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 reported fourth-quarter revenue of $7.7 billion, a 24% increase year-over-year, driven by strong growth in the data center and client segments.</li><li>The data center segment, which includes AI accelerators and server processors, delivered $3.9 billion in revenue, up 69% year-over-year but missing analyst expectations of $4.09 billion.</li><li>The company gained market share in CPUs, securing key wins with hyperscalers like Microsoft, Meta, and Google.</li></ul>

Advanced Micro Devices reported fourth-quarter revenue of $7.7 billion, a 24% increase year-over-year, driven by strong growth in the data center and client segments.The data center segment, which includes AI accelerators and server processors, delivered $3.9 billion in revenue, up 69% year-over-year but missing analyst expectations of $4.09 billion.The company gained market share in CPUs, securing key wins with hyperscalers like Microsoft, Meta, and Google.

AMD’s AI Bet Is Failing? DeepSeek Challenges the Market While Nvidia Widens the Gap!

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. </li><li>Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.</li><li>Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. </li></ul>

This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. 

AI Flow Newsletter : Monitoring The "Currents" Of AI

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>Q424 revenues of $7.7. billion, up 12% QoQ, up 27% YoY and $200 million above the guided midpoint. This marked the company’s highest ever quarterly revenue</li>
<li>AMD forecasted Q125 revenues of $7.1 billion at the midpoint, up 30% YoY but down ~7% sequentially. This caused the share price to decline by ~9% in after hours trading</li>
<li>H125 is a reset period for AMD's Data Center GPU roadmap. ROCm simply isn't mature enough to compete effectively with NVIDIA. AMD must do better, and I believe they will.</li>
</ul>


Q424 revenues of $7.7. billion, up 12% QoQ, up 27% YoY and $200 million above the guided midpoint. This marked the company’s highest ever quarterly revenue
AMD forecasted Q125 revenues of $7.1 billion at the midpoint, up 30% YoY but down ~7% sequentially. This caused the share price to decline by ~9% in after hours trading
H125 is a reset period for AMD's Data Center GPU roadmap. ROCm simply isn't mature enough to compete effectively with NVIDIA. AMD must do better, and I believe they will.


AMD Q424. Share Price Sinks As Data Center GPU Growth Stalls In H125. But Why?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>4Q24: just inline, flattish AI GPU revenue, recovery in Server and PC. Not impressive but ok. What matters is: accelerating GPU launch in 2025, the open-source software platform gains traction.</li>
<li>Please take this literally, from CEO: Data Center AI (revenue will increase) from US$5bn in 2024 to tens of billions of dollars of annual revenue over the coming years.</li>
<li>Stock has corrected by -32% since Oct-24. It’s trading at -1 standard deviation on forward EPS or 23x 2025EPS. Time to Buy.</li>
</ul>


4Q24: just inline, flattish AI GPU revenue, recovery in Server and PC. Not impressive but ok. What matters is: accelerating GPU launch in 2025, the open-source software platform gains traction.
Please take this literally, from CEO: Data Center AI (revenue will increase) from US$5bn in 2024 to tens of billions of dollars of annual revenue over the coming years.
Stock has corrected by -32% since Oct-24. It’s trading at -1 standard deviation on forward EPS or 23x 2025EPS. Time to Buy.


AMD 4Q24 In-Line, Margins Improving. AI GPU Roadmap for 2025 Is Impressive and Accelerating. Buy.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the December 2024 rebal event.</li>
<li>We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.</li>
</ul>


The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the December 2024 rebal event.
We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.


[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

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’s AI Bet Is Failing? DeepSeek Challenges the Market While Nvidia Widens the Gap!

Advanced Micro Devices reported fourth-quarter revenue of $7.7 billion, a 24% increase year-over-year, driven by strong growth in the data center...

Baptista Research

AMD 4Q24 In-Line, Margins Improving. AI GPU Roadmap for 2025 Is Impressive and Accelerating. Buy.

Article highlights 4Q24 performance, upcoming GPU launch in 2025, and CEO's bullish outlook on Data Center AI revenue growth. Stock correction...

Nicolas Baratte

[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

The MarketVectors US Semiconductor Index rebal was announced last Friday. There are no changes but capping leads to US$1.3bn of one-way flow on 20...

Travis Lundy

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52-week Range

Market Cap (USDm)

P/E

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AMD’s AI Bet Is Failing? DeepSeek Challenges the Market While Nvidia Widens the Gap!

Advanced Micro Devices reported fourth-quarter revenue of $7.7 billion, a 24% increase year-over-year, driven by strong growth in the data center...

Baptista Research

AI Flow Newsletter : Monitoring The "Currents" Of AI

This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety.

Water Tower Research

AMD Q424. Share Price Sinks As Data Center GPU Growth Stalls In H125. But Why?

H125 is a reset period for AMD's Data Center GPU roadmap. ROCm simply isn't mature enough to compete effectively with NVIDIA. AMD must do better,...

William Keating

AMD 4Q24 In-Line, Margins Improving. AI GPU Roadmap for 2025 Is Impressive and Accelerating. Buy.

​Article highlights 4Q24 performance, upcoming GPU launch in 2025, and CEO's bullish outlook on Data Center AI revenue growth. Stock correction...

Nicolas Baratte

[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

The MarketVectors US Semiconductor Index rebal was announced last Friday. There are no changes but capping leads to US$1.3bn of one-way flow on 20...

Travis Lundy

Article highlights 4Q24 performance, upcoming GPU launch in 2025, and CEO's bullish outlook on Data Center AI revenue growth. Stock correction...