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 reported its first quarter fiscal 2026 results with revenue reaching $308.4 million, marking a 14% increase sequentially and a 93% rise year-over-year.</li><li>This growth was driven by broad-based demand across its signal conditioning and fabric switch product portfolios, particularly within its PCIe Gen 6 business, which accounted for over one-third of total revenue.</li><li>The company highlighted progress in shipping millions of PCIe Gen 6 ports and noted strong performances in product smart cable modules and initial volume ramps of its scale-up Scorpio X-Series fabric switches.</li></ul>

Astera Labs reported its first quarter fiscal 2026 results with revenue reaching $308.4 million, marking a 14% increase sequentially and a 93% rise year-over-year.This growth was driven by broad-based demand across its signal conditioning and fabric switch product portfolios, particularly within its PCIe Gen 6 business, which accounted for over one-third of total revenue.The company highlighted progress in shipping millions of PCIe Gen 6 ports and noted strong performances in product smart cable modules and initial volume ramps of its scale-up Scorpio X-Series fabric switches.

Astera Labs: Can $365 Million Q2 Revenue Outrun Ramp Execution Risk?

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

<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.

<ul><li>Astera Labs has reported strong financial results for the fourth quarter of fiscal year 2025, marking significant year-over-year growth in revenue and demonstrating robust momentum in the burgeoning AI infrastructure market.</li><li>The company's revenue for the quarter reached $270.6 million, representing a 17% increase from the prior quarter and a notable 92% increase compared to the same quarter last year.</li><li>This growth was driven primarily by the company's expanded product portfolio, including signal conditioning, smart cable modules, and switch fabric products.</li></ul>

Astera Labs has reported strong financial results for the fourth quarter of fiscal year 2025, marking significant year-over-year growth in revenue and demonstrating robust momentum in the burgeoning AI infrastructure market.The company's revenue for the quarter reached $270.6 million, representing a 17% increase from the prior quarter and a notable 92% increase compared to the same quarter last year.This growth was driven primarily by the company's expanded product portfolio, including signal conditioning, smart cable modules, and switch fabric products.

Astera Labs Is Riding the PCIe 6 Upgrade Cycle—But Custom Interconnects May Be the Real Prize!

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: Can $365 Million Q2 Revenue Outrun Ramp Execution Risk?

Astera Labs reported its first quarter fiscal 2026 results with revenue reaching $308.4 million, marking a 14% increase sequentially and a 93%...

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

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

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

Marvell Earnings

Results look fine, the market is not digging it. I think a closer look makes sense. The market didn’t like this, but I thought, looking through the...

Fabricated Knowledge

Astera Labs Is Riding the PCIe 6 Upgrade Cycle—But Custom Interconnects May Be the Real Prize!

Astera Labs has reported strong financial results for the fourth quarter of fiscal year 2025, marking significant year-over-year growth in revenue...

Baptista Research

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