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>Cadence Design Systems Inc. reported strong results for the fourth quarter of 2024, with notable achievements in revenue and operating margins.</li><li>The year concluded with a record backlog of $6.8 billion, reflecting heightened demand for Cadence’s AI-driven chip-to-systems portfolio and the expanded application of its AI solutions in semiconductor innovation.</li><li>The company observed exceptional momentum in its partnerships, including with NVIDIA, Qualcomm, and Marvell, highlighting increased adoption of its AI-powered products such as Cadence Cerebrus, SimAI, and Allegro X AI.</li></ul>

Cadence Design Systems Inc. reported strong results for the fourth quarter of 2024, with notable achievements in revenue and operating margins.The year concluded with a record backlog of $6.8 billion, reflecting heightened demand for Cadence’s AI-driven chip-to-systems portfolio and the expanded application of its AI solutions in semiconductor innovation.The company observed exceptional momentum in its partnerships, including with NVIDIA, Qualcomm, and Marvell, highlighting increased adoption of its AI-powered products such as Cadence Cerebrus, SimAI, and Allegro X AI.

Cadence Design Systems: AI-Powered EDA Tools Are Revolutionizing Chip Design!

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>US – China: Restrictions on Semiconductors are relaxed. EDA tool (Cadence, Synopsys) already relaxed, Nvidia says export license will come, this implies that HBM can be sold to China.     </li>
<li>It’s really hard to “guess” what comes next as US restrictions on technology export to China are just one bargaining tool in much broader negotiations (trade deficit, fentanyl, etc).   </li>
<li>For Cadence and Synopsys, China is 12% of revenues. For Nvidia, China is US$ 30-35bn revenue in 2025 (15-17%).  Positive to Samsung, supplying HBM3 (Nvidia’s H20), GDDR7 (RTX PRO).</li>
</ul>


US – China: Restrictions on Semiconductors are relaxed. EDA tool (Cadence, Synopsys) already relaxed, Nvidia says export license will come, this implies that HBM can be sold to China.     
It’s really hard to “guess” what comes next as US restrictions on technology export to China are just one bargaining tool in much broader negotiations (trade deficit, fentanyl, etc).   
For Cadence and Synopsys, China is 12% of revenues. For Nvidia, China is US$ 30-35bn revenue in 2025 (15-17%).  Positive to Samsung, supplying HBM3 (Nvidia’s H20), GDDR7 (RTX PRO).


Jensen Went to the White House, and to China

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>’s 180-day lock-up period on its 89.75% <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.</li>
<li>SoftBank will likely monetise its ARM stake using the <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. </li>
<li>ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, despite forecasted lower growth and margin.  </li>
</ul>



Softbank Group (9984 JP)’s 180-day lock-up period on its 89.75% ARM Holdings (ARM US) shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.
SoftBank will likely monetise its ARM stake using the Alibaba (ADR) (BABA US) playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. 
ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to NVIDIA Corp (NVDA US), despite forecasted lower growth and margin.  


ARM Holdings (ARM US): Lock up Expiry on 12 March

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.</li>
<li>The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. </li>
<li>Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.</li>
</ul>


Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.
The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. 
Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.


What Is the Real Prize in Nvidia’s $5B Intel Bet?

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>Last week, Synopsys reported Q325 results and guidance both well below expectations causing the share price to collapse over 34% in the immediate aftermath.</li>
<li>The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the year"</li>
<li>That "major foundry customer" is likely Intel. Who's next in line to face similar revenue impact from Intel's challenges? </li>
</ul>


Last week, Synopsys reported Q325 results and guidance both well below expectations causing the share price to collapse over 34% in the immediate aftermath.
The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the year"
That "major foundry customer" is likely Intel. Who's next in line to face similar revenue impact from Intel's challenges? 


Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

United States

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology.  The Company licenses its electronic design automation software technology and provides a variety of professional services.  Cadence's design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

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Cadence Design Sys (CDNS US)

Cadence Design Systems: AI-Powered EDA Tools Are Revolutionizing Chip Design!

Cadence Design Systems Inc. reported strong results for the fourth quarter of 2024, with notable achievements in revenue and operating...

Baptista Research

Jensen Went to the White House, and to China

US eases restrictions on semiconductor exports to China, allowing for potential sales of HBM technology, positive to Samsung. China represents 12...

Nicolas Baratte

ARM Holdings (ARM US): Lock up Expiry on 12 March

SoftBank will likely monetise its ARM stake using the Alibaba playbook. This playbook uses prepaid forward contracts to raise capital with eventual...

Arun George

What Is the Real Prize in Nvidia’s $5B Intel Bet?

Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...

Mint Finance

Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cadence Design Systems: AI-Powered EDA Tools Are Revolutionizing Chip Design!

Cadence Design Systems Inc. reported strong results for the fourth quarter of 2024, with notable achievements in revenue and operating...

Baptista Research

Jensen Went to the White House, and to China

​US eases restrictions on semiconductor exports to China, allowing for potential sales of HBM technology, positive to Samsung. China represents 12...

Nicolas Baratte

ARM Holdings (ARM US): Lock up Expiry on 12 March

SoftBank will likely monetise its ARM stake using the Alibaba playbook. This playbook uses prepaid forward contracts to raise capital with eventual...

Arun George

What Is the Real Prize in Nvidia’s $5B Intel Bet?

​Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...

Mint Finance

Synopsys Crashes On "Major Foundry Challenges". Intel, What Have You Done?

The company revised down full year revenue targets, noting that "challenges at a major foundry customer are also having a sizeable impact on the...

William Keating

US eases restrictions on semiconductor exports to China, allowing for potential sales of HBM technology, positive to Samsung. China represents 12...

Nvidia's $5B stake in Intel signals a partnership to develop custom x86 CPUs for data centres and RTX-integrated SoCs for PCs; Intel shares...