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, Inc. reported a strong performance in the second quarter of fiscal 2026, with revenue reaching a record $11.5 billion, representing a 50% increase year-over-year and a 13% sequential rise.</li><li>This growth was primarily driven by the data center segment, which accounted for 58% of total revenue, up from 42% a year prior, highlighting the company’s successful pivot toward server and data center AI products.</li><li>Data center revenue more than doubled year-over-year to $6.7 billion, propelled by robust demand for EPYC processors and Instinct accelerators, as well as cloud and enterprise sales growth exceeding 70%.</li></ul>

Advanced Micro Devices, Inc. reported a strong performance in the second quarter of fiscal 2026, with revenue reaching a record $11.5 billion, representing a 50% increase year-over-year and a 13% sequential rise.This growth was primarily driven by the data center segment, which accounted for 58% of total revenue, up from 42% a year prior, highlighting the company’s successful pivot toward server and data center AI products.Data center revenue more than doubled year-over-year to $6.7 billion, propelled by robust demand for EPYC processors and Instinct accelerators, as well as cloud and enterprise sales growth exceeding 70%.

AMD Hits Record $11.5 Billion Revenue — AI Drives The Story But For How Long?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Derivatives

Advanced Micro Devices / Equity Derivatives

<ul><li>We recommend selling NETO3 for a +0.5% holding-period return.</li><li>Meanwhile, we recommend opening positions in AMD80, a DR linked to shares of a leading US processor chipmaker, and LENOVO13, a DR linked to shares of a leading Chinese computer and data center equipment company.</li><li>Our KTX Tactical DR Port's average total return fell 1.05%, as global equity markets remained in risk-off mode amid concerns over rising US Treasury yields and persistently elevated tensions involving Iran.</li></ul>

We recommend selling NETO3 for a +0.5% holding-period return.Meanwhile, we recommend opening positions in AMD80, a DR linked to shares of a leading US processor chipmaker, and LENOVO13, a DR linked to shares of a leading Chinese computer and data center equipment company.Our KTX Tactical DR Port's average total return fell 1.05%, as global equity markets remained in risk-off mode amid concerns over rising US Treasury yields and persistently elevated tensions involving Iran.

KTX Tactical DR Picks - August 19, 2026 (Eng.)

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -0.5% vs. MSCI World (-1.3%) – outperformed the benchmark by 0.8%.</li></ul>

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -0.5% vs. MSCI World (-1.3%) – outperformed the benchmark by 0.8%.

Global Top Fund Managers Portfolio (14-Sep-2026)

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

On November 6'th last, at its <a href="https://www.amd.com/en/events/next-horizon" target="_blank">Next Horizon</a> event held in San Francisco, <a href="https://www.smartkarma.com/entities/19009" target="_blank" data-smartkarma-citation="entities:19009:1">Advanced Micro Devices</a> revealed further details behind its upcoming, second generation EPCY server processor, code named Rome. The event confirmed many details which had previously been leaked, including a "chiplet" architecture based on a total of eight 7nm processors, each with eight cores (for a total of 64 cores),  surrounding a 14nm I/O controller chip, all connected through a second generation Infinity Fabric and which is socket-compatible with first-generation EPYC server chips. As expected, the 7nm process in question comes from <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg</a> and, according to the specs revealed during the event, it packs quite a punch compared to TSMC's previous generation 12nm process. The significance of AMD's architectural approach should not be underestimated. In our opinion it represents the only viable mechanism to continue to increase core count for server CPUs and thereby maintain the progression of Moore's Law. For its part, <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel</a> has reached the end of the line with its monolithic, twenty-eight core server processor design, a fact which would appear to be confirmed by the company's pre-emptive launch two days before AMD's event of a new server processor based on two twenty-four core processors combined in a multi-chip package. In other words, Intel is following in AMD's footsteps. More on this in an upcoming Insight. With Rome, AMD has taken its server CPU architecture to a whole new level, one which sets it up to challenge Intel's server empire, and over the course of the coming two years, potentially to rule it.

On November 6'th last, at its Next Horizon event held in San Francisco, Advanced Micro Devices revealed further details behind its upcoming, second generation EPCY server processor, code named Rome. The event confirmed many details which had previously been leaked, including a "chiplet" architecture based on a total of eight 7nm processors, each with eight cores (for a total of 64 cores),  surrounding a 14nm I/O controller chip, all connected through a second generation Infinity Fabric and which is socket-compatible with first-generation EPYC server chips. As expected, the 7nm process in question comes from Taiwan Semiconductor Mfg and, according to the specs revealed during the event, it packs quite a punch compared to TSMC's previous generation 12nm process. The significance of AMD's architectural approach should not be underestimated. In our opinion it represents the only viable mechanism to continue to increase core count for server CPUs and thereby maintain the progression of Moore's Law. For its part, Intel has reached the end of the line with its monolithic, twenty-eight core server processor design, a fact which would appear to be confirmed by the company's pre-emptive launch two days before AMD's event of a new server processor based on two twenty-four core processors combined in a multi-chip package. In other words, Intel is following in AMD's footsteps. More on this in an upcoming Insight. With Rome, AMD has taken its server CPU architecture to a whole new level, one which sets it up to challenge Intel's server empire, and over the course of the coming two years, potentially to rule it. 

AMD's Rome Will Rule An Empire. A Server Empire.

<ul>
<li>Server business grew more than 50% in Q126, grew more than 70% in Q226. Expect 80% growth in Q3 and Q4, and then at least 70% growth next year.</li>
<li>AMD's data center business, inclusive of AI, forecasted to grow "much more" than 100% next year</li>
<li>AMD’s ambition is to get to &gt;50% share of a server CPU TAM which they estimate will amount to $220 billion by 2030</li>
</ul>


Server business grew more than 50% in Q126, grew more than 70% in Q226. Expect 80% growth in Q3 and Q4, and then at least 70% growth next year.
AMD's data center business, inclusive of AI, forecasted to grow "much more" than 100% next year
AMD’s ambition is to get to &gt;50% share of a server CPU TAM which they estimate will amount to $220 billion by 2030


AMD @ KeyBanc Technology Leadership Summit. Key Takeaways & Full Transcript

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)

AMD Hits Record $11.5 Billion Revenue — AI Drives The Story But For How Long?

Advanced Micro Devices, Inc. reported a strong performance in the second quarter of fiscal 2026, with revenue reaching a record $11.5 billion,...

Baptista Research

KTX Tactical DR Picks - August 19, 2026 (Eng.)

We recommend selling NETO3 for a +0.5% holding-period return. Meanwhile, we recommend opening positions in AMD80, a DR linked to shares of a...

Krungthai XSpring

Global Top Fund Managers Portfolio (14-Sep-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers. By adopting a portfolio of stocks instead of...

Crea8

AMD's Rome Will Rule An Empire. A Server Empire.

it's hard to believe that it's been almost eight years since I wrote this piece! On a day like today, with AMD's latest report fresh off the...

William Keating

AMD @ KeyBanc Technology Leadership Summit. Key Takeaways & Full Transcript

AMD’s ambition is to get to greater than 50% share of a server CPU TAM which they estimate will amount to $220 billion by 2030

William Keating

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