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>Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market positioning.</li><li>The company reported revenue of $191.9 million, reflecting a 20% increase from the previous quarter and a notable 150% year-over-year rise.</li><li>This substantial revenue growth was attributed to increased demand in both its signal conditioning and switch fabric product lines, notably with the Scorpio P-Series switches.</li></ul>

Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market positioning.The company reported revenue of $191.9 million, reflecting a 20% increase from the previous quarter and a notable 150% year-over-year rise.This substantial revenue growth was attributed to increased demand in both its signal conditioning and switch fabric product lines, notably with the Scorpio P-Series switches.

Astera Labs: Initiation of Coverage -Taurus & Aries Product Diversification As a Key Growth Strategy!

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.

<ul>
<li>Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.</li>
<li>While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.</li>
<li>I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.</li>
</ul>


Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.
While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.
I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.


The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921:1" rel="noopener">Astera Labs (ALAB US)</a> is expected to migrate from Small-cap to Standard at the February 2025 review as its price has soared ~100% since the last review.</li>
<li>The security's free float is forecasted to increase from 25% to 70% at the May 2025 review due to lock-up expiry of undisclosed shareholders. Passive fund demand expected is ~$570m.</li>
<li>
<a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921:1" rel="noopener">Astera Labs (ALAB US)</a> can migrate from small-cap to all-world in September 2025 with a slight price increase. Probability of migration in March 2025 is small.</li>
</ul>



Astera Labs (ALAB US) is expected to migrate from Small-cap to Standard at the February 2025 review as its price has soared ~100% since the last review.
The security's free float is forecasted to increase from 25% to 70% at the May 2025 review due to lock-up expiry of undisclosed shareholders. Passive fund demand expected is ~$570m.

Astera Labs (ALAB US) can migrate from small-cap to all-world in September 2025 with a slight price increase. Probability of migration in March 2025 is small.


Astera Labs (ALAB US): Global Index Migration and Upweight Anticipated in February and May 2025.

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

<ul><li><p>Marvell had a pretty solid result and guided to sequentially better revenue.</p></li><li><p>The market didn’t like this, but I thought, looking through the result, I liked this result quite a bit. Shares did not.</p></li><li>Marvell Technology reports Q1 EPS $0.24 ex-items vs FactSet $0.24.</li></ul>

Marvell had a pretty solid result and guided to sequentially better revenue.The market didn’t like this, but I thought, looking through the result, I liked this result quite a bit. Shares did not.Marvell Technology reports Q1 EPS $0.24 ex-items vs FactSet $0.24.

United States

Astera Labs, Inc. provides semiconductor-based connectivity solutions. The Company develops and deploys intelligent connectivity platforms built for cloud and AI infrastructure. Astera Labs serves customers in the United States, Canada, China, Taiwan, and Israel.

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Astera Labs (ALAB US)

Astera Labs: Initiation of Coverage -Taurus & Aries Product Diversification As a Key Growth Strategy!

Astera Labs, in its second quarter of fiscal year 2025, showcased robust financial performance and strategic advancement in its market...

Baptista Research

The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

Copper, Cooling, and Compute Density: The Pillars of Nvidia's Data Center Vision. Nvidia CEO Jensen Huang has repeatedly emphasized that the data...

Fabricated Knowledge