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

Applied Blockchain Inc / Equity Bottom-Up

<ul><li>Applied Digital jumped 28% on Friday after reporting stronger-than-expected earnings and announcing a landmark lease expansion with AI hyperscaler CoreWeave.</li><li>The rally caps off a year-to-date stock surge of 391%, positioning Applied as one of the top-performing infrastructure stocks in 2025.</li><li>For the quarter ended August 31, the company posted an adjusted net loss of $0.03 per share, dramatically narrower than the $0.16 loss expected by Wall Street.</li></ul>

Applied Digital jumped 28% on Friday after reporting stronger-than-expected earnings and announcing a landmark lease expansion with AI hyperscaler CoreWeave.The rally caps off a year-to-date stock surge of 391%, positioning Applied as one of the top-performing infrastructure stocks in 2025.For the quarter ended August 31, the company posted an adjusted net loss of $0.03 per share, dramatically narrower than the $0.16 loss expected by Wall Street.

Applied Digital Just Landed an $11 Billion AI Deal With CoreWeave — Is This the Next Nvidia!

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>The single most complicated question to answer is what exactly the ROI of AI is.</li><li>You can easily argue that there is some value and that it can be done quite profitably when you are just inferencing the model for money.</li><li>The problem is that when you peer a little closer at the training costs, particularly the cost of scaling models at the frontier, it’s starting to become hard to answer. What exactly is the ROI?</li></ul>

The single most complicated question to answer is what exactly the ROI of AI is.You can easily argue that there is some value and that it can be done quite profitably when you are just inferencing the model for money.The problem is that when you peer a little closer at the training costs, particularly the cost of scaling models at the frontier, it’s starting to become hard to answer. What exactly is the ROI?

<ul><li>There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.</li><li>Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.</li><li>Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.</li></ul>

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.

<ul><li>Doug O’Laughlin: Today, on Fabricated Knowledge, I have the privilege of having Wes from Applied Digital on to talk about Applied Digital.</li><li>Today, we're gonna talk about the change in his business model. The company is experiencing a lot of changes, and there are a lot of new things in the pipeline.</li><li>And so I just wanted to sit him down and have an opportunity to chat about that. </li></ul>

Doug O’Laughlin: Today, on Fabricated Knowledge, I have the privilege of having Wes from Applied Digital on to talk about Applied Digital.Today, we're gonna talk about the change in his business model. The company is experiencing a lot of changes, and there are a lot of new things in the pipeline.And so I just wanted to sit him down and have an opportunity to chat about that. 

An Interview with Wes Cummins, CEO of Applied Digital

<ul><li><p>This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.</p></li><li>First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).</li><li>This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.</li></ul>

This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.

Fabricated Knowledge Q2 2024 Quarterly Review

United States

Applied Blockchain, Inc. operates as a technology company. The Company focuses on Ethereum and Altcoins. Applied Blockchain serves customers worldwide.

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Applied Blockchain Inc (APLD US)

Applied Digital Just Landed an $11 Billion AI Deal With CoreWeave — Is This the Next Nvidia!

Applied Digital jumped 28% on Friday after reporting stronger-than-expected earnings and announcing a landmark lease expansion with AI hyperscaler...

Baptista Research

The ROI of AI (It's a Dollar Auction)

The single most complicated question to answer is what exactly the ROI of AI is. You can easily argue that there is some value and that it can be...

Fabricated Knowledge

Crypto Datacenters NAV

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.

Fabricated Knowledge

An Interview with Wes Cummins, CEO of Applied Digital

Doug O’Laughlin: Today, on Fabricated Knowledge, I have the privilege of having Wes from Applied Digital on to talk about Applied Digital. Today,...

Fabricated Knowledge

Fabricated Knowledge Q2 2024 Quarterly Review

Here's everything that happened this quarter, and some thoughts and ideas. This is my quarterly piece, where I round up all of my favorite ideas...

Fabricated Knowledge

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