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 delivered a robust performance for the fourth quarter and fiscal year 2025, showcasing solid revenue and earnings growth driven by strong demand and an expanding product portfolio.</li><li>The company reported a 14% increase in annual revenue, reaching $5.297 billion, and a 20% growth in EPS, with the non-GAAP EPS at $7.14 for the year.</li><li>One of the standout aspects of Cadence's performance in 2025 was the significant momentum across various business lines, particularly in its AI-driven EDA (Electronic Design Automation) and IP (Intellectual Property) portfolios.</li></ul>

Cadence Design Systems delivered a robust performance for the fourth quarter and fiscal year 2025, showcasing solid revenue and earnings growth driven by strong demand and an expanding product portfolio.The company reported a 14% increase in annual revenue, reaching $5.297 billion, and a 20% growth in EPS, with the non-GAAP EPS at $7.14 for the year.One of the standout aspects of Cadence's performance in 2025 was the significant momentum across various business lines, particularly in its AI-driven EDA (Electronic Design Automation) and IP (Intellectual Property) portfolios.

Cadence Design Systems Is Leveraging Global Design Trends — Why Hyperscale, AI, and China Converge!

<ul><li>Cadence Design Systems delivered strong performance in the third quarter of 2025, showcasing robust financial results across all business segments and geographies.</li><li>The company reported total revenue of $1.339 billion, surpassing expectations, with a GAAP operating margin of 31.8% and a non-GAAP operating margin of 47.6%.</li><li>Additionally, the quarter reflected a GAAP EPS of $1.05 and a non-GAAP EPS of $1.93.</li></ul>

Cadence Design Systems delivered strong performance in the third quarter of 2025, showcasing robust financial results across all business segments and geographies.The company reported total revenue of $1.339 billion, surpassing expectations, with a GAAP operating margin of 31.8% and a non-GAAP operating margin of 47.6%.Additionally, the quarter reflected a GAAP EPS of $1.05 and a non-GAAP EPS of $1.93.

Cadence Design Systems Rides AI Wave: Why 2026 Could Be Its Biggest Year Yet!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

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>Synopsys is expanding from its traditional “Factory 1” model (standardized IP: build once, sell many times) to a “Factory 2” model focused on Application-Optimized IP (AOIP).</li>
<li>Synopsys raised its long-term revenue CAGR through 2030 to mid-teens (up from low/double-digits), targeting $9.7B in FY26 and driving toward ~$11.15B in FY27 (+15% YoY).</li>
<li>Synopsys announced a $1 billion, multi-year, IP licensing agreement with Amazon as well as a multi-year agreement to collaborate with OpenAI as preferred partners to develop and deliver GPT-Synopsys</li>
</ul>


Synopsys is expanding from its traditional “Factory 1” model (standardized IP: build once, sell many times) to a “Factory 2” model focused on Application-Optimized IP (AOIP).
Synopsys raised its long-term revenue CAGR through 2030 to mid-teens (up from low/double-digits), targeting $9.7B in FY26 and driving toward ~$11.15B in FY27 (+15% YoY).
Synopsys announced a $1 billion, multi-year, IP licensing agreement with Amazon as well as a multi-year agreement to collaborate with OpenAI as preferred partners to develop and deliver GPT-Synopsys


Synopsys Investor Day 2026. Elliott’s Fingerprints Are Everywhere.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish (as of last week's 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). We discussed last week to add exposure to growth/Technology.</li>
<li>RS on the cap-weighted XLK is now breaking above its 2025 highs and we are upgrading Technology to overweight</li>
<li>We have remained overweight semiconductors (SMH, NVDA, TSM, CIEN, etc.) and memory (SNDK, WDC, STX, MU) ever since our 6/17/25 Compass, and these remain our favorite areas within Tech.</li>
</ul>


We remain bullish (as of last week's 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). We discussed last week to add exposure to growth/Technology.
RS on the cap-weighted XLK is now breaking above its 2025 highs and we are upgrading Technology to overweight
We have remained overweight semiconductors (SMH, NVDA, TSM, CIEN, etc.) and memory (SNDK, WDC, STX, MU) ever since our 6/17/25 Compass, and these remain our favorite areas within Tech.


Upgrading Technology to Overweight; Adding on Any Pullbacks

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 Is Leveraging Global Design Trends — Why Hyperscale, AI, and China Converge!

Cadence Design Systems delivered a robust performance for the fourth quarter and fiscal year 2025, showcasing solid revenue and earnings growth...

Baptista Research

Cadence Design Systems Rides AI Wave: Why 2026 Could Be Its Biggest Year Yet!

Cadence Design Systems delivered strong performance in the third quarter of 2025, showcasing robust financial results across all business segments...

Baptista Research

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

Synopsys Investor Day 2026. Elliott’s Fingerprints Are Everywhere.

Synopsys announced a $1 billion, multi-year, IP licensing agreement with Amazon as well as a multi-year agreement to collaborate with OpenAI as...

William Keating

Upgrading Technology to Overweight; Adding on Any Pullbacks

Upgrading Technology $XLK to Overweight; Adding on Pullbacks. $NVDA $MU $CRWD $CDNS $CRML $UAMY $MP $LAC $SLB $BKR $HAL $ANDE $REX $GPRE $ALTO

Vermilion Research

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