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

Hewlett Packard Enterprise  / Equity Bottom-Up

<ul><li>Hewlett Packard has emerged as one of the more surprising beneficiaries of the artificial intelligence infrastructure boom, with its shares rising roughly 186% in 2026 and moving toward record levels.</li><li>The rally reflects more than enthusiasm around AI servers.</li><li>HPE is increasingly positioning itself across the infrastructure stack that supports AI deployment, including networking, traditional servers, AI systems, storage, private cloud and financing.</li></ul>

Hewlett Packard has emerged as one of the more surprising beneficiaries of the artificial intelligence infrastructure boom, with its shares rising roughly 186% in 2026 and moving toward record levels.The rally reflects more than enthusiasm around AI servers.HPE is increasingly positioning itself across the infrastructure stack that supports AI deployment, including networking, traditional servers, AI systems, storage, private cloud and financing.

Hewlett Packard’s 186% AI Rally: Can Record Orders Keep The Surge Alive?

<ul><li>Hewlett Packard Enterprise reported a third quarter fiscal 2026 performance characterized by record-breaking financial outcomes, driven primarily by strong demand across its Cloud & AI and Networking segments despite ongoing supply constraints.</li><li>The company posted revenue of $12.2 billion, reflecting a 34% year-over-year increase, with non-GAAP gross margin reaching a record 40%.</li><li>Non-GAAP operating profit doubled year-over-year to $2 billion, and non-GAAP earnings per share climbed to $1.11, also a record.</li></ul>

Hewlett Packard Enterprise reported a third quarter fiscal 2026 performance characterized by record-breaking financial outcomes, driven primarily by strong demand across its Cloud & AI and Networking segments despite ongoing supply constraints.The company posted revenue of $12.2 billion, reflecting a 34% year-over-year increase, with non-GAAP gross margin reaching a record 40%.Non-GAAP operating profit doubled year-over-year to $2 billion, and non-GAAP earnings per share climbed to $1.11, also a record.

Hewlett Packard’s $12.2 Billion Quarter — AI Demand Drives 34% Growth!

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>OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.</li>
<li>Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.</li>
<li>Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.</li>
</ul>


OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.
Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.
Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.


This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>HPE is capitalizing on the AI megatrend, with strong demand for its AI-optimized server portfolio driving record revenue and an expanding backlog. The company has significantly raised its full-year guidance, reflecting strong momentum.</li>
  <li>The pending acquisition and integration of Juniper Networks is set to transform HPE's networking business, creating a formidable competitor with a comprehensive, AI-native portfolio that enhances its high-margin, recurring revenue streams.</li>
  <li>While the company demonstrates robust growth in strategic areas like AI and Networking, it faces challenges in sustaining margin expansion and navigating potential economic headwinds and intense competition from both legacy players and cloud hyperscalers.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  HPE is capitalizing on the AI megatrend, with strong demand for its AI-optimized server portfolio driving record revenue and an expanding backlog. The company has significantly raised its full-year guidance, reflecting strong momentum.
  The pending acquisition and integration of Juniper Networks is set to transform HPE's networking business, creating a formidable competitor with a comprehensive, AI-native portfolio that enhances its high-margin, recurring revenue streams.
  While the company demonstrates robust growth in strategic areas like AI and Networking, it faces challenges in sustaining margin expansion and navigating potential economic headwinds and intense competition from both legacy players and cloud hyperscalers.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hewlett Packard Enterprise  (HPE US) - Jul 2026

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

<ul>
<li>Generative AI seen through the lens of corporate earnings shows a lack of ROI or growth drivers in applications <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a><a href="https://www.smartkarma.com/entities/hewlett-packard-enterprise-co" target="_blank" data-smartkarma-citation="entities:26511:1" rel="noopener">Hewlett Packard Enterprise (HPE US)</a>  <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL US)</a> </li>
<li>U.S. semi equipment restrictions to China could negatively impact Tokyo Electron, ASML results in 2025 <a href="https://www.smartkarma.com/entities/asml-holding-nv" target="_blank" data-smartkarma-citation="entities:21097:1" rel="noopener">ASML Holding NV (ASML NA)</a><a href="https://www.smartkarma.com/entities/tokyo-electron-device-ltd" target="_blank" data-smartkarma-citation="entities:10301:1" rel="noopener">Tokyo Electron Device (2760 JP)</a> </li>
<li>Flagship global Tech conference in NYC suggests interest has picked up in global software above hardware in a notable shift</li>
</ul>


Generative AI seen through the lens of corporate earnings shows a lack of ROI or growth drivers in applications Broadcom (AVGO US)Hewlett Packard Enterprise (HPE US)  Alphabet (GOOGL US) 
U.S. semi equipment restrictions to China could negatively impact Tokyo Electron, ASML results in 2025 ASML Holding NV (ASML NA)Tokyo Electron Device (2760 JP) 
Flagship global Tech conference in NYC suggests interest has picked up in global software above hardware in a notable shift


Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

Hewlett Packard’s 186% AI Rally: Can Record Orders Keep The Surge Alive?

Hewlett Packard has emerged as one of the more surprising beneficiaries of the artificial intelligence infrastructure boom, with its shares rising...

Baptista Research

Hewlett Packard’s $12.2 Billion Quarter — AI Demand Drives 34% Growth!

Hewlett Packard Enterprise reported a third quarter fiscal 2026 performance characterized by record-breaking financial outcomes, driven primarily...

Baptista Research

This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

This week in AI: OpenAI scrapped