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

Equity Bottom-Up

<ul>
<li>Record Financial Performance: Adobe achieved record Q2 revenue of $6.62 billion, representing 11% year-over-year growth, while raising its full-year fiscal 2026 revenue and EPS targets.</li>
<li>Aggressive Freemium Pivot: Adobe is shifting focus to an AI-first freemium strategy to accelerate user acquisition, accepting short-term subscriber ARR impacts for greater long-term lifetime value</li>
<li>Surging AI-First ARR: Driven by massive enterprise and creator adoption, Adobe's AI-first ARR grew 3x year-over-year to transcend the $500 million threshold</li>
</ul>


Record Financial Performance: Adobe achieved record Q2 revenue of $6.62 billion, representing 11% year-over-year growth, while raising its full-year fiscal 2026 revenue and EPS targets.
Aggressive Freemium Pivot: Adobe is shifting focus to an AI-first freemium strategy to accelerate user acquisition, accepting short-term subscriber ARR impacts for greater long-term lifetime value
Surging AI-First ARR: Driven by massive enterprise and creator adoption, Adobe's AI-first ARR grew 3x year-over-year to transcend the $500 million threshold


Adobe Q2 FY2026: Record Revenue But Slashed ARR Growth Target & Abrupt CFO Exit

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>Adobe Inc. is not collapsing, but it is clearly entering one of the most uncomfortable transitions in its history.</li><li>The company is still growing revenue at a double-digit pace, maintaining strong profitability, and scaling AI products across Creative Cloud, Acrobat, Firefly, Express, GenStudio, and Adobe Experience Platform.</li><li>Yet the internet around Adobe is changing faster than traditional software monetization models.</li></ul>

Adobe Inc. is not collapsing, but it is clearly entering one of the most uncomfortable transitions in its history.The company is still growing revenue at a double-digit pace, maintaining strong profitability, and scaling AI products across Creative Cloud, Acrobat, Firefly, Express, GenStudio, and Adobe Experience Platform.Yet the internet around Adobe is changing faster than traditional software monetization models.

Adobe's Possible AI Collapse: Can Semrush Save The Day?

<ul><li>Adobe Inc. is no longer just selling creative software or marketing applications; it is increasingly trying to position itself as the orchestration layer inside an AI-driven enterprise stack.</li><li>That shift matters because it changes the economic question investors should be asking.</li><li>The debate is no longer limited to whether Adobe can keep pace with OpenAI, Anthropic, Canva, or other AI-native challengers.</li></ul>

Adobe Inc. is no longer just selling creative software or marketing applications; it is increasingly trying to position itself as the orchestration layer inside an AI-driven enterprise stack.That shift matters because it changes the economic question investors should be asking.The debate is no longer limited to whether Adobe can keep pace with OpenAI, Anthropic, Canva, or other AI-native challengers.

Adobe Is Winning AI—So Why Does It Feel Like Losing?

<ul><li>Adobe reported first-quarter fiscal 2026 results showing continued growth supported by expanding AI integration across its portfolio.</li><li>Revenue reached $6.4 billion, up 11% in constant currency, while GAAP and non-GAAP earnings per share rose 11% and 19%, respectively.</li><li>Total ending ARR was $26.06 billion, also up about 11% year over year, reflecting continued subscription strength.</li></ul>

Adobe reported first-quarter fiscal 2026 results showing continued growth supported by expanding AI integration across its portfolio.Revenue reached $6.4 billion, up 11% in constant currency, while GAAP and non-GAAP earnings per share rose 11% and 19%, respectively.Total ending ARR was $26.06 billion, also up about 11% year over year, reflecting continued subscription strength.

AdobeL What Matters Now Is AI Monetization Not Legacy Software!

<ul><li>Adobe's fourth quarter and fiscal year 2025 results reflect a balance of robust growth fueled by strategic initiatives, particularly in the AI space, yet also come with considerations of competitive pressures and operational challenges.</li><li>The company achieved record revenue of $23.77 billion, marking an 11% year-over-year growth.</li><li>The non-GAAP EPS of $20.94, reflecting a 14% increase, indicates strong profitability, largely driven by the expansion of AI-influenced offerings and a heightened focus on digital media and experience solutions.</li></ul>

Adobe's fourth quarter and fiscal year 2025 results reflect a balance of robust growth fueled by strategic initiatives, particularly in the AI space, yet also come with considerations of competitive pressures and operational challenges.The company achieved record revenue of $23.77 billion, marking an 11% year-over-year growth.The non-GAAP EPS of $20.94, reflecting a 14% increase, indicates strong profitability, largely driven by the expansion of AI-influenced offerings and a heightened focus on digital media and experience solutions.

Adobe: What the Semrush Acquisition Changes About Its SEO & AI Search Strategy!

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Adobe Q2 FY2026: Record Revenue But Slashed ARR Growth Target & Abrupt CFO Exit

Aggressive Freemium Pivot: Adobe is shifting focus to an AI-first freemium strategy to accelerate user acquisition, accepting short-term subscriber...

William Keating

Adobe's Possible AI Collapse: Can Semrush Save The Day?

Adobe Inc. is not collapsing, but it is clearly entering one of the most uncomfortable transitions in its history. The company is still growing...

Baptista Research

Adobe Is Winning AI—So Why Does It Feel Like Losing?

Adobe Inc. is no longer just selling creative software or marketing applications; it is increasingly trying to position itself as the...

Baptista Research

AdobeL What Matters Now Is AI Monetization Not Legacy Software!

Adobe reported first-quarter fiscal 2026 results showing continued growth supported by expanding AI integration across its portfolio. Revenue...

Baptista Research

Adobe: What the Semrush Acquisition Changes About Its SEO & AI Search Strategy!

Adobe's fourth quarter and fiscal year 2025 results reflect a balance of robust growth fueled by strategic initiatives, particularly in the AI...

Baptista Research

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