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>The U.S. government has introduced new export restrictions targeting the shipment of advanced chipmaking equipment to China.</li><li>These rules, enforced by the Bureau of Industry and Security, have landed a heavy blow on Applied Materials, the world’s largest supplier of semiconductor manufacturing equipment.</li><li>The company now anticipates a significant $710 million revenue shortfall: $110 million in Q4 2025 and an additional $600 million in 2026.</li></ul>

The U.S. government has introduced new export restrictions targeting the shipment of advanced chipmaking equipment to China.These rules, enforced by the Bureau of Industry and Security, have landed a heavy blow on Applied Materials, the world’s largest supplier of semiconductor manufacturing equipment.The company now anticipates a significant $710 million revenue shortfall: $110 million in Q4 2025 and an additional $600 million in 2026.

Applied Materials Hit By U.S. Export Crackdown: Could This Derail The Semiconductor Equipment Boom?

<ul><li>Applied Materials Inc. recently reported their third fiscal quarter results for 2025, showcasing a record-breaking performance across semiconductor systems and services.</li><li>The company experienced robust demand, leading to $7.3 billion in revenue, an 8% increase year-over-year.</li><li>Notably, non-GAAP gross margins reached nearly 49%, spurred by favorable pricing and product mix.</li></ul>

Applied Materials Inc. recently reported their third fiscal quarter results for 2025, showcasing a record-breaking performance across semiconductor systems and services.The company experienced robust demand, leading to $7.3 billion in revenue, an 8% increase year-over-year.Notably, non-GAAP gross margins reached nearly 49%, spurred by favorable pricing and product mix.

Applied Materials (AMAT): Advanced Packaging Business Expansion & Key Growth Levers!

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>AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range</li>
<li>Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY</li>
<li>The China slump was not unexpected, but the leading edge logic drop was definitely a surprise</li>
</ul>


AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
The China slump was not unexpected, but the leading edge logic drop was definitely a surprise


AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

<ul><li>Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial performance.</li><li>The company achieved total net revenue of approximately $7.1 billion, reflecting a 7% increase year-over-year, with growth across all its business segments.</li><li>Non-GAAP earnings per share rose by 14% year-over-year to a record $2.39, supported by revenue growth, improved profitability, and share repurchases.</li></ul>

Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial performance.The company achieved total net revenue of approximately $7.1 billion, reflecting a 7% increase year-over-year, with growth across all its business segments.Non-GAAP earnings per share rose by 14% year-over-year to a record $2.39, supported by revenue growth, improved profitability, and share repurchases.

Applied Materials (AMAT) Is Revolutionizing Chip Design With Breakthrough Packaging Technology; What Lies Ahead?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Guided down: ASML, Applied Materials, Tokyo Electron. Revised up: LAM. A number of reasons are mentioned for a slower outlook. China slowdown. TSMC lumpy. Export licenses. Geo-Globo uncertainty. </li>
<li>Yes, But: 1) Chinese firms bought too much equipment in 2022-24  2) Logic Capex of Intel Samsung will decline further  3) Chinese SPE vendors are gaining share </li>
<li>AI is real, HBM is real, SOCAMM is real, but TSMC and SK Hynix are not revising up Capex in 2025. Expect higher Capex in 2026 and 2027. </li>
</ul>


Guided down: ASML, Applied Materials, Tokyo Electron. Revised up: LAM. A number of reasons are mentioned for a slower outlook. China slowdown. TSMC lumpy. Export licenses. Geo-Globo uncertainty. 
Yes, But: 1) Chinese firms bought too much equipment in 2022-24  2) Logic Capex of Intel Samsung will decline further  3) Chinese SPE vendors are gaining share 
AI is real, HBM is real, SOCAMM is real, but TSMC and SK Hynix are not revising up Capex in 2025. Expect higher Capex in 2026 and 2027. 


SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Applied Materials (AMAT US)

Applied Materials Hit By U.S. Export Crackdown: Could This Derail The Semiconductor Equipment Boom?

The U.S. government has introduced new export restrictions targeting the shipment of advanced chipmaking equipment to China. These rules, enforced...

Baptista Research

Applied Materials (AMAT): Advanced Packaging Business Expansion & Key Growth Levers!

Applied Materials Inc. recently reported their third fiscal quarter results for 2025, showcasing a record-breaking performance across...

Baptista Research

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

Applied Materials (AMAT) Is Revolutionizing Chip Design With Breakthrough Packaging Technology; What Lies Ahead?

Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial...

Baptista Research

SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Applied Materials Hit By U.S. Export Crackdown: Could This Derail The Semiconductor Equipment Boom?

The U.S. government has introduced new export restrictions targeting the shipment of advanced chipmaking equipment to China. These rules, enforced...

Baptista Research

Applied Materials (AMAT): Advanced Packaging Business Expansion & Key Growth Levers!

Applied Materials Inc. recently reported their third fiscal quarter results for 2025, showcasing a record-breaking performance across...

Baptista Research

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

Applied Materials (AMAT) Is Revolutionizing Chip Design With Breakthrough Packaging Technology; What Lies Ahead?

Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial...

Baptista Research

SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem

​Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...

Nicolas Baratte

Slower outlook for semiconductor equipment industry due to China slowdown, TSMC uncertainty, and export licenses. Expect higher Capex in 2026 and...