Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Who wins the AI race is like asking ”who won the Internet?” Amazon, Google, Meta, Microsoft? Wait, maybe it’s ASML and TSMC? Do you see how dumb this question is? </li>
<li>If you trade stocks, you enjoy the “Google is back” moment. Or maybe that was last week’s trade. The market wants profits and margins. Revenue growth is no longer enough.</li>
<li>So, who wins the AI race? I will eventually buy,  hopefully early 2026: AMD, Google, LAM, Meta, Microsoft, Micron, Nvidia, TSMC. These are the category winners IMO</li>
</ul>


Who wins the AI race is like asking ”who won the Internet?” Amazon, Google, Meta, Microsoft? Wait, maybe it’s ASML and TSMC? Do you see how dumb this question is? 
If you trade stocks, you enjoy the “Google is back” moment. Or maybe that was last week’s trade. The market wants profits and margins. Revenue growth is no longer enough.
So, who wins the AI race? I will eventually buy,  hopefully early 2026: AMD, Google, LAM, Meta, Microsoft, Micron, Nvidia, TSMC. These are the category winners IMO


<ul>
<li>Pres Trump authorized sales of H200 to China, with unknown conditions attached.  Not clear who the US will agree to sell to, who in China will be “allowed” to buy</li>
<li>More clear: H20 was not appealing – too under-powered. H200 is above the threshold at 2x the performance of Huawei Ascend 910C. So, Nvidia could find buyers in China.</li>
<li>H200 could represent 23% upside to Nvidia 2026 revenues (max). But the stock price moved up 1.7% on Monday, down -0.3% yesterday. The market is concerned by bigger issues.</li>
</ul>


Pres Trump authorized sales of H200 to China, with unknown conditions attached.  Not clear who the US will agree to sell to, who in China will be “allowed” to buy
More clear: H20 was not appealing – too under-powered. H200 is above the threshold at 2x the performance of Huawei Ascend 910C. So, Nvidia could find buyers in China.
H200 could represent 23% upside to Nvidia 2026 revenues (max). But the stock price moved up 1.7% on Monday, down -0.3% yesterday. The market is concerned by bigger issues.


Jensen Got What He Wanted And/Or Pres. Trump Needed a Sweetener for China

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.

<ul><li>NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated computing markets.</li><li>The company achieved record revenue of $57 billion, marking a 62% year-over-year increase and a sequential revenue growth of 22%.</li><li>NVIDIA's data center segment contributed significantly to this performance, recording $51.2 billion in revenue, up 66% from the previous year.</li></ul>

NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated computing markets.The company achieved record revenue of $57 billion, marking a 62% year-over-year increase and a sequential revenue growth of 22%.NVIDIA's data center segment contributed significantly to this performance, recording $51.2 billion in revenue, up 66% from the previous year.

Nvidia Wins Major AI Chip Battle as CEO Jensen Huang Outmaneuvers U.S. Lawmakers; What's Next?

<ul><li>The recent quarter's performance by NVIDIA Corporation reflects strong financial outcomes and strategic initiatives in the AI and computing domains.</li><li>Garnering revenue of $57 billion, a 62% year-over-year increase, NVIDIA continues to benefit from burgeoning demand in the accelerated computing and AI sectors, setting a new record with a $10 billion sequential revenue growth.</li><li>Such figures underscore the company's position within the rapidly evolving AI infrastructure landscape.</li></ul>

The recent quarter's performance by NVIDIA Corporation reflects strong financial outcomes and strategic initiatives in the AI and computing domains.Garnering revenue of $57 billion, a 62% year-over-year increase, NVIDIA continues to benefit from burgeoning demand in the accelerated computing and AI sectors, setting a new record with a $10 billion sequential revenue growth.Such figures underscore the company's position within the rapidly evolving AI infrastructure landscape.

Nvidia's $2 Billion Synopsys Bet: AI Chip Design Just Got A Massive Upgrade!

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> started correcting at the end of October 2025. At the same time, in early November, SoftBank Group announced it was unloading all its NVDA stake. </li>
<li>SoftBank founder Masayoshi Son, speaking at an investment forum in Tokyo Monday,  revealed he was reluctant to sell SoftBank's Nvidia stake, but needed to raise cash for new AI investments.</li>
<li>Both companies are very oversold according to our models, NVDA has reached a point where is a good BUY, we present here a new analytics tool, to support this theory.</li>
</ul>



NVIDIA Corp (NVDA US) started correcting at the end of October 2025. At the same time, in early November, SoftBank Group announced it was unloading all its NVDA stake. 
SoftBank founder Masayoshi Son, speaking at an investment forum in Tokyo Monday,  revealed he was reluctant to sell SoftBank's Nvidia stake, but needed to raise cash for new AI investments.
Both companies are very oversold according to our models, NVDA has reached a point where is a good BUY, we present here a new analytics tool, to support this theory.


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)

Who’s Winning the AI Race?

The article questions the idea of "winning" the AI race and emphasizes the importance of profits and margins, suggesting potential category...

Nicolas Baratte

Jensen Got What He Wanted And/Or Pres. Trump Needed a Sweetener for China

Trump authorized sales of H200 to China, potentially boosting Nvidia's revenue by 23%, but market remains concerned about larger issues.

Nicolas Baratte

Nvidia Wins Major AI Chip Battle as CEO Jensen Huang Outmaneuvers U.S. Lawmakers; What's Next?

NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated...

Baptista Research

Nvidia's $2 Billion Synopsys Bet: AI Chip Design Just Got A Massive Upgrade!

The recent quarter's performance by NVIDIA Corporation reflects strong financial outcomes and strategic initiatives in the AI and computing...

Baptista Research

NVDA Tactical Outlook: Time to BUY?

NVIDIA Corp started correcting in Nov 2025, there is a mix of positive and negative sentiment around the stock, but our model finds NVDA now may...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Who’s Winning the AI Race?

​The article questions the idea of "winning" the AI race and emphasizes the importance of profits and margins, suggesting potential category...

Nicolas Baratte

Jensen Got What He Wanted And/Or Pres. Trump Needed a Sweetener for China

​Trump authorized sales of H200 to China, potentially boosting Nvidia's revenue by 23%, but market remains concerned about larger issues.

Nicolas Baratte

Nvidia Wins Major AI Chip Battle as CEO Jensen Huang Outmaneuvers U.S. Lawmakers; What's Next?

NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated...

Baptista Research

Nvidia's $2 Billion Synopsys Bet: AI Chip Design Just Got A Massive Upgrade!

The recent quarter's performance by NVIDIA Corporation reflects strong financial outcomes and strategic initiatives in the AI and computing...

Baptista Research

NVDA Tactical Outlook: Time to BUY?

​NVIDIA Corp started correcting in Nov 2025, there is a mix of positive and negative sentiment around the stock, but our model finds NVDA now may...

Nico Rosti

The article questions the idea of "winning" the AI race and emphasizes the importance of profits and margins, suggesting potential category...

Trump authorized sales of H200 to China, potentially boosting Nvidia's revenue by 23%, but market remains concerned about larger issues.

NVIDIA Corp started correcting in Nov 2025, there is a mix of positive and negative sentiment around the stock, but our model finds NVDA now may...