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>Tesla enters its July 22 second-quarter update with a contradiction that makes the event unusually important.</li><li>The company delivered 480,126 vehicles during the quarter, well above the company-compiled analyst median of 408,609, yet the shares initially fell after the announcement.</li><li>That reaction suggests the market is no longer willing to judge the business only through vehicle volumes.</li></ul>

Tesla enters its July 22 second-quarter update with a contradiction that makes the event unusually important.The company delivered 480,126 vehicles during the quarter, well above the company-compiled analyst median of 408,609, yet the shares initially fell after the announcement.That reaction suggests the market is no longer willing to judge the business only through vehicle volumes.

Tesla’s July 22 Reckoning — Can Robotaxis & Optimus Defend The AI Premium?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.</li>
<li>A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.</li>
<li>Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.</li>
</ul>


Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.
A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.
Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.


Global Autos:  Falling Investor Confidence

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener"><strong>Aptiv PLC (APTV US)</strong></a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
</ul>


For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul>

Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. 

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul>
<li>Two companies emerged from the first wave with the balance sheets and data to lead: Waymo, backed by $27B+ in cumulative Alphabet funding and generating a Sacra-estimated $355M in annualized revenue as of February 2026 across ~500,000 weekly paid rides in 11 U.S. cities, and Tesla, which is building its robotaxi on top of a consumer self-driving fleet of 7M+ vehicles generating ~1 billion miles of driving data per month.</li>
<li>The market is sorting into four layers: 1) vertically integrated robotaxi operators like Waymo, Tesla and Zoox that own the vehicle, the autonomy stack, the fleet and the customer relationship, 2) B2B software companies that license the AI driving brain to OEMs like Wayve, Applied Intuition, Mobileye and Nuro, 3) demand aggregators like Uber that route riders to whichever autonomous vehicle is nearest, and 4) fleet infrastructure providers like Moove ($400M ARR in June 2025, up from $275M in 2024), Vay and Avis that finance, maintain and operate the physical cars.</li>
<li>While Uber is profitable with a demand-aggregation model that can plug in any autonomous vehicle, Waymo has the most advanced full-stack robotaxi operation but burns ~$5B+ a year, a gap that explains their frenemy partnership dynamics where Waymo trades a cut of every Uber-routed fare for the demand density it needs while it races to drive vehicle costs down from ~$175K per Jaguar I-PACE toward a target of sub-$50K with a prospective Hyundai deal while pushing utilization from 35% toward 55%+.</li>
</ul>


Two companies emerged from the first wave with the balance sheets and data to lead: Waymo, backed by $27B+ in cumulative Alphabet funding and generating a Sacra-estimated $355M in annualized revenue as of February 2026 across ~500,000 weekly paid rides in 11 U.S. cities, and Tesla, which is building its robotaxi on top of a consumer self-driving fleet of 7M+ vehicles generating ~1 billion miles of driving data per month.
The market is sorting into four layers: 1) vertically integrated robotaxi operators like Waymo, Tesla and Zoox that own the vehicle, the autonomy stack, the fleet and the customer relationship, 2) B2B software companies that license the AI driving brain to OEMs like Wayve, Applied Intuition, Mobileye and Nuro, 3) demand aggregators like Uber that route riders to whichever autonomous vehicle is nearest, and 4) fleet infrastructure providers like Moove ($400M ARR in June 2025, up from $275M in 2024), Vay and Avis that finance, maintain and operate the physical cars.
While Uber is profitable with a demand-aggregation model that can plug in any autonomous vehicle, Waymo has the most advanced full-stack robotaxi operation but burns ~$5B+ a year, a gap that explains their frenemy partnership dynamics where Waymo trades a cut of every Uber-routed fare for the demand density it needs while it races to drive vehicle costs down from ~$175K per Jaguar I-PACE toward a target of sub-$50K with a prospective Hyundai deal while pushing utilization from 35% toward 55%+.


United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Tesla’s July 22 Reckoning — Can Robotaxis & Optimus Defend The AI Premium?

Tesla enters its July 22 second-quarter update with a contradiction that makes the event unusually important. The company delivered 480,126...

Baptista Research

Global Autos: Falling Investor Confidence

Tesla overtakes Stellantis as the most widely held Auto company. General Motors is ahead of the almost uninvestable Ford Motor Co.

Steven Holden

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

Factors and Semiconductors

A friendly warning. Momentum is outperforming all factors this year, and Semiconductors are a large part of that. Markets always act erratically,...

Fabricated Knowledge

Booking.Com Of Robotaxi

TL;DR: After $30B+ burned in the first AV wave, end-to-end neural networks have made autonomous driving viable again with vertically integrated...

Sacra

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