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>Nvidia is reportedly exploring a potential acquisition of Reflection AI, a U.S.-based startup developing open-weight artificial intelligence models, in a move that could expand its influence beyond AI infrastructure into advanced model development.</li><li>According to reports published on October 10, 2026, discussions remain preliminary, with potential arrangements including a full acquisition, additional equity investment, technology licensing, or an acqui-hire agreement.</li><li>Nvidia has already invested approximately $800 million in Reflection, which was valued at $25 billion on a pre-money basis during its latest fundraising discussions.</li></ul>

Nvidia is reportedly exploring a potential acquisition of Reflection AI, a U.S.-based startup developing open-weight artificial intelligence models, in a move that could expand its influence beyond AI infrastructure into advanced model development.According to reports published on October 10, 2026, discussions remain preliminary, with potential arrangements including a full acquisition, additional equity investment, technology licensing, or an acqui-hire agreement.Nvidia has already invested approximately $800 million in Reflection, which was valued at $25 billion on a pre-money basis during its latest fundraising discussions.

Nvidia’s Reflection AI Takeover: A Game-Changer For Open-Weight AI & Agentic Computing?

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>LYNX Bermuda 1.5 gained 13.90 percent in September and now leads HSBC’s hedge fund performance table with a 53.06 percent return for 2026.</li><li>The worst performer, Orgueil Capital Global L/S Equity, lost 14.84 percent in the same month and is down 22.12 percent for the year.</li><li>The gap is 75.18 percentage points, up from 57.24 points four weeks ago , when Quantedge led at plus 42.45 percent and Saba Capital’s carry-neutral tail hedge was last at -14.79 percent.</li></ul>

LYNX Bermuda 1.5 gained 13.90 percent in September and now leads HSBC’s hedge fund performance table with a 53.06 percent return for 2026.The worst performer, Orgueil Capital Global L/S Equity, lost 14.84 percent in the same month and is down 22.12 percent for the year.The gap is 75.18 percentage points, up from 57.24 points four weeks ago , when Quantedge led at plus 42.45 percent and Saba Capital’s carry-neutral tail hedge was last at -14.79 percent.

LYNX Up 53% as the 2026 Hedge Fund Performance Spread Widens to 75 Points

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/nvidia-corp">NVIDIA Corp</a>oration (NVDA US) maintains an industry-defining monopoly in accelerated computing and artificial intelligence infrastructure, driven by its proprietary full-stack hardware-software architecture spanning GPUs, custom networking fabric (NVLink, InfiniBand, Spectrum-X), and the ubiquitous CUDA developer ecosystem.</li>
 <li>Financial execution exhibits historic operating leverage and scale, with annual revenue expanding from $60.9B in FY2024 to $215.9B in FY2026 (a 100.05% 3-year CAGR) and net income reaching $120.1B, generating $96.7B in annual free cash flow while maintaining gross margins above 71%.</li>
 <li>While datacenter physical constraints (power grid capacity, thermal dissipation) and geopolitical trade controls present structural hurdles, strong secular tailwinds across hyperscale generative computing, sovereign AI deployments, and enterprise software monetization provide long-term earnings visibility.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
NVIDIA Corporation (NVDA US) maintains an industry-defining monopoly in accelerated computing and artificial intelligence infrastructure, driven by its proprietary full-stack hardware-software architecture spanning GPUs, custom networking fabric (NVLink, InfiniBand, Spectrum-X), and the ubiquitous CUDA developer ecosystem.
  Financial execution exhibits historic operating leverage and scale, with annual revenue expanding from $60.9B in FY2024 to $215.9B in FY2026 (a 100.05% 3-year CAGR) and net income reaching $120.1B, generating $96.7B in annual free cash flow while maintaining gross margins above 71%.
  While datacenter physical constraints (power grid capacity, thermal dissipation) and geopolitical trade controls present structural hurdles, strong secular tailwinds across hyperscale generative computing, sovereign AI deployments, and enterprise software monetization provide long-term earnings visibility.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although the numbers are a "black box".</li>
<li>The most significant distortion in both companies' ARR figures is the circular financing loop: the hyperscalers who invest equity capital into Anthropic and OpenAI then route traffic back to them.</li>
<li>Investors should treat ARR with skepticism and not as a reliable basis for valuation. It's a directional indicator of growth momentum from a low revenue base that obfuscates actual performance.</li>
</ul>


Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although the numbers are a "black box".
The most significant distortion in both companies' ARR figures is the circular financing loop: the hyperscalers who invest equity capital into Anthropic and OpenAI then route traffic back to them.
Investors should treat ARR with skepticism and not as a reliable basis for valuation. It's a directional indicator of growth momentum from a low revenue base that obfuscates actual performance.


ANTHROPIC & OPENAI - ARR: Every Bubble Has a Gimmick

Healthcare Analyst

Wilfred Yuen

<ul>
<li>Arrivent's EGFR inhibitor firmonertinib (licensed from Shanghai-based Allist) failed a global phase 3 in lung cancer; argenx discontinued phase 3 of efgartigimod (ZLAB licensed its China rights) in Sjogren’s disease</li>
<li>Asieris (688176.CH) licensed out cervical precancerous treatment Cevira to Theramex for US$250m; MicuRx (688373.CH) licensed out MRX-23 ADC and STOPIN platform to ClearideBio in multi-asset global deal for US$973m (upfront US$100m).</li>
<li>Other updates/news: Genscript/NVIDIA, SBP's PDE3/4 inhibitor, ZhongSheng Pharma's biweekly GLP-1/GIP</li>
</ul>


Arrivent's EGFR inhibitor firmonertinib (licensed from Shanghai-based Allist) failed a global phase 3 in lung cancer; argenx discontinued phase 3 of efgartigimod (ZLAB licensed its China rights) in Sjogren’s disease
Asieris (688176.CH) licensed out cervical precancerous treatment Cevira to Theramex for US$250m; MicuRx (688373.CH) licensed out MRX-23 ADC and STOPIN platform to ClearideBio in multi-asset global deal for US$973m (upfront US$100m).
Other updates/news: Genscript/NVIDIA, SBP's PDE3/4 inhibitor, ZhongSheng Pharma's biweekly GLP-1/GIP


United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Nvidia’s Reflection AI Takeover: A Game-Changer For Open-Weight AI & Agentic Computing?

Nvidia is reportedly exploring a potential acquisition of Reflection AI, a U.S.-based startup developing open-weight artificial intelligence...

Baptista Research

LYNX Up 53% as the 2026 Hedge Fund Performance Spread Widens to 75 Points

LYNX Bermuda 1.5 gained 13.90 percent in September and now leads HSBC’s hedge fund performance table with a 53.06 percent return for 2026.

Hedge Fund Alpha

Primer: NVIDIA Corp (NVDA US) - Oct 2026

NVIDIA Corporation (NVDA US) maintains an industry-defining monopoly in accelerated computing and artificial intelligence infrastructure,...

αSK Primers

ANTHROPIC & OPENAI - ARR: Every Bubble Has a Gimmick

Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although...

David Mudd

China Healthcare Weekly Wrap (5-9 Oct)

Key news this week: 1) Arrivent's ph3 lung cancer study flop, 2) efgartigimod (argenx/ZLAB) discontinued in a ph3 study in Sjogren’s disease, 3)...

Wilfred Yuen

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