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.com reported second quarter 2026 revenue of $200.6 billion, representing a 20% year-over-year increase, and operating income of $27.5 billion, a 43% rise year-over-year.</li><li>Amazon Web Services (AWS) was a major driver with revenue growth of 36.7% year-over-year, marking its fastest rate in 18 quarters, and an annualized revenue run rate of $169 billion.</li><li>AWS benefits from strong growth across both core and AI-related services with an extensive customer backlog of $496 billion, exhibiting triple-digit growth.</li></ul>

Amazon.com reported second quarter 2026 revenue of $200.6 billion, representing a 20% year-over-year increase, and operating income of $27.5 billion, a 43% rise year-over-year.Amazon Web Services (AWS) was a major driver with revenue growth of 36.7% year-over-year, marking its fastest rate in 18 quarters, and an annualized revenue run rate of $169 billion.AWS benefits from strong growth across both core and AI-related services with an extensive customer backlog of $496 billion, exhibiting triple-digit growth.

Amazon.com’s $496 Billion AWS Backlog — Is The AI Tipping Point Finally Here?

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Ken Griffin’s Citadel reported $875.01 billion in U.S. securities on its latest 13F, a figure that makes the hedge fund’s portfolio appear far larger than its actual equity holdings.</li><li>Roughly four-fifths of the filing consists of options, leaving $171.76 billion in disclosed equity positions.</li><li>The distinction matters because several different figures are used to describe Citadel’s size. </li></ul>

Ken Griffin’s Citadel reported $875.01 billion in U.S. securities on its latest 13F, a figure that makes the hedge fund’s portfolio appear far larger than its actual equity holdings.Roughly four-fifths of the filing consists of options, leaving $171.76 billion in disclosed equity positions.The distinction matters because several different figures are used to describe Citadel’s size. 

Ken Griffin Portfolio: Citadel Top Holdings (Q2 2026)

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>2Q26 revenue up 20% YoY. Operating profits up 43% YoY. The revenue backlog is exploding, up 150% YoY. This quarter demonstrates the impact of AI Capex on AWS growth/margins.</li>
<li>AWS Annualized Run rate is at $169bn. CEO suggests that AWS could become a $ 1 trillion business.</li>
<li>Consensus could be a bit low on revenue growth, high-teens looks more likely than low-teens. Margins expansion is ok. Stock trading at 23.4x 2027 EPS, 18x 2028.</li>
</ul>


2Q26 revenue up 20% YoY. Operating profits up 43% YoY. The revenue backlog is exploding, up 150% YoY. This quarter demonstrates the impact of AI Capex on AWS growth/margins.
AWS Annualized Run rate is at $169bn. CEO suggests that AWS could become a $ 1 trillion business.
Consensus could be a bit low on revenue growth, high-teens looks more likely than low-teens. Margins expansion is ok. Stock trading at 23.4x 2027 EPS, 18x 2028.


Amazon 2Q26: After Google and Microsoft, Another Cloud Acceleration: Growth Higher, Margins Higher

<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

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data</li>
<li>With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits</li>
<li>Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks</li>
</ul>


There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data
With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits
Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks


US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

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’s $496 Billion AWS Backlog — Is The AI Tipping Point Finally Here?

Amazon.com reported second quarter 2026 revenue of $200.6 billion, representing a 20% year-over-year increase, and operating income of $27.5...

Baptista Research

Ken Griffin Portfolio: Citadel Top Holdings (Q2 2026)

Citadel reports $76 billion in investment capital, while its regulatory filing lists $570.62 billion in assets under management. Neither figure...

Hedge Fund Alpha

Amazon 2Q26: After Google and Microsoft, Another Cloud Acceleration: Growth Higher, Margins Higher

AWS show impressive growth with revenue and profits up significantly year over year. CEO suggests that it could become a $1 trillion business....

Nicolas Baratte

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

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

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Amazon.com’s $496 Billion AWS Backlog — Is The AI Tipping Point Finally Here?

Amazon.com reported second quarter 2026 revenue of $200.6 billion, representing a 20% year-over-year increase, and operating income of $27.5...

Baptista Research

Ken Griffin Portfolio: Citadel Top Holdings (Q2 2026)

Citadel reports $76 billion in investment capital, while its regulatory filing lists $570.62 billion in assets under management. Neither figure...

Hedge Fund Alpha

Amazon 2Q26: After Google and Microsoft, Another Cloud Acceleration: Growth Higher, Margins Higher

​AWS show impressive growth with revenue and profits up significantly year over year. CEO suggests that it could become a $1 trillion business....

Nicolas Baratte

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

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

AWS show impressive growth with revenue and profits up significantly year over year. CEO suggests that it could become a $1 trillion business....

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