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>There are AI stories, and then there are moments that feel like a shift in how work itself is structured.</li><li>Meta’s latest moves fall into the second category.</li><li>Mark Zuckerberg is reportedly building an AI agent to assist with his own role, Andrew Bosworth is now leading internal “AI For Work” initiatives, and employees are being pushed to adopt tools like MyClaw and Second Brain.</li></ul>

There are AI stories, and then there are moments that feel like a shift in how work itself is structured.Meta’s latest moves fall into the second category.Mark Zuckerberg is reportedly building an AI agent to assist with his own role, Andrew Bosworth is now leading internal “AI For Work” initiatives, and employees are being pushed to adopt tools like MyClaw and Second Brain.

AI Is Replacing Humans Inside Meta—Starting With Zuckerberg Himself!

<ul><li>Meta Platforms just gave us a clearer look at what it thinks the real AI race is about.</li><li>not “Who Has The Flashiest Model Demo?” and not even “Who Buys The Most GPUs?” Meta’s latest moves point to something more practical: who can improve models the fastest, every single week, and ship those gains into products at scale.</li><li>That’s why two headlines that look unrelated actually fit together neatly.</li></ul>

Meta Platforms just gave us a clearer look at what it thinks the real AI race is about.not “Who Has The Flashiest Model Demo?” and not even “Who Buys The Most GPUs?” Meta’s latest moves point to something more practical: who can improve models the fastest, every single week, and ship those gains into products at scale.That’s why two headlines that look unrelated actually fit together neatly.

Meta’s Data Refinery Strategy: The Hidden Machine Turning AI Into Faster Shipping!

<ul><li>When Meta Platforms announced it would buy 6 gigawatts of AI computing power from AMD in a deal valued at more than $100 billion, it wasn’t just another chip order.</li><li>It was a structural shift.</li><li>The agreement locks in massive compute capacity, includes equity-linked warrants that could hand Meta up to 10% of AMD, and centers around custom AI silicon tailored for Meta’s inference workloads.</li></ul>

When Meta Platforms announced it would buy 6 gigawatts of AI computing power from AMD in a deal valued at more than $100 billion, it wasn’t just another chip order.It was a structural shift.The agreement locks in massive compute capacity, includes equity-linked warrants that could hand Meta up to 10% of AMD, and centers around custom AI silicon tailored for Meta’s inference workloads.

Meta And AMD’s $100B Move Looks Defensive — It’s Power!

<ul><li>Meta’s smart glasses sales have surged, and the narrative has quickly shifted to a new computing platform in the making.</li><li>Headlines point to tripled unit volumes and rising AI integration as proof of momentum.</li><li>The obvious takeaway is early leadership in a breakthrough category.</li></ul>

Meta’s smart glasses sales have surged, and the narrative has quickly shifted to a new computing platform in the making.Headlines point to tripled unit volumes and rising AI integration as proof of momentum.The obvious takeaway is early leadership in a breakthrough category.

Meta Just Won Smart Glasses — But The Growth May Be OVER!

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)

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Compute Is Perishable Inventory: racks earn nothing merely plugged in, and unallocated GPU hours expire immediately. Hyperscaler returns hinge on billable utilisation before chip obsolescence erodes installed fleets' residual values.</li>
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Accounting Masks Capital Exposure: disclosed off-balance-sheet commitments exceed $3.1 trillion. Useful-life extensions and lease reclassifications reduce reported headline capex without lowering actual cash outlays, obscuring true infrastructure intensity.</li>
<li>
Quality of Demand Is Shifting: Multi-year RPO backlogs offer duration visibility, not locked-in returns. With compute futures launching, spot-to-contract spreads and post-trial enterprise conversion will reveal true marginal capacity yield.</li>
</ul>



Compute Is Perishable Inventory: racks earn nothing merely plugged in, and unallocated GPU hours expire immediately. Hyperscaler returns hinge on billable utilisation before chip obsolescence erodes installed fleets' residual values.

Accounting Masks Capital Exposure: disclosed off-balance-sheet commitments exceed $3.1 trillion. Useful-life extensions and lease reclassifications reduce reported headline capex without lowering actual cash outlays, obscuring true infrastructure intensity.

Quality of Demand Is Shifting: Multi-year RPO backlogs offer duration visibility, not locked-in returns. With compute futures launching, spot-to-contract spreads and post-trial enterprise conversion will reveal true marginal capacity yield.


The Perishable Rack: AI Capex as an Inventory Cycle

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

AI Is Replacing Humans Inside Meta—Starting With Zuckerberg Himself!

There are AI stories, and then there are moments that feel like a shift in how work itself is structured. Meta’s latest moves fall into the second...

Baptista Research

Meta’s Data Refinery Strategy: The Hidden Machine Turning AI Into Faster Shipping!

Meta Platforms just gave us a clearer look at what it thinks the real AI race is about. not “Who Has The Flashiest Model Demo?” and not even “Who...

Baptista Research

Meta And AMD’s $100B Move Looks Defensive — It’s Power!

When Meta Platforms announced it would buy 6 gigawatts of AI computing power from AMD in a deal valued at more than $100 billion, it wasn’t just...

Baptista Research

Meta Just Won Smart Glasses — But The Growth May Be OVER!

Meta’s smart glasses sales have surged, and the narrative has quickly shifted to a new computing platform in the making. Headlines point to...

Baptista Research

The Perishable Rack: AI Capex as an Inventory Cycle

We dissect how the hyperscaler build-out is an inventory cycle and not real estate. Why $725B in capex, $3.1T in off-balance commitments, and RPO...

Mint Finance

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