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

Advanced Micro Devices / Equity Bottom-Up

<ul><li>Advanced Micro Devices (AMD) delivered a robust start to 2025, reporting stronger-than-expected earnings that reinforced the company’s growth trajectory in high-demand areas like AI and data centers.</li><li>The semiconductor firm posted first-quarter adjusted earnings per share of $0.96, slightly above Wall Street’s estimate of $0.94, with total revenue hitting $7.4 billion, surpassing the projected $7.1 billion.</li><li>This performance was fueled by the impressive 57% year-over-year growth in AMD’s Data Center segment, which reached $3.7 billion.</li></ul>

Advanced Micro Devices (AMD) delivered a robust start to 2025, reporting stronger-than-expected earnings that reinforced the company’s growth trajectory in high-demand areas like AI and data centers.The semiconductor firm posted first-quarter adjusted earnings per share of $0.96, slightly above Wall Street’s estimate of $0.94, with total revenue hitting $7.4 billion, surpassing the projected $7.1 billion.This performance was fueled by the impressive 57% year-over-year growth in AMD’s Data Center segment, which reached $3.7 billion.

AMD's Epic Earnings & Shocking Setback: What Is The Impact Of The MASSIVE China-Related Revenue Loss?

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>Following its AGM on May 13 last, AMD announced a new $6 billion share repurchase program, despite still having $4 billion remaining on the previous buyback program</li>
<li>The AGM also approved a proposal to authorize a 78% increase in the company’s share count, from 2.25 billion to 4 billion shares</li>
<li>It's a bold move on AMD's part and it reawakens memories of the company's acquisition of Xilinx back in 2022 in a $35 billion all stock deal. Deja vu ?</li>
</ul>


Following its AGM on May 13 last, AMD announced a new $6 billion share repurchase program, despite still having $4 billion remaining on the previous buyback program
The AGM also approved a proposal to authorize a 78% increase in the company’s share count, from 2.25 billion to 4 billion shares
It's a bold move on AMD's part and it reawakens memories of the company's acquisition of Xilinx back in 2022 in a $35 billion all stock deal. Deja vu ?


AMD. Adding $6 Billion Buyback & Authorizing 78% Increase In Share Count. But Why?

<ul>
<li>AMD yesterday reported Q1 2025 revenues of $7.4 billion, up 36% YoY, down 3% QoQ and $300 million above the guided midpoint. Non-GAAP Gross margin was 50%, precisely as guided</li>
<li>AMD forecasted current quarter revenues of $7.4 billion, flat sequentially, together with gross margin of 43% incorporating the impact of an $800 million charge related to the latest China restrictions</li>
<li>Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct Accelerators. That comes in 2026.</li>
</ul>


AMD yesterday reported Q1 2025 revenues of $7.4 billion, up 36% YoY, down 3% QoQ and $300 million above the guided midpoint. Non-GAAP Gross margin was 50%, precisely as guided
AMD forecasted current quarter revenues of $7.4 billion, flat sequentially, together with gross margin of 43% incorporating the impact of an $800 million charge related to the latest China restrictions
Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct Accelerators. That comes in 2026.


AMD Q1 2025 Earnings Review. Firing On All Cylinders

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Good 1Q25, revenue +36% YoY, EPS +55%. Complicated 2-3Q ahead due to US export restrictions cutting down revenue by 1.5bn. This is a one-off. Ignoring this, underlying growth looks strong.   </li>
<li>AMD is gaining share in PC and Server, incl enterprise. GPU offering is still behind Nvidia but improving with MI350 in mid-25, MI400 mid-26. MI400 should be on-par with NVDA.</li>
<li>The stock is down -45% from Jan-24. Trading on low multiples versus historicals: 17x 2026 EPS or more than -1 stdev below avg. Buy!</li>
</ul>


Good 1Q25, revenue +36% YoY, EPS +55%. Complicated 2-3Q ahead due to US export restrictions cutting down revenue by 1.5bn. This is a one-off. Ignoring this, underlying growth looks strong.   
AMD is gaining share in PC and Server, incl enterprise. GPU offering is still behind Nvidia but improving with MI350 in mid-25, MI400 mid-26. MI400 should be on-par with NVDA.
The stock is down -45% from Jan-24. Trading on low multiples versus historicals: 17x 2026 EPS or more than -1 stdev below avg. Buy!


