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>Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.</li><li>The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.</li><li>A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.</li></ul>

Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.

Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

<ul><li>Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were near the high end of guidance.</li><li>The company's chipset business, QCT, recorded revenues of $9 billion, reflecting ongoing growth across automotive, IoT, and handset segments.</li><li>Notably, automotive and IoT revenues increased by 21% and 24% year-over-year, respectively, driven by Qualcomm's strategy to diversify and expand its product offerings beyond mobile handsets.</li></ul>

Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were near the high end of guidance.The company's chipset business, QCT, recorded revenues of $9 billion, reflecting ongoing growth across automotive, IoT, and handset segments.Notably, automotive and IoT revenues increased by 21% and 24% year-over-year, respectively, driven by Qualcomm's strategy to diversify and expand its product offerings beyond mobile handsets.

Qualcomm Enters The AI Arena—Is Nvidia’s Reign Ending?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.</li>
<li>Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. </li>
<li>Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.</li>
</ul>


Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. 
Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per share, raising up to $HK2.5 billion.</li>
<li>ESWIN is one of China's leading RISC-V chipmakers, placing it at the intersection of China's drive toward semiconductor self-sufficiency and the global shift away from proprietary ISA architectures.</li>
<li>The company's RISC-V focus differentiates it from ARM-based peers and aligns with Beijing's push for open-architecture semiconductor independence.</li>
</ul>


Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per share, raising up to $HK2.5 billion.
ESWIN is one of China's leading RISC-V chipmakers, placing it at the intersection of China's drive toward semiconductor self-sufficiency and the global shift away from proprietary ISA architectures.
The company's RISC-V focus differentiates it from ARM-based peers and aligns with Beijing's push for open-architecture semiconductor independence.


HK IPO WATCH: Beijing ESWIN Computing Technology -  RISC-V Business !!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>With Nifty 50 earnings growth barely 3% YoY in CY25, companies that voluntarily offer specific, multi-metric guidance signal not just confidence, but accountability. </li>
<li>Management-Backed targets are a meaningful filter in a market where execution risk dominates.</li>
<li>Twenty Indian mid and small-cap companies have issued explicit quantitative growth guidance for FY26–FY27, spanning revenue, EBITDA, and AUM metrics across sectors from specialty chemicals to power systems to CRDMO.</li>
</ul>


With Nifty 50 earnings growth barely 3% YoY in CY25, companies that voluntarily offer specific, multi-metric guidance signal not just confidence, but accountability. 
Management-Backed targets are a meaningful filter in a market where execution risk dominates.
Twenty Indian mid and small-cap companies have issued explicit quantitative growth guidance for FY26–FY27, spanning revenue, EBITDA, and AUM metrics across sectors from specialty chemicals to power systems to CRDMO.


India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse...

Baptista Research

Qualcomm Enters The AI Arena—Is Nvidia’s Reign Ending?

Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were...

Baptista Research

Qualcomm’s Weird AI Announcement

Qualcomm's heavy reliance on the mobile market poses a vulnerability, with efforts to diversify into other markets like auto. New AI chips...

Nicolas Baratte

HK IPO WATCH: Beijing ESWIN Computing Technology - RISC-V Business !!

Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per...

David Mudd

India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse...

Baptista Research

Qualcomm Enters The AI Arena—Is Nvidia’s Reign Ending?

Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were...

Baptista Research

Qualcomm’s Weird AI Announcement

​Qualcomm's heavy reliance on the mobile market poses a vulnerability, with efforts to diversify into other markets like auto. New AI chips...

Nicolas Baratte

HK IPO WATCH: Beijing ESWIN Computing Technology - RISC-V Business !!

Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per...

David Mudd

India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

​These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Sudarshan Bhandari

Qualcomm's heavy reliance on the mobile market poses a vulnerability, with efforts to diversify into other markets like auto. New AI chips...

These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.