptista Research

AMD: Beyond a Strong Quarter, Higher Growth for Next 3-4 Years

AMD is poised to gain share in the server CPU market due to accelerating demand for AI inference and agents, leading to higher growth projections...

Nicolas Baratte

AMD Q1 2026. EPYC Numbers Are Insane

During the November 2025 Financial Analyst Day, Lisa Su pegged server CPU TAM at $60 billion by 2030. Now it has jumped to $120 billion by 2030....

William Keating

[AMD Pre-Earnings] Four Questions to Ascertain Whether the Momentum Story Holds

Hyperscalers' $680B capex drives AMD's strong product cycle and demand pipeline, but China export controls and TSMC cost pass-throughs pose...

Mint Finance

Advanced Micro Devices (AMD) Is Powering the Next Wave of AI Data Centers With MI450 Platform Innovation!

Advanced Micro Devices, Inc. reported a strong set of financial results for the fourth quarter and full year 2025, highlighted by record revenue,...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Advanced Micro Devices (AMD): Can 57% Data Center Growth Outrun Gaming Pressure?

Advanced Micro Devices, Inc. reported its first quarter fiscal 2026 results exhibiting strong revenue growth and improved profitability driven by...

Baptista Research

AMD: Beyond a Strong Quarter, Higher Growth for Next 3-4 Years

​AMD is poised to gain share in the server CPU market due to accelerating demand for AI inference and agents, leading to higher growth projections...

Nicolas Baratte

AMD Q1 2026. EPYC Numbers Are Insane

During the November 2025 Financial Analyst Day, Lisa Su pegged server CPU TAM at $60 billion by 2030. Now it has jumped to $120 billion by 2030....

William Keating

[AMD Pre-Earnings] Four Questions to Ascertain Whether the Momentum Story Holds

​Hyperscalers' $680B capex drives AMD's strong product cycle and demand pipeline, but China export controls and TSMC cost pass-throughs pose...

Mint Finance

Advanced Micro Devices (AMD) Is Powering the Next Wave of AI Data Centers With MI450 Platform Innovation!

Advanced Micro Devices, Inc. reported a strong set of financial results for the fourth quarter and full year 2025, highlighted by record revenue,...

Baptista Research

AMD is poised to gain share in the server CPU market due to accelerating demand for AI inference and agents, leading to higher growth projections...

Hyperscalers' $680B capex drives AMD's strong product cycle and demand pipeline, but China export controls and TSMC cost pass-throughs pose...