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>Baidu reported mixed results for the period, reflecting a business undergoing structural transition as artificial intelligence becomes the central driver of its portfolio.</li><li>The company indicated that revenue from its core AI-powered activities continued to expand and represented an increasing share of the broader business, reaching more than two-fifths of general business revenue during the quarter.</li><li>Growth in artificial intelligence cloud infrastructure, digital human technology, and autonomous ride-hailing services contributed to this shift.</li></ul>

Baidu reported mixed results for the period, reflecting a business undergoing structural transition as artificial intelligence becomes the central driver of its portfolio.The company indicated that revenue from its core AI-powered activities continued to expand and represented an increasing share of the broader business, reaching more than two-fifths of general business revenue during the quarter.Growth in artificial intelligence cloud infrastructure, digital human technology, and autonomous ride-hailing services contributed to this shift.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.</li>
<li>DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.</li>
<li>YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.
DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.
YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.


This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

<ul><li>Baidu is making headlines with its AI chip subsidiary, Kunlunxin, filing for an IPO on the Hong Kong Stock Exchange, underscoring China's intensified efforts to reduce dependence on U.S. chipmakers amid widening tech export restrictions.</li><li>The filing, confirmed on January 1, 2026, comes at a time when Nvidia, the global AI chip leader, remains hamstrung in China due to U.S. regulatory curbs.</li><li>Analysts from Jefferies estimate Kunlunxin’s valuation could land between $16 billion and $23 billion, suggesting high investor appetite for domestic AI semiconductor plays.</li></ul>

Baidu is making headlines with its AI chip subsidiary, Kunlunxin, filing for an IPO on the Hong Kong Stock Exchange, underscoring China's intensified efforts to reduce dependence on U.S. chipmakers amid widening tech export restrictions.The filing, confirmed on January 1, 2026, comes at a time when Nvidia, the global AI chip leader, remains hamstrung in China due to U.S. regulatory curbs.Analysts from Jefferies estimate Kunlunxin’s valuation could land between $16 billion and $23 billion, suggesting high investor appetite for domestic AI semiconductor plays.

Baidu Spins Off Kunlunxin — And China’s AI War Against Nvidia Escalates!

<ul><li>Baidu's financial performance for the third quarter of 2025 highlights both strengths and challenges.</li><li>The company reported total revenues of RMB 31.2 billion, which represents a 7% decline year-over-year.</li><li>Baidu Core, a significant segment, showed revenue at RMB 24.7 billion, aligning with this downward trend.</li></ul>

Baidu's financial performance for the third quarter of 2025 highlights both strengths and challenges.The company reported total revenues of RMB 31.2 billion, which represents a 7% decline year-over-year.Baidu Core, a significant segment, showed revenue at RMB 24.7 billion, aligning with this downward trend.

Baidu: Inside the AI Marketing Engine Delivering Triple-Digit Growth!

<ul><li>Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue increase, reaching RMB 25.5 billion.</li><li>This growth was primarily driven by a substantial surge in its AI cloud business, which saw a 42% increase year-over-year, contributing significantly to Baidu Core’s overall revenue.</li><li>A notable development within this business unit is the expansion of the AI cloud’s role in Baidu’s operations, now accounting for 26% of Baidu Core's revenue, up from 20% in the previous year.</li></ul>

Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue increase, reaching RMB 25.5 billion.This growth was primarily driven by a substantial surge in its AI cloud business, which saw a 42% increase year-over-year, contributing significantly to Baidu Core’s overall revenue.A notable development within this business unit is the expansion of the AI cloud’s role in Baidu’s operations, now accounting for 26% of Baidu Core's revenue, up from 20% in the previous year.

Baidu Declares Chip War With Huawei & Nvidia—Is China Backing It?

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Baidu: AI Chips

Baidu reported mixed results for the period, reflecting a business undergoing structural transition as artificial intelligence becomes the central...

Baptista Research

This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

This week in AI: Ox Alpha appears on OpenRouter; Stripe buys OpenRouter for over USD 7bn; OpenAI pauses Astra RL; YMTC files Shanghai IPO.

Ke Yan, CFA, FRM

Baidu Spins Off Kunlunxin — And China’s AI War Against Nvidia Escalates!

Baidu is making headlines with its AI chip subsidiary, Kunlunxin, filing for an IPO on the Hong Kong Stock Exchange, underscoring China's...

Baptista Research

Baidu: Inside the AI Marketing Engine Delivering Triple-Digit Growth!

Baidu's financial performance for the third quarter of 2025 highlights both strengths and challenges. The company reported total revenues of RMB...

Baptista Research

Baidu Declares Chip War With Huawei & Nvidia—Is China Backing It?

Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue...

Baptista Research

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