AMD: 1Q25 Small Beat, 2Q Would Have Been a Large Beat Except for New US Export Restrictions to China

<ul>
<li>3Q24 results inline with Consensus. 4Q guidance slightly below. 2025 Consensus is in the ballpark: 28% revenue growth, 59% EPS growth. The stock trades at average forward PEx 31x.</li>
<li>2024 GPU revenue guidance has increased from US$2bn a year ago to “exceed $5bn”. The concern is that AMD is lagging Nvidia. But AMD’s 1st competitive GPU is available 1Q25.</li>
<li>Other concern is that GPU growth is eating at the CPU market. AMD unit share is ~24% in 2024 (revenue share 33%). AMD can reach 35% unit share by 2026.</li>
</ul>


3Q24 results inline with Consensus. 4Q guidance slightly below. 2025 Consensus is in the ballpark: 28% revenue growth, 59% EPS growth. The stock trades at average forward PEx 31x.
2024 GPU revenue guidance has increased from US$2bn a year ago to “exceed $5bn”. The concern is that AMD is lagging Nvidia. But AMD’s 1st competitive GPU is available 1Q25.
Other concern is that GPU growth is eating at the CPU market. AMD unit share is ~24% in 2024 (revenue share 33%). AMD can reach 35% unit share by 2026.


AMD 3Q24: The Stock Is Down 8% Afterhours. We See Concerns in the Wrong Place, a Buying Opportunity

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Advanced Micro Devices (AMD US)

AMD Q1 2025 Earnings Review. Firing On All Cylinders

Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct...

William Keating

AMD: 1Q25 Small Beat, 2Q Would Have Been a Large Beat Except for New US Export Restrictions to China

Strong 1Q25 for AMD with revenue and EPS growth, but challenging 2-3Q ahead due to US export restrictions. Stock down -45% from Jan-24, trading at...

Nicolas Baratte

AMD 3Q24: The Stock Is Down 8% Afterhours. We See Concerns in the Wrong Place, a Buying Opportunity

The stock is down sharply after hours but concerns are misplaced in our view. AMD competitive GPU is only available from 1Q25. We expect AMD to...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AMD's Epic Earnings & Shocking Setback: What Is The Impact Of The MASSIVE China-Related Revenue Loss?

Advanced Micro Devices (AMD) delivered a robust start to 2025, reporting stronger-than-expected earnings that reinforced the company’s growth...

Baptista Research

AMD. Adding $6 Billion Buyback & Authorizing 78% Increase In Share Count. But Why?

AMD's decision to increase authorized share count by 78% is a bold move & reawakens memories of their acquisition of Xilinx back in 2022 in a $35...

William Keating

AMD Q1 2025 Earnings Review. Firing On All Cylinders

Enterprise server momentum, both cloud and on premise, is a major tailwind for AMD in 2025, far more so than any traction from its Instinct...

William Keating

AMD: 1Q25 Small Beat, 2Q Would Have Been a Large Beat Except for New US Export Restrictions to China

​Strong 1Q25 for AMD with revenue and EPS growth, but challenging 2-3Q ahead due to US export restrictions. Stock down -45% from Jan-24, trading at...

Nicolas Baratte

AMD 3Q24: The Stock Is Down 8% Afterhours. We See Concerns in the Wrong Place, a Buying Opportunity

The stock is down sharply after hours but concerns are misplaced in our view. AMD competitive GPU is only available from 1Q25. We expect AMD to...

Nicolas Baratte

Strong 1Q25 for AMD with revenue and EPS growth, but challenging 2-3Q ahead due to US export restrictions. Stock down -45% from Jan-24, trading at...