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

<ul><li>Warren Buffett’s Berkshire Hathaway has disclosed a significant new position in Alphabet Inc., acquiring 17.9 million shares valued at approximately $4.9 billion during Q3 2025.</li><li>This development marks a notable strategic shift by Berkshire, as it trimmed positions in long-held names such as Apple Inc. and Bank of America while initiating and expanding positions in Alphabet, UnitedHealth, and Chubb.</li><li>Alphabet’s shares climbed in extended trading following the announcement, which signals investor enthusiasm over Buffett’s endorsement.</li></ul>

Warren Buffett’s Berkshire Hathaway has disclosed a significant new position in Alphabet Inc., acquiring 17.9 million shares valued at approximately $4.9 billion during Q3 2025.This development marks a notable strategic shift by Berkshire, as it trimmed positions in long-held names such as Apple Inc. and Bank of America while initiating and expanding positions in Alphabet, UnitedHealth, and Chubb.Alphabet’s shares climbed in extended trading following the announcement, which signals investor enthusiasm over Buffett’s endorsement.

Alphabet Bags Warren Buffett’s Billions—Here’s What Triggered the Bet!

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.</li>
<li>China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.</li>
<li>Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.
China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.
Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.


This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

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.

Macroeconomics

<ul><li>We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the Japanese yen and Thai baht.</li><li>The sharp decline in crude oil prices, driven by prospects of renewed US-Iran negotiations, is negative for oil-related energy stocks.</li><li>KTX projects a 3Q26E SET Index target of 1,705, based on the view that Thailand will continue to benefit from foreign direct investment (FDI), particularly in the electronics and data center sectors.</li></ul>

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the Japanese yen and Thai baht.The sharp decline in crude oil prices, driven by prospects of renewed US-Iran negotiations, is negative for oil-related energy stocks.KTX projects a 3Q26E SET Index target of 1,705, based on the view that Thailand will continue to benefit from foreign direct investment (FDI), particularly in the electronics and data center sectors.

Krungthai XSpring Zoom Eng. August 3, 2026

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.</li>
<li>Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.</li>
<li>Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week as OpenAI cut Luna pricing and Chinese models kept cost pressure visible.
Zhipu returned GLM Coding Plan at higher prices. DeepSeek V4 Flash, Kimi K3 and MiniMax H3 carried the model-launch week.
Anthropic logged safety incidents and open-weight policy. Nvidia backed SSI and discussed OpenAI data-center financing.


This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.</li>
<li>The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.</li>
<li>Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.</li>
</ul>


Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.
The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.
Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.


ANTHROPIC IPO: Will Investors Accept a Down Round?

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Alphabet Bags Warren Buffett’s Billions—Here’s What Triggered the Bet!

Warren Buffett’s Berkshire Hathaway has disclosed a significant new position in Alphabet Inc., acquiring 17.9 million shares valued at...

Baptista Research

This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

This week in AI: MiniMax H3 tops video editing; DeepSeek seeks close to USD 8bn and hikes API prices; Switch files for a USD 10bn IPO.

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. August 3, 2026

We expect the SET Index to advance toward the 1,650 resistance level, supported by foreign fund inflows alongside the strengthening of the...

Krungthai XSpring

This Week in AI (Jul 26-Aug 1): DeepSeek V4 Flash, OpenAI Cuts Luna Prices

This week in AI: GPT-5.6 Luna price -80%; DeepSeek V4 Flash beta ships; Zhipu GLM returns at higher prices; Kimi K3 opens weights.

Ke Yan, CFA, FRM

ANTHROPIC IPO: Will Investors Accept a Down Round?

Anthropic faces a potential "Down Round" in its IPO slated for later this year. The dynamics of the AI sector have deteriorated substantially...

David Mudd

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