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) reported a robust third quarter in 2025, showcasing significant revenue growth across its business segments driven by strong product demand.</li><li>For the quarter, AMD's revenue increased by 36% year-over-year, reaching $9.2 billion.</li><li>This growth was broad-based, with strong performance in the data center, server, gaming, and PC segments.</li></ul>

Advanced Micro Devices (AMD) reported a robust third quarter in 2025, showcasing significant revenue growth across its business segments driven by strong product demand.For the quarter, AMD's revenue increased by 36% year-over-year, reaching $9.2 billion.This growth was broad-based, with strong performance in the data center, server, gaming, and PC segments.

Advanced Micro Devices (AMD): Expansion Of Its Space-Grade Adaptive SoC Portfolio Could Supercharge Growth!

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.</li>
<li>Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.</li>
<li>Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.</li>
</ul>


AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.


AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.</li>
<li>More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.</li>
<li>Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.</li>
</ul>


Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.
More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.
Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.


AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch

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>Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY</li>
<li>Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ</li>
<li>18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027 </li>
</ul>


Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027 


Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

<ul><li>In recent weeks, Advanced Micro Devices (AMD) has intensified its AI ambitions through a deepening strategic partnership with OpenAI, solidifying its presence in a highly competitive and capital-intensive space.</li><li>AMD has begun supplying its MI300 and MI350 series accelerators to OpenAI, which has emerged as one of the largest and most influential customers of AMD’s Instinct GPU platform.</li><li>The collaboration isn't limited to hardware—OpenAI is actively assisting AMD in optimizing its ROCm software stack, significantly narrowing the gap with Nvidia's CUDA.</li></ul>

In recent weeks, Advanced Micro Devices (AMD) has intensified its AI ambitions through a deepening strategic partnership with OpenAI, solidifying its presence in a highly competitive and capital-intensive space.AMD has begun supplying its MI300 and MI350 series accelerators to OpenAI, which has emerged as one of the largest and most influential customers of AMD’s Instinct GPU platform.The collaboration isn't limited to hardware—OpenAI is actively assisting AMD in optimizing its ROCm software stack, significantly narrowing the gap with Nvidia's CUDA.

AMD’s OpenAI Alliance—Is This The Biggest Threat NVIDIA Will Face?

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.

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Advanced Micro Devices (AMD US)

Advanced Micro Devices (AMD): Expansion Of Its Space-Grade Adaptive SoC Portfolio Could Supercharge Growth!

Advanced Micro Devices (AMD) reported a robust third quarter in 2025, showcasing significant revenue growth across its business segments driven by...

Baptista Research

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch

Positive outlook for Server CPU market growth and new GPU release, but concerns over optimistic margin expectations and high valuations. Share...

Nicolas Baratte

Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027

William Keating

AMD’s OpenAI Alliance—Is This The Biggest Threat NVIDIA Will Face?

In recent weeks, Advanced Micro Devices (AMD) has intensified its AI ambitions through a deepening strategic partnership with OpenAI, solidifying...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Advanced Micro Devices (AMD): Expansion Of Its Space-Grade Adaptive SoC Portfolio Could Supercharge Growth!

Advanced Micro Devices (AMD) reported a robust third quarter in 2025, showcasing significant revenue growth across its business segments driven by...

Baptista Research

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

​AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch

​Positive outlook for Server CPU market growth and new GPU release, but concerns over optimistic margin expectations and high valuations. Share...

Nicolas Baratte

Intel Q325. Solid Quarter But Still No Coherent AI Strategy & 18A Yields Won't Mature Until 2027

18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be "industry acceptable" by 2027

William Keating

AMD’s OpenAI Alliance—Is This The Biggest Threat NVIDIA Will Face?

In recent weeks, Advanced Micro Devices (AMD) has intensified its AI ambitions through a deepening strategic partnership with OpenAI, solidifying...

Baptista Research

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Positive outlook for Server CPU market growth and new GPU release, but concerns over optimistic margin expectations and high valuations. Share...