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

Equity Bottom-Up

<ul>
<li>Last week, Figma held their annual Config together with an Analyst Day. Zero reference to the Claude Design debacle, Krieger's board resignation or the activist letter critiques. Very disappointing </li>
<li>The Config event keynote featured a slew of new product launches organized around “new creative materials” plus “intelligent tools”, an attempt to seamlessly blend design and coding </li>
<li>This quarter will test whether they can transition their new AI-credit consumption model into a durable, high-margin revenue stream without cannibalizing the seat business or blowing out costs. Let's see.</li>
</ul>


Last week, Figma held their annual Config together with an Analyst Day. Zero reference to the Claude Design debacle, Krieger's board resignation or the activist letter critiques. Very disappointing 
The Config event keynote featured a slew of new product launches organized around “new creative materials” plus “intelligent tools”, an attempt to seamlessly blend design and coding 
This quarter will test whether they can transition their new AI-credit consumption model into a durable, high-margin revenue stream without cannibalizing the seat business or blowing out costs. Let's see.


Figma Analyst Day. No Mention Of The Claude Design Debacle.

<ul>
<li>In Q1 2026, revenue grew 46% year-over-year to $333 million, accelerating from 40% last quarter and 38% in Q3.</li>
<li>Net dollar retention rate also increased to 139%, our highest rate in over 2 years. This is up 3 percentage points from last quarter.</li>
<li>In Q226, we expect revenue of $349 million,  implying 40% YoY growth. For FY2026, we expect revenue of $1.425 billion, implying 35% growth YoY, up $55 million from prior forecast</li>
</ul>


In Q1 2026, revenue grew 46% year-over-year to $333 million, accelerating from 40% last quarter and 38% in Q3.
Net dollar retention rate also increased to 139%, our highest rate in over 2 years. This is up 3 percentage points from last quarter.
In Q226, we expect revenue of $349 million,  implying 40% YoY growth. For FY2026, we expect revenue of $1.425 billion, implying 35% growth YoY, up $55 million from prior forecast


The Figma SaaSpocalypse. Are We There Yet?

<ul>
<li>Mike Krieger, Instagram co-founder &amp; now Anthropic's Chief Product Officer, "building at Anthropic Labs", resigned from the Board of Figma on 4/14/26.</li>
<li>According to an open letter from activist Findell, on 4/17/26, Anthropic released Claude Design, a product which directly competes with Figma. This pattern of events raises serious corporate governance concerns.</li>
<li>The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent of the competitive threat became clearer</li>
</ul>


Mike Krieger, Instagram co-founder &amp; now Anthropic's Chief Product Officer, "building at Anthropic Labs", resigned from the Board of Figma on 4/14/26.
According to an open letter from activist Findell, on 4/17/26, Anthropic released Claude Design, a product which directly competes with Figma. This pattern of events raises serious corporate governance concerns.
The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent of the competitive threat became clearer


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.

<ul><li>Figma reported its first quarter fiscal 2026 financial results with revenue reaching $333 million, representing a 46% year-over-year increase and an acceleration from prior quarters.</li><li>The company attributes this growth to broad seat expansion, strong retention, increased enterprise adoption, and significant early traction from AI-driven offerings including Figma Make, Figma Weave, and Multi-Channel Platform (MCP).</li><li>The net dollar retention rate improved to 139%, marking its highest level in over two years.</li></ul>

Figma reported its first quarter fiscal 2026 financial results with revenue reaching $333 million, representing a 46% year-over-year increase and an acceleration from prior quarters.The company attributes this growth to broad seat expansion, strong retention, increased enterprise adoption, and significant early traction from AI-driven offerings including Figma Make, Figma Weave, and Multi-Channel Platform (MCP).The net dollar retention rate improved to 139%, marking its highest level in over two years.

Figma Goes All-In On AI Design — Can Make, Weave & MCP Reshape The Platform?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Figma reported a solid 1Q’FY26, reflecting the highest net dollar retention rate of 139% in over 2 years, and strong overall (+55% YoY) and large customer (+48% YoY) growth.</li>
<li>Management has noted the early traction from AI credit monetization, which started on March 18. Revenue grew 46% YoY to ~$333M, accelerating from 40% in the prior quarter.</li>
<li>With shares down ~32% in 2026, Figma has underperformed the IGV (-4.98%). I view valuation as attractive, but the competition fears might weigh on the stock in the near term.</li>
</ul>


Figma reported a solid 1Q’FY26, reflecting the highest net dollar retention rate of 139% in over 2 years, and strong overall (+55% YoY) and large customer (+48% YoY) growth.
Management has noted the early traction from AI credit monetization, which started on March 18. Revenue grew 46% YoY to ~$333M, accelerating from 40% in the prior quarter.
With shares down ~32% in 2026, Figma has underperformed the IGV (-4.98%). I view valuation as attractive, but the competition fears might weigh on the stock in the near term.


Findell Turns Bullish on Figma. Attractive Valuation, But Range Bound Till Competition Fears Ease

United States

Figma, Inc. provides software solutions. The Company offers a browser-based platform for developers, product managers, and marketers which helps them with user interface designing, prototyping, and collaboration. Figma serves customers in the United States.

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Figma (FIG US)

Figma Analyst Day. No Mention Of The Claude Design Debacle.

Last week, Figma held their annual Config together with an Analyst Day. Zero reference to the Claude Design debacle, Krieger's board resignation or...

William Keating

The Figma SaaSpocalypse. Are We There Yet?

In Q226, we expect revenue of $349 million, implying 40% YoY growth. For FY2026, we expect revenue of $1.425 billion, implying 35% growth YoY, up...

William Keating

Is Anthropic Eating Figma's Lunch?

The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent...

William Keating

Figma Goes All-In On AI Design — Can Make, Weave & MCP Reshape The Platform?

Figma reported its first quarter fiscal 2026 financial results with revenue reaching $333 million, representing a 46% year-over-year increase and...

Baptista Research

Findell Turns Bullish on Figma. Attractive Valuation, But Range Bound Till Competition Fears Ease

Figma stock trades below IPO offer price of $33.00 per share. I view current valuation as attractive. However, the competition fears may continue...

Andrei Zakharov

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