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 Inc. reported a record-breaking fiscal fourth quarter and full-year results for Fiscal Year 2026, marking significant milestones in revenue and shareholder returns.</li><li>Total revenue for the fiscal year reached $113.5 billion, an increase of 19%, while earnings per share (EPS) grew by 27% to $10.30.</li><li>The company generated over $11 billion in annual cash flow and returned $7.5 billion to shareholders, including share repurchases and dividends.</li></ul>

Dell Technologies Inc. reported a record-breaking fiscal fourth quarter and full-year results for Fiscal Year 2026, marking significant milestones in revenue and shareholder returns.Total revenue for the fiscal year reached $113.5 billion, an increase of 19%, while earnings per share (EPS) grew by 27% to $10.30.The company generated over $11 billion in annual cash flow and returned $7.5 billion to shareholders, including share repurchases and dividends.

Dell Technologies: The Massive Infrastructure Refresh From 14G to 17G Servers Is Just Beginning!

<ul><li>Dell Technologies has made headlines yet again, this time with its intention to acquire Israeli AI data infrastructure startup Dataloop in a $120 million all-cash transaction.</li><li>The news, initially reported by Calcalist, marks a significant move by Dell toward deepening its AI stack and expanding capabilities beyond hardware.</li><li>Founded in 2017, Dataloop has raised around $50 million to date and offers end-to-end data management solutions tailored to artificial intelligence workloads—particularly annotation, orchestration, and pipeline automation.</li></ul>

Dell Technologies has made headlines yet again, this time with its intention to acquire Israeli AI data infrastructure startup Dataloop in a $120 million all-cash transaction.The news, initially reported by Calcalist, marks a significant move by Dell toward deepening its AI stack and expanding capabilities beyond hardware.Founded in 2017, Dataloop has raised around $50 million to date and offers end-to-end data management solutions tailored to artificial intelligence workloads—particularly annotation, orchestration, and pipeline automation.

Dell’s Dataloop Acquisition: The Silent Threat to AWS & Google Cloud!

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>AI PCs turning the PC refresh into a gradual, extended up-cycle</li>
<li>Memory inflation is one of the major margin risks for PC makers in 2026</li>
<li>Dell's server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.</li>
</ul>


AI PCs turning the PC refresh into a gradual, extended up-cycle
Memory inflation is one of the major margin risks for PC makers in 2026
Dell's server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.


PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

<ul><li>Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized infrastructure portfolio.</li><li>At the forefront of this shift is Dell’s Infrastructure Solutions Group (ISG), which saw a 44% year-over-year revenue surge in Q2 FY2026, driven primarily by soaring demand for AI servers.</li><li>The company now projects over $20 billion in AI server sales in FY2026, up from just $10 billion in FY2025, with expectations of crossing the $25 billion threshold by FY2027.</li></ul>

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized infrastructure portfolio.At the forefront of this shift is Dell’s Infrastructure Solutions Group (ISG), which saw a 44% year-over-year revenue surge in Q2 FY2026, driven primarily by soaring demand for AI servers.The company now projects over $20 billion in AI server sales in FY2026, up from just $10 billion in FY2025, with expectations of crossing the $25 billion threshold by FY2027.

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>Eighteen S&amp;P 500 giants earned 20%-plus ROE through the 1990s; fourteen then trailed the index into 2026, the median by about 2.7 points a year.</li>
<li>Rich starting multiples, maturing runways, eroding moats and costly deals did the damage, while leverage and buybacks had flattered some of the returns on capital.</li>
<li>Microsoft renewed its runway and Altria started cheap; today's high-return screens should ask whether returns are still rising and whether the price still allows low-teens returns.</li>
</ul>


Eighteen S&amp;P 500 giants earned 20%-plus ROE through the 1990s; fourteen then trailed the index into 2026, the median by about 2.7 points a year.
Rich starting multiples, maturing runways, eroding moats and costly deals did the damage, while leverage and buybacks had flattered some of the returns on capital.
Microsoft renewed its runway and Altria started cheap; today's high-return screens should ask whether returns are still rising and whether the price still allows low-teens returns.


After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

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)

Dell Technologies: The Massive Infrastructure Refresh From 14G to 17G Servers Is Just Beginning!

Dell Technologies Inc. reported a record-breaking fiscal fourth quarter and full-year results for Fiscal Year 2026, marking significant milestones...

Baptista Research

Dell’s Dataloop Acquisition: The Silent Threat to AWS & Google Cloud!

Dell Technologies has made headlines yet again, this time with its intention to acquire Israeli AI data infrastructure startup Dataloop in a $120...

Baptista Research

PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.

Vincent Fernando, CFA

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized...

Baptista Research

After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

In 2000, America's highest-return giants looked like the safest quality stocks. Most then lagged the market for 25 years. Several warning signs...

Urbem Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dell Technologies: The Massive Infrastructure Refresh From 14G to 17G Servers Is Just Beginning!

Dell Technologies Inc. reported a record-breaking fiscal fourth quarter and full-year results for Fiscal Year 2026, marking significant milestones...

Baptista Research

Dell’s Dataloop Acquisition: The Silent Threat to AWS & Google Cloud!

Dell Technologies has made headlines yet again, this time with its intention to acquire Israeli AI data infrastructure startup Dataloop in a $120...

Baptista Research

PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

​AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.

Vincent Fernando, CFA

Dell Is Quietly Building The Backbone Of The AI Revolution — And Wall Street Hasn’t Noticed Yet!

Dell Technologies is undergoing a strategic transformation that could redefine its growth trajectory, as it aggressively scales its AI-optimized...

Baptista Research

After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

In 2000, America's highest-return giants looked like the safest quality stocks. Most then lagged the market for 25 years. Several warning signs...

Urbem Capital

AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.