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>Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.</li><li>Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.</li><li>This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.</li></ul>

Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.

Amazon.com Inc - Amazon’s Quiet Crisis: What Anthropic’s Defection Could Mean for AWS

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Amazon is navigating a dynamic tech landscape, leveraging its strong position in AI infrastructure and cloud services to drive long-term value creation and maintain a premium valuation in the market.</li>
<li>The company is making strategic investments in AI chips and foundational AI companies like Anthropic, aiming to optimize efficiency and scalability in its AWS segment.</li>
<li>Despite a current range-bound stock price, Amazon's financial metrics and company culture approach underscore its commitment to growth and competitive advantage in the evolving tech ecosystem.</li>
</ul>


Amazon is navigating a dynamic tech landscape, leveraging its strong position in AI infrastructure and cloud services to drive long-term value creation and maintain a premium valuation in the market.
The company is making strategic investments in AI chips and foundational AI companies like Anthropic, aiming to optimize efficiency and scalability in its AWS segment.
Despite a current range-bound stock price, Amazon's financial metrics and company culture approach underscore its commitment to growth and competitive advantage in the evolving tech ecosystem.


Amazon: Still Riding the Tech Volatility Wave

<ul><li>Amazon.com delivered a strong financial performance in the second quarter of 2025, with revenue reaching $167.7 billion, up 12% year-over-year excluding foreign exchange impacts, and operating income rising 31% to $19.2 billion.</li><li>Earnings per share climbed to $1.68, significantly above Wall Street’s expectation of $1.33, and higher than the $1.26 recorded in the same quarter last year.</li><li>Free cash flow for the trailing 12 months stood at $18.2 billion, underscoring solid operational efficiency.</li></ul>

Amazon.com delivered a strong financial performance in the second quarter of 2025, with revenue reaching $167.7 billion, up 12% year-over-year excluding foreign exchange impacts, and operating income rising 31% to $19.2 billion.Earnings per share climbed to $1.68, significantly above Wall Street’s expectation of $1.33, and higher than the $1.26 recorded in the same quarter last year.Free cash flow for the trailing 12 months stood at $18.2 billion, underscoring solid operational efficiency.

Amazon.com Inc - Amazon’s Cloud Empire Is Booming—But There’s a Hidden Problem

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a centerpiece of the event’s inaugural launch — is facing its imminent closure, marking the end of Amazon Web Services Inc.’s last overseas AI lab.</li><li>Wang Minjie, an applied scientist at AWS AI Shanghai Lablet, shared on Chinese social media platform WeChat on Tuesday that the lab will be dissolved due to “strategic adjustments between China and the United States.”</li><li>Amazon did not deny the closure. In a statement to Caixin, the company said, “Following a comprehensive evaluation of our organizational structure, growth priorities and future strategic direction, we have made the difficult decision to streamline certain teams within AWS China. We are committed to supporting affected employees through this transition.”</li></ul>

Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a centerpiece of the event’s inaugural launch — is facing its imminent closure, marking the end of Amazon Web Services Inc.’s last overseas AI lab.Wang Minjie, an applied scientist at AWS AI Shanghai Lablet, shared on Chinese social media platform WeChat on Tuesday that the lab will be dissolved due to “strategic adjustments between China and the United States.”Amazon did not deny the closure. In a statement to Caixin, the company said, “Following a comprehensive evaluation of our organizational structure, growth priorities and future strategic direction, we have made the difficult decision to streamline certain teams within AWS China. We are committed to supporting affected employees through this transition.”

Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift 

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Amazon.com Inc - Amazon’s Quiet Crisis: What Anthropic’s Defection Could Mean for AWS

Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point. Recent reports reveal that...

Baptista Research

Amazon: Still Riding the Tech Volatility Wave

Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...

Jay Cameron

Amazon.com Inc - Amazon’s Cloud Empire Is Booming—But There’s a Hidden Problem

Amazon.com delivered a strong financial performance in the second quarter of 2025, with revenue reaching $167.7 billion, up 12% year-over-year...

Baptista Research

Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift

Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a...

Caixin Global

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amazon.com Inc - Amazon’s Quiet Crisis: What Anthropic’s Defection Could Mean for AWS

Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point. Recent reports reveal that...

Baptista Research

Amazon: Still Riding the Tech Volatility Wave

​Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...

Jay Cameron

Amazon.com Inc - Amazon’s Cloud Empire Is Booming—But There’s a Hidden Problem

Amazon.com delivered a strong financial performance in the second quarter of 2025, with revenue reaching $167.7 billion, up 12% year-over-year...

Baptista Research

Amazon to Shut Down Shanghai AI Lab Amid Strategic Shift

Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a...

Caixin Global

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...