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 delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection.</li><li>The chipmaker reported $11.5 billion in revenue for the quarter ended June 27, narrowly exceeding analyst expectations of $11.3 billion, while net income reached $2.3 billion.</li><li>Despite those figures, AMD shares fell more than 8% in after-hours trading after Elon Musk said SpaceX would build its future artificial-intelligence infrastructure exclusively around Nvidia chips and its Vera Rubin architecture.</li></ul>

Advanced Micro Devices delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection.The chipmaker reported $11.5 billion in revenue for the quarter ended June 27, narrowly exceeding analyst expectations of $11.3 billion, while net income reached $2.3 billion.Despite those figures, AMD shares fell more than 8% in after-hours trading after Elon Musk said SpaceX would build its future artificial-intelligence infrastructure exclusively around Nvidia chips and its Vera Rubin architecture.

AMD Gets Snubbed By Elon Musk & Nvidia Wins Again—Or Does It?

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>A $236 million revenue jump in Client and Gaming yielded just $7 million in operating income, capturing less than 3% of the upside and trailing far behind Data Centre profitability.</li>
<li>AMD reported $1.56 billion in FCF, but holding accounts payable flat would have plunged the quarter deeply into the red to negative $716 million.</li>
<li>To deliver AI compute at hyperscale, AMD is taking on the massive inventory and infrastructure costs of a hardware vendor; a potential structural warning for the broader chip sector...</li>
</ul>


A $236 million revenue jump in Client and Gaming yielded just $7 million in operating income, capturing less than 3% of the upside and trailing far behind Data Centre profitability.
AMD reported $1.56 billion in FCF, but holding accounts payable flat would have plunged the quarter deeply into the red to negative $716 million.
To deliver AI compute at hyperscale, AMD is taking on the massive inventory and infrastructure costs of a hardware vendor; a potential structural warning for the broader chip sector...


How Fabless Is Fabless Today? AMD Earnings Expose the Rising Cost of AI Compute

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>AMD reported Q2 2026 revenues of $11.5 billion, up 50% YoY, up 13% QoQ and marginally ($36 million) beating the high end of the guided midpoint. </li>
<li>Looking ahead, AMD forecasted current quarter revenues of $13 billion at the midpoint, up 12.7% QoQ and up 41% YoY.</li>
<li>Revenue growth now expected to “substantially exceed” the prior long-term target of more than 35%, and EPS expected to “significantly exceed” the prior $20 annual target within the strategic timeframe.</li>
</ul>


AMD reported Q2 2026 revenues of $11.5 billion, up 50% YoY, up 13% QoQ and marginally ($36 million) beating the high end of the guided midpoint. 
Looking ahead, AMD forecasted current quarter revenues of $13 billion at the midpoint, up 12.7% QoQ and up 41% YoY.
Revenue growth now expected to “substantially exceed” the prior long-term target of more than 35%, and EPS expected to “significantly exceed” the prior $20 annual target within the strategic timeframe.


AMD Q2 2026. Onwards & Upwards With Beats, Raises, Data Centre Doublings & TAM Expansions

Thematic (Sector/Industry)

<ul>
<li>BofA now sees ABF deficits of 7%/14%/19% in 2026–28, while Goldman is far more aggressive at 14%/34%/51% from 2H26 through 2028.</li>
<li>Ibiden, Samsung Electro-Mechanics and ATS are all seeing AI, server-CPU and networking demand tighten advanced-substrate capacity, with new expansion increasingly backed by customer commitments.</li>
<li>The shortage is harder to solve than headline capacity additions imply because larger, higher-layer packages consume more processing time and qualify at lower initial yields.</li>
</ul>


BofA now sees ABF deficits of 7%/14%/19% in 2026–28, while Goldman is far more aggressive at 14%/34%/51% from 2H26 through 2028.
Ibiden, Samsung Electro-Mechanics and ATS are all seeing AI, server-CPU and networking demand tighten advanced-substrate capacity, with new expansion increasingly backed by customer commitments.
The shortage is harder to solve than headline capacity additions imply because larger, higher-layer packages consume more processing time and qualify at lower initial yields.


Why More ABF Capacity May Still Not Be Enough

<ul>
<li>AMD has earned strategic AI relevance; the next test is converting major customer validation into contracted, shipped, installed and recognised Helios revenue.</li>
<li>Q2 headline growth matters less than management’s evidence on MI450 and Helios ramp timing, supply constraints, customer readiness and second-half revenue contribution.</li>
<li>Rack-Scale systems expand AMD’s content opportunity, but early deployment costs and commercial incentives make gross-margin disclosure critical to judging the quality of growth.</li>
</ul>


AMD has earned strategic AI relevance; the next test is converting major customer validation into contracted, shipped, installed and recognised Helios revenue.
Q2 headline growth matters less than management’s evidence on MI450 and Helios ramp timing, supply constraints, customer readiness and second-half revenue contribution.
Rack-Scale systems expand AMD’s content opportunity, but early deployment costs and commercial incentives make gross-margin disclosure critical to judging the quality of growth.


AMD Must Show How Helios Moves From Customer Interest to Revenue

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 Gets Snubbed By Elon Musk & Nvidia Wins Again—Or Does It?

Advanced Micro Devices delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection. The...

Baptista Research

How Fabless Is Fabless Today? AMD Earnings Expose the Rising Cost of AI Compute

How fabless is fabless today? AMD’s Q2 earnings reveal that delivering AI compute at scale requires massive capital bloat, breaking the asset-light...

Mint Finance

AMD Q2 2026. Onwards & Upwards With Beats, Raises, Data Centre Doublings & TAM Expansions

Revenue growth now expected to “substantially exceed” the prior long-term target of more than 35% & EPS expected to “significantly exceed” the...

William Keating

Why More ABF Capacity May Still Not Be Enough

ABF capacity is expanding, yet shortages may worsen. We examine why CPUs, bigger packages and customer-backed capex are tightening supply, and...

Mint Finance

AMD Must Show How Helios Moves From Customer Interest to Revenue

AMD's strategic AI relevance is being tested by converting customer validation into revenue, with a focus on MI450 and Helios ramp timing, supply...

Mint Finance

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

AMD Gets Snubbed By Elon Musk & Nvidia Wins Again—Or Does It?

Advanced Micro Devices delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection. The...

Baptista Research

How Fabless Is Fabless Today? AMD Earnings Expose the Rising Cost of AI Compute

How fabless is fabless today? AMD’s Q2 earnings reveal that delivering AI compute at scale requires massive capital bloat, breaking the asset-light...

Mint Finance

AMD Q2 2026. Onwards & Upwards With Beats, Raises, Data Centre Doublings & TAM Expansions

Revenue growth now expected to “substantially exceed” the prior long-term target of more than 35% & EPS expected to “significantly exceed” the...

William Keating

Why More ABF Capacity May Still Not Be Enough

ABF capacity is expanding, yet shortages may worsen. We examine why CPUs, bigger packages and customer-backed capex are tightening supply, and...

Mint Finance

AMD Must Show How Helios Moves From Customer Interest to Revenue

​AMD's strategic AI relevance is being tested by converting customer validation into revenue, with a focus on MI450 and Helios ramp timing, supply...

Mint Finance

AMD's strategic AI relevance is being tested by converting customer validation into revenue, with a focus on MI450 and Helios ramp timing, supply...