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>CoreWeave has landed one of the biggest validation points any AI infrastructure company could ask for: a multiyear agreement with Meta Platforms that expands an already deep relationship and reinforces CoreWeave’s role in the AI buildout.</li><li>On the surface, the story looks simple.</li><li>Meta needs more compute, CoreWeave can supply it, and demand for AI infrastructure remains intense.</li></ul>

CoreWeave has landed one of the biggest validation points any AI infrastructure company could ask for: a multiyear agreement with Meta Platforms that expands an already deep relationship and reinforces CoreWeave’s role in the AI buildout.On the surface, the story looks simple.Meta needs more compute, CoreWeave can supply it, and demand for AI infrastructure remains intense.

CoreWeave, Inc. - CoreWeave’s $21B Meta Deal Looks Huge—But The Risk Is Hidden!

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.

Thematic (Sector/Industry)

<ul>
<li>CME’s GPU futures could make compute-price risk hedgeable, but standardised contracts will still leave material basis risk across clusters, customers and service bundles.</li>
<li>Relative H100/B200 pricing may help separate broad oversupply from technological substitution, making the economic decay of older GPU capacity easier to observe.</li>
<li>The net read is bearish for GPU-capacity owners: hedging may improve financing, but more visible obsolescence and increasing capacity pressure rental economics.</li>
</ul>


CME’s GPU futures could make compute-price risk hedgeable, but standardised contracts will still leave material basis risk across clusters, customers and service bundles.
Relative H100/B200 pricing may help separate broad oversupply from technological substitution, making the economic decay of older GPU capacity easier to observe.
The net read is bearish for GPU-capacity owners: hedging may improve financing, but more visible obsolescence and increasing capacity pressure rental economics.


Compute Futures and the Market Price of GPU Obsolescence

<ul><li>CoreWeave delivered a strong financial performance in the fourth quarter and fiscal year of 2025, characterized by significant revenue growth and operational milestones.</li><li>The company recorded $5.1 billion in annual revenue, reflecting a 168% increase year-over-year, marking it as the fastest cloud in history to reach this milestone.</li><li>This impressive growth is backed by a contracted revenue backlog of $66.8 billion, which rose by more than $50 billion year-over-year.</li></ul>

CoreWeave delivered a strong financial performance in the fourth quarter and fiscal year of 2025, characterized by significant revenue growth and operational milestones.The company recorded $5.1 billion in annual revenue, reflecting a 168% increase year-over-year, marking it as the fastest cloud in history to reach this milestone.This impressive growth is backed by a contracted revenue backlog of $66.8 billion, which rose by more than $50 billion year-over-year.

CoreWeave: Doubling Data Center Power to 1.7 Gigawatts — The High-Stakes Race to Power the AI Economy!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> and <a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime (CHYM US)</a> are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/figure-technology-solutions-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">Figure Technology Solutions (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.</li>
<li>
<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> is projected to migrate from All-World to SmallCap following its <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell</a> spinoff in October 2025.</li>
</ul>



CoreWeave (CRWV US) and Chime (CHYM US) are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.

Figure Technology Solutions (FIGR US) and Bullish US (BLSH US) are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.

Solstice Advanced Materials (SOLS US) is projected to migrate from All-World to SmallCap following its Honeywell spinoff in October 2025.


Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

<ul><li>CoreWeave shares surged 5.7% to $98.31 after Nvidia disclosed a fresh $2 billion investment in the AI cloud infrastructure firm, purchasing stock at $87.20 per share.</li><li>This move reflects not only Nvidia’s confidence in CoreWeave’s business model but also reinforces the broader AI data-center buildout narrative.</li><li>The investment, announced alongside plans to co-develop a series of AI factories using Nvidia’s Rubin computing platform, marks a significant step in CoreWeave’s ambition to scale to 5 gigawatts of power capacity by 2030.</li></ul>

CoreWeave shares surged 5.7% to $98.31 after Nvidia disclosed a fresh $2 billion investment in the AI cloud infrastructure firm, purchasing stock at $87.20 per share.This move reflects not only Nvidia’s confidence in CoreWeave’s business model but also reinforces the broader AI data-center buildout narrative.The investment, announced alongside plans to co-develop a series of AI factories using Nvidia’s Rubin computing platform, marks a significant step in CoreWeave’s ambition to scale to 5 gigawatts of power capacity by 2030.

CoreWeave, Inc. - CoreWeave Rockets After Nvidia’s $2B Bet—What It Means for the AI Cloud Wars!

United States

CoreWeave, Inc. is a specialized cloud infrastructure company that provides high-performance computing resources optimized for workloads such as artificial intelligence, machine learning, visual effects, and batch processing. The company's CoreWeave Cloud Platform consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models, and also targets scientific and financial computing, as well as real-time 3D rendering needs. The company was founded in 2017 and is headquartered in Livingston, New Jersey.

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CoreWeave (CRWV US)

CoreWeave, Inc. - CoreWeave’s $21B Meta Deal Looks Huge—But The Risk Is Hidden!

CoreWeave has landed one of the biggest validation points any AI infrastructure company could ask for: a multiyear agreement with Meta Platforms...

Baptista Research

Compute Futures and the Market Price of GPU Obsolescence

GPU futures could do more than just hedge compute prices: they may expose basis risk, price hardware obsolescence and reshape how AI infrastructure...

Mint Finance

CoreWeave: Doubling Data Center Power to 1.7 Gigawatts — The High-Stakes Race to Power the AI Economy!

CoreWeave delivered a strong financial performance in the fourth quarter and fiscal year of 2025, characterized by significant revenue growth and...

Baptista Research

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

CoreWeave, Inc. - CoreWeave Rockets After Nvidia’s $2B Bet—What It Means for the AI Cloud Wars!

CoreWeave shares surged 5.7% to $98.31 after Nvidia disclosed a fresh $2 billion investment in the AI cloud infrastructure firm, purchasing stock...

Baptista Research

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