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>Amkor Technology reported record second quarter 2026 revenue of $1.9 billion, marking a 26% year-over-year increase and showing broad-based growth across all end markets.</li><li>Computing and Automotive/Industrial segments reached new revenue highs, reflecting strong customer engagement and the escalating value of Amkor’s packaging technologies.</li><li>Both advanced and mainstream product lines experienced growth, with the mainstream segment achieving its fifth consecutive quarter of year-over-year expansion.</li></ul>

Amkor Technology reported record second quarter 2026 revenue of $1.9 billion, marking a 26% year-over-year increase and showing broad-based growth across all end markets.Computing and Automotive/Industrial segments reached new revenue highs, reflecting strong customer engagement and the escalating value of Amkor’s packaging technologies.Both advanced and mainstream product lines experienced growth, with the mainstream segment achieving its fifth consecutive quarter of year-over-year expansion.

Amkor Technology Is Not Just A Chip Assembler — Advanced Packaging Is Surging!

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

Thematic (Sector/Industry)

<ul>
<li>On September 18 2024, one of the three co-founders of Silicon Box, Dr. Sutardja, sadly passed away. An industry visionary, much loved by many. May he rest in peace.</li>
<li>The company's website still does not reflect this fact, and an interview with their Head of Business just two weeks after his passing, bizarrely doesn't mention it at all</li>
<li>With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies they offer. Still a black box IMO</li>
</ul>


On September 18 2024, one of the three co-founders of Silicon Box, Dr. Sutardja, sadly passed away. An industry visionary, much loved by many. May he rest in peace.
The company's website still does not reflect this fact, and an interview with their Head of Business just two weeks after his passing, bizarrely doesn't mention it at all
With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies they offer. Still a black box IMO


Silicon Box. A Sad Development & Sadly, Still A Black Box

<ul>
<li>As part of its long-term growth strategy, Amkor has now secured an additional 67-acre parcel adjacent to the existing campus, providing strategic flexibility to support future expansion and evolving customer demand.</li>
<li>Back in Nov 2023, Amkor Technology, announced a $2 billion, 500k square foot cleanroom space, 2000 employee investment in Arizona, yet ground breaking didn't begin until two years later
</li>
<li>In November 2025, Amkor expanded their Arizona investment to $7 billion, 750k square foot clean room space and 3,000 employees, yet production still won't start until early 2028
</li>
</ul>


As part of its long-term growth strategy, Amkor has now secured an additional 67-acre parcel adjacent to the existing campus, providing strategic flexibility to support future expansion and evolving customer demand.
Back in Nov 2023, Amkor Technology, announced a $2 billion, 500k square foot cleanroom space, 2000 employee investment in Arizona, yet ground breaking didn't begin until two years later

In November 2025, Amkor expanded their Arizona investment to $7 billion, 750k square foot clean room space and 3,000 employees, yet production still won't start until early 2028



Amkor Expands Its Arizona Investment, For the Third Time.

<ul>
<li>Amkor, the largest US-headquartered outsourced semiconductor packaging and test (OSAT) provider, delivered record first quarter revenue of $1.68 billion, increasing 27% YoY, while being seasonally down 10.7% QoQ</li>
<li>2026 CapEx was reaffirmed at $2.5 billion to $3 billion. 65% to 70% is projected for facility expansion, including Phase 1 of their Arizona campus. </li>
<li>Amkor has offered $1 billion in convertible senior notes. It's basically a $1 billion interest free loan, with the lenders hoping for windfall return in the form of Amkor shares.</li>
</ul>


Amkor, the largest US-headquartered outsourced semiconductor packaging and test (OSAT) provider, delivered record first quarter revenue of $1.68 billion, increasing 27% YoY, while being seasonally down 10.7% QoQ
2026 CapEx was reaffirmed at $2.5 billion to $3 billion. 65% to 70% is projected for facility expansion, including Phase 1 of their Arizona campus. 
Amkor has offered $1 billion in convertible senior notes. It's basically a $1 billion interest free loan, with the lenders hoping for windfall return in the form of Amkor shares.


Amkor Q1 2026. Money For Nothing & Your Shares For Free

<ul><li>Amkor Technology reported a record first quarter of 2026 with revenues reaching $1.68 billion, marking a 27% increase year-over-year and surpassing the midpoint of guidance.</li><li>Growth was evident across all end markets, most notably in communications, which increased by 42%, driven by robust demand for premium iOS smartphones and sustained Android strength.</li><li>Computing revenues rose 19%, supported primarily by AI data center applications, although this was partially offset by weakness in PC and laptop segments.</li></ul>

Amkor Technology reported a record first quarter of 2026 with revenues reaching $1.68 billion, marking a 27% increase year-over-year and surpassing the midpoint of guidance.Growth was evident across all end markets, most notably in communications, which increased by 42%, driven by robust demand for premium iOS smartphones and sustained Android strength.Computing revenues rose 19%, supported primarily by AI data center applications, although this was partially offset by weakness in PC and laptop segments.

Amkor Technology: 27% Revenue Surge Masks A Supply Chain Constraint That Is Squeezing Capacity!

United States

Amkor Technology, Inc. provides semiconductor packaging and test services.  The Company offers deep submicron wafer fabrication, wafer probe testing, integrated circuit packaging assembly and design, final testing, reliability testing, burn-in, and electrical characterization.

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Amkor Technology (AMKR US)

Amkor Technology Is Not Just A Chip Assembler — Advanced Packaging Is Surging!

Amkor Technology reported record second quarter 2026 revenue of $1.9 billion, marking a 26% year-over-year increase and showing broad-based growth...

Baptista Research

Silicon Box. A Sad Development & Sadly, Still A Black Box

With just six press releases in four years, the company is slow to communicate progress and remains vague on precisely which specific technologies...

William Keating

Amkor Expands Its Arizona Investment, For the Third Time.

In November 2025, Amkor expanded their Arizona investment to $7 billion, 750k square foot clean room space and 3,000 employees, yet production...

William Keating

Amkor Q1 2026. Money For Nothing & Your Shares For Free

Amkor has offered $1 billion in convertible senior notes. It's basically a $1 billion interest free loan, with the lenders hoping for windfall...

William Keating

Amkor Technology: 27% Revenue Surge Masks A Supply Chain Constraint That Is Squeezing Capacity!

Amkor Technology reported a record first quarter of 2026 with revenues reaching $1.68 billion, marking a 27% increase year-over-year and...

Baptista Research

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