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>Axcelis Technologies reported second-quarter 2026 revenue of $215 million and diluted earnings per share of $1.06, both exceeding internal forecasts.</li><li>The company’s operational performance was bolstered by favorable demand trends across key end markets, particularly in the power and general mature segments, while memory-related revenue moderated sequentially due to timing of available fab space.</li><li>Despite this, management emphasized ongoing robust customer investment plans in memory with strong engagement, especially in DRAM, signaling potential for growth as new cleanroom capacity comes online.</li></ul>

Axcelis Technologies reported second-quarter 2026 revenue of $215 million and diluted earnings per share of $1.06, both exceeding internal forecasts.The company’s operational performance was bolstered by favorable demand trends across key end markets, particularly in the power and general mature segments, while memory-related revenue moderated sequentially due to timing of available fab space.Despite this, management emphasized ongoing robust customer investment plans in memory with strong engagement, especially in DRAM, signaling potential for growth as new cleanroom capacity comes online.

Axcelis Technologies’ Veeco Merger Reshapes Its Semiconductor Equipment Story!

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>Its a quarter too soon to go dumpster diving in the automotive semiconductor industry. Another round of cuts is likely coming. Consider this my earnings preview.</li><li><p>I have leaned bearish automotive semiconductors for a few months, and I think the call has been mostly correct.</p></li><li><p>For me, the beginning of my bearishness started when I highlighted that China would try to murder the supply aspect of the market for the foreseeable future</p></li></ul><div data-component-name="DigestPostEmbed"><a href="https://www.fabricatedknowledge.com/p/chinese-evs-and-the-lagging-edge" target="_blank" rel="noopener"></a></div>

Its a quarter too soon to go dumpster diving in the automotive semiconductor industry. Another round of cuts is likely coming. Consider this my earnings preview.I have leaned bearish automotive semiconductors for a few months, and I think the call has been mostly correct.For me, the beginning of my bearishness started when I highlighted that China would try to murder the supply aspect of the market for the foreseeable future

Hitting the Breaks: Automotive Semiconductors

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Axcelis is a specialized leader in the ion implantation segment of the semiconductor equipment market, with a particularly strong position in the high-growth power device market, especially for Silicon Carbide (SiC).</li>
  <li>The company's financial performance is subject to the cyclicality of the semiconductor industry. While recent quarters show the impact of softness in some segments, a strong backlog and growth in the memory market provide some visibility.</li>
  <li>Key risks include its high dependence on the cyclical power/SiC segment, significant revenue concentration from China creating geopolitical risk, and intense competition from the much larger Applied Materials.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Axcelis is a specialized leader in the ion implantation segment of the semiconductor equipment market, with a particularly strong position in the high-growth power device market, especially for Silicon Carbide (SiC).
  The company's financial performance is subject to the cyclicality of the semiconductor industry. While recent quarters show the impact of softness in some segments, a strong backlog and growth in the memory market provide some visibility.
  Key risks include its high dependence on the cyclical power/SiC segment, significant revenue concentration from China creating geopolitical risk, and intense competition from the much larger Applied Materials.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Axcelis Technologies (ACLS US) - Aug 2026

<ul><li>The year 2023 began with a significant downturn in the semiconductor market.</li><li>Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.</li><li>Supply outpaced demand, and the market turned into a period of oversupply.</li></ul>

The year 2023 began with a significant downturn in the semiconductor market.Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.Supply outpaced demand, and the market turned into a period of oversupply.

Semiconductor Outlook 2024: AI's Adolescence

<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

United States

Axcelis Technologies, Inc. manufactures components for the semiconductor industry. The Company designs, manufactures and services ion implantation, dry strip, thermal processing and curing equipment used in the fabrication of semiconductor chips. Axcelis Technologies sells their products to semiconductor chip manufacturers worldwide.

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Axcelis Technologies (ACLS US)

Axcelis Technologies’ Veeco Merger Reshapes Its Semiconductor Equipment Story!

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Baptista Research

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Primer: Axcelis Technologies (ACLS US) - Aug 2026

Axcelis is a specialized leader in the ion implantation segment of the semiconductor equipment market, with a particularly strong position in...

αSK Primers

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Its time to jog your memory. We've gone through the downturn, what does an upturn look like? The year 2023 began with a significant downturn in the...

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

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