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>Arista Networks reported first quarter fiscal 2026 results demonstrating strong revenue growth and market share gains, particularly in high-speed Ethernet switching above 10 gigabits.</li><li>Total revenue for the quarter reached $2.71 billion, marking a 35.1% year-over-year increase and exceeding guidance.</li><li>Growth was led by AI and specialty provider customers, underpinning the company’s expanded AI networking strategy targeting scale-up, scale-out, and scale-across architectures to support diverse AI accelerator deployments.</li></ul>

Arista Networks reported first quarter fiscal 2026 results demonstrating strong revenue growth and market share gains, particularly in high-speed Ethernet switching above 10 gigabits.Total revenue for the quarter reached $2.71 billion, marking a 35.1% year-over-year increase and exceeding guidance.Growth was led by AI and specialty provider customers, underpinning the company’s expanded AI networking strategy targeting scale-up, scale-out, and scale-across architectures to support diverse AI accelerator deployments.

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>Arista Networks reported Q1 2026 revenue of $2.71 billion, up 3~8% QoQ, up 35.1% YoY and meaningfully ahead of the $2.6 billion guided midpoint</li>
<li>Looking ahead, the company guided current quarter revenues at $2.8 billion, up 27% YoY and up 3.7% QoQ.</li>
<li>Despite the beats and raise, the stock fell 13.6% during the session, recovering slightly in after hours trading. The culprit in all likelihood: looming, multi-year supply chain constraints. </li>
</ul>


Arista Networks reported Q1 2026 revenue of $2.71 billion, up 3~8% QoQ, up 35.1% YoY and meaningfully ahead of the $2.6 billion guided midpoint
Looking ahead, the company guided current quarter revenues at $2.8 billion, up 27% YoY and up 3.7% QoQ.
Despite the beats and raise, the stock fell 13.6% during the session, recovering slightly in after hours trading. The culprit in all likelihood: looming, multi-year supply chain constraints. 


Arista Networks Q1 2026. Punished for Perfection as Lead Times Lengthen

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

<ul><li>Arista Networks is becoming one of the most important companies in the AI infrastructure race, not because it builds models or GPUs, but because it helps connect the massive systems that make modern AI possible.</li><li>Google’s new Virgo Network, designed to support its AI hypercomputer and link up to 134,000 chips, has put fresh attention on Arista’s role in high-performance AI switching.</li><li>The stock recently hit a record close near $177, reflecting growing investor recognition that networking is no longer a secondary layer in AI.</li></ul>

Arista Networks is becoming one of the most important companies in the AI infrastructure race, not because it builds models or GPUs, but because it helps connect the massive systems that make modern AI possible.Google’s new Virgo Network, designed to support its AI hypercomputer and link up to 134,000 chips, has put fresh attention on Arista’s role in high-performance AI switching.The stock recently hit a record close near $177, reflecting growing investor recognition that networking is no longer a secondary layer in AI.

Arista Networks Is Riding Google’s Virgo—But That’s Just The Beginning!

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>After our global server market model update, we see 3Q23 server market decline and data center vendors' capex cut not consistent with Nvidia's robust y/y sales growth of over 200%;</li>
<li>Discrepancy: 1. Nvidia gaining value on AI server, losing zero on non AI; 2. AI servers grow at the expenses of non AI; 3. most vendors not only in server;</li>
<li>Different from  consensus view, we expect general (non AI) server market to decline 16% y/y in 2024 and 29% in 2025 and suggest to avoid general server supply chain vendors.</li>
</ul>


After our global server market model update, we see 3Q23 server market decline and data center vendors' capex cut not consistent with Nvidia's robust y/y sales growth of over 200%;
Discrepancy: 1. Nvidia gaining value on AI server, losing zero on non AI; 2. AI servers grow at the expenses of non AI; 3. most vendors not only in server;
Different from  consensus view, we expect general (non AI) server market to decline 16% y/y in 2024 and 29% in 2025 and suggest to avoid general server supply chain vendors.


What to Avoid if AI Server Will Continue to Squeeze General Server Market in 2024-2025?

United States

Arista Networks Inc. provides cloud networking solutions for data-centers and computer environments. The Company offers ethernet switches, pass-through cards, transceivers, cards, and enhanced operating systems. Arista also provides host adapter solutions and networking services and markets its products globally.

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Arista Networks (ANET US)

Arista Networks: Inside The Scale-Up

Arista Networks reported first quarter fiscal 2026 results demonstrating strong revenue growth and market share gains, particularly in high-speed...

Baptista Research

Arista Networks Q1 2026. Punished for Perfection as Lead Times Lengthen

Despite the beats and raise, the stock fell 13.6% during the session, recovering slightly in after hours trading. The culprit in all likelihood:...

William Keating

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

Arista Networks Is Riding Google’s Virgo—But That’s Just The Beginning!

Arista Networks is becoming one of the most important companies in the AI infrastructure race, not because it builds models or GPUs, but because...

Baptista Research

What to Avoid if AI Server Will Continue to Squeeze General Server Market in 2024-2025?

Names to Avoid if AI Server Will Continue to Squeeze General Server Market in 2024-2025? Different from consensus, we expect non AI server market...

Andrew Lu

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