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>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

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>Dell Technologies has found itself at the center of the AI infrastructure boom after signing a $1.44 billion agreement with Boost Run, an enterprise AI cloud provider.</li><li>The deal pushed Dell shares to a record closing high and gave investors another reason to believe that AI infrastructure demand is expanding beyond hyperscalers and frontier model companies.</li><li>But the more interesting part of the story is not only the size of the contract.</li></ul>

Dell Technologies has found itself at the center of the AI infrastructure boom after signing a $1.44 billion agreement with Boost Run, an enterprise AI cloud provider.The deal pushed Dell shares to a record closing high and gave investors another reason to believe that AI infrastructure demand is expanding beyond hyperscalers and frontier model companies.But the more interesting part of the story is not only the size of the contract.

Dell’s $1.4 Billion AI Deal Could Change Who Wins The AI Race!

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Dell's AI server business grew 13x in two years to $24.7B in FY26, with a $43B backlog and $50B FY27 guidance signalling sustained structural demand</li>
<li>Despite 25% forward EPS growth and record $11.2B operating cash flow, Dell trades at just 1.1x forward EV/Sales, in line with slow-growth OEM peers</li>
<li>
<strong>The core thesis</strong>: the market is applying a hardware assembler multiple to an increasingly scaled AI infrastructure platform, creating a potential re-rating opportunity.</li>
</ul>


Dell's AI server business grew 13x in two years to $24.7B in FY26, with a $43B backlog and $50B FY27 guidance signalling sustained structural demand
Despite 25% forward EPS growth and record $11.2B operating cash flow, Dell trades at just 1.1x forward EV/Sales, in line with slow-growth OEM peers

The core thesis: the market is applying a hardware assembler multiple to an increasingly scaled AI infrastructure platform, creating a potential re-rating opportunity.


Dell Technologies (NYSE: DELL): Underrated Stock in the AI Infrastructure Boom

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: OpenAI and Anthropic refreshed frontier models while Moonshot started its Hong Kong IPO process.</li>
<li>MiniMax powered HUMAIN's Arabic sovereign model, Alibaba refreshed Qwen, and Artificial Analysis kept new US frontier releases at the top of the ranking.</li>
<li>Nvidia agreed to buy Hugging Face, Anthropic expanded compute financing, and AI infrastructure demand flowed through hyperscalers, hardware vendors, chips and memory.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: OpenAI and Anthropic refreshed frontier models while Moonshot started its Hong Kong IPO process.
MiniMax powered HUMAIN's Arabic sovereign model, Alibaba refreshed Qwen, and Artificial Analysis kept new US frontier releases at the top of the ranking.
Nvidia agreed to buy Hugging Face, Anthropic expanded compute financing, and AI infrastructure demand flowed through hyperscalers, hardware vendors, chips and memory.


This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

<ul><li>Dell Technologies Inc. reported a robust performance in the fiscal year 2026 third quarter.</li><li>Here are the key takeaways and neutral analysis of their earnings report: Positives Record Revenue and Earnings Per Share (EPS) Dell posted record figures in both revenue and EPS for the quarter.</li><li>Total revenue reached $27 billion, marking an 11% increase year-over-year.</li></ul>

Dell Technologies Inc. reported a robust performance in the fiscal year 2026 third quarter.Here are the key takeaways and neutral analysis of their earnings report: Positives Record Revenue and Earnings Per Share (EPS) Dell posted record figures in both revenue and EPS for the quarter.Total revenue reached $27 billion, marking an 11% increase year-over-year.

Dell: A Disciplined OpEx Playbook & Capital Return Strategy That Could Reshape the Narrative!

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Dell’s $1.4 Billion AI Deal Could Change Who Wins The AI Race!

Dell Technologies has found itself at the center of the AI infrastructure boom after signing a $1.44 billion agreement with Boost Run, an...

Baptista Research

Dell Technologies (NYSE: DELL): Underrated Stock in the AI Infrastructure Boom

Dell's AI server business has seen exponential growth, but its low valuation may present a re-rating opportunity as it transitions to an AI...

GSBR Research

This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

This week in AI: GPT-6 Astra and Claude Fable 5.1 arrive together; Nvidia buys Hugging Face for USD 12.93bn; Moonshot files for a Hong Kong IPO.

Ke Yan, CFA, FRM

Dell: A Disciplined OpEx Playbook & Capital Return Strategy That Could Reshape the Narrative!

Dell Technologies Inc. reported a robust performance in the fiscal year 2026 third quarter. Here are the key takeaways and neutral analysis of...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

Dell’s $1.4 Billion AI Deal Could Change Who Wins The AI Race!

Dell Technologies has found itself at the center of the AI infrastructure boom after signing a $1.44 billion agreement with Boost Run, an...

Baptista Research

Dell Technologies (NYSE: DELL): Underrated Stock in the AI Infrastructure Boom

​Dell's AI server business has seen exponential growth, but its low valuation may present a re-rating opportunity as it transitions to an AI...

GSBR Research

This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

This week in AI: GPT-6 Astra and Claude Fable 5.1 arrive together; Nvidia buys Hugging Face for USD 12.93bn; Moonshot files for a Hong Kong IPO.

Ke Yan, CFA, FRM

Dell: A Disciplined OpEx Playbook & Capital Return Strategy That Could Reshape the Narrative!

Dell Technologies Inc. reported a robust performance in the fiscal year 2026 third quarter. Here are the key takeaways and neutral analysis of...

Baptista Research

Dell's AI server business has seen exponential growth, but its low valuation may present a re-rating opportunity as it transitions to an AI...