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>Apple Inc. finally gave investors the AI headline they had been waiting for: a more personalized Siri, deeper Apple Intelligence features, and a privacy-first answer to the AI race.</li><li>Yet the market reaction was underwhelming, with Apple shares slipping after WWDC as investors appeared unconvinced that the announcement changed the company’s growth story fast enough.</li><li>The tension is clear.</li></ul>

Apple Inc. finally gave investors the AI headline they had been waiting for: a more personalized Siri, deeper Apple Intelligence features, and a privacy-first answer to the AI race.Yet the market reaction was underwhelming, with Apple shares slipping after WWDC as investors appeared unconvinced that the announcement changed the company’s growth story fast enough.The tension is clear.

Apple Just Unveiled Smarter Siri—So Why Did Wall Street Still Hate It?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Google Gemini Collaboration: Apple partnered with Google to build its next-generation foundation models, combining Gemini's reasoning capabilities with Apple’s Private Cloud Compute architecture.</li>
<li>Major International Exclusions: Due to regulatory and privacy complexities, Apple's flagship "Siri AI" platform will be entirely excluded from the EU and China at launch.</li>
<li>Liquid Glass Interface Refinement: Addressing legibility concerns from the prior interface redesign, Apple introduced a personalization slider to let users adjust transparency from ultra-clear to tinted</li>
</ul>


Google Gemini Collaboration: Apple partnered with Google to build its next-generation foundation models, combining Gemini's reasoning capabilities with Apple’s Private Cloud Compute architecture.
Major International Exclusions: Due to regulatory and privacy complexities, Apple's flagship "Siri AI" platform will be entirely excluded from the EU and China at launch.
Liquid Glass Interface Refinement: Addressing legibility concerns from the prior interface redesign, Apple introduced a personalization slider to let users adjust transparency from ultra-clear to tinted


Apple WWDC 2026 Keynote. Executive Summary & Full Transcript

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>Hedge funds kept artificial intelligence at the center of their portfolios in August, but the question changed.</li><li>Instead of asking whether AI can generate revenue, managers increasingly focused on who will finance the infrastructure buildout and whether the cash flows will cover the debt behind it.</li><li>That shift showed up in the breadth of ownership.</li></ul>

Hedge funds kept artificial intelligence at the center of their portfolios in August, but the question changed.Instead of asking whether AI can generate revenue, managers increasingly focused on who will finance the infrastructure buildout and whether the cash flows will cover the debt behind it.That shift showed up in the breadth of ownership.

Hedge Funds Cut Magnificent Seven Longs As AI Debt Risks Come Into Focus

<ul><li>Apple Inc. reported strong financial results for the second quarter of fiscal 2026, achieving $111.2 billion in revenue, a 17% year-over-year increase and a record for the March quarter.</li><li>This growth was driven primarily by iPhone sales, which reached $57 billion, up 22% year-over-year, despite supply constraints.</li><li>Apple highlighted the reception of the iPhone 17 family, noting it as the most popular lineup in the company’s history for a March quarter and marking gains in market share across several key markets, including the U.S., Greater China, and India.</li></ul>

Apple Inc. reported strong financial results for the second quarter of fiscal 2026, achieving $111.2 billion in revenue, a 17% year-over-year increase and a record for the March quarter.This growth was driven primarily by iPhone sales, which reached $57 billion, up 22% year-over-year, despite supply constraints.Apple highlighted the reception of the iPhone 17 family, noting it as the most popular lineup in the company’s history for a March quarter and marking gains in market share across several key markets, including the U.S., Greater China, and India.

Apple Faces Mac Supply Headwinds Despite Record March Quarter Revenue!

<ul>
<li>Apple reported Q2 FY2026 revenue of $111.2 billion, +17% YoY, a March quarter record and above the high end of Apple’s own guidance range. Diluted EPS hit $2.01, +22% YoY</li>
<li>IPhone grew 22% to $57 billion. Services grew 16% to $31 billion, an all-time record. Every geographic segment set a March quarter record. China grew 28% YoY</li>
<li>Ternus takes the helm with three looming headwinds, memory pricing, geopolitical risk associated with their structural China dependency and an Apple Intelligence strategy that's been MIA for two years...</li>
</ul>


Apple reported Q2 FY2026 revenue of $111.2 billion, +17% YoY, a March quarter record and above the high end of Apple’s own guidance range. Diluted EPS hit $2.01, +22% YoY
IPhone grew 22% to $57 billion. Services grew 16% to $31 billion, an all-time record. Every geographic segment set a March quarter record. China grew 28% YoY
Ternus takes the helm with three looming headwinds, memory pricing, geopolitical risk associated with their structural China dependency and an Apple Intelligence strategy that's been MIA for two years...


Apple Q2 FY2026. Ternus Takes The Reins As Memory Pricing, Geopolitical & AI Strategy Headwinds Loom

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Apple Just Unveiled Smarter Siri—So Why Did Wall Street Still Hate It?

Apple Inc. finally gave investors the AI headline they had been waiting for: a more personalized Siri, deeper Apple Intelligence features, and a...

Baptista Research

Apple WWDC 2026 Keynote. Executive Summary & Full Transcript

Google Gemini Collaboration: Apple partnered with Google to build its next-generation foundation models, combining Gemini's reasoning capabilities...

William Keating

Hedge Funds Cut Magnificent Seven Longs As AI Debt Risks Come Into Focus

Hedge funds kept artificial intelligence at the center of their portfolios in August, but the question changed. Instead of asking whether AI can...

Hedge Fund Alpha

Apple Faces Mac Supply Headwinds Despite Record March Quarter Revenue!

Apple Inc. reported strong financial results for the second quarter of fiscal 2026, achieving $111.2 billion in revenue, a 17% year-over-year...

Baptista Research

Apple Q2 FY2026. Ternus Takes The Reins As Memory Pricing, Geopolitical & AI Strategy Headwinds Loom

Ternus takes the helm with three looming headwinds, memory pricing, geopolitical risk associated with their structural China dependency & an Apple...

William Keating

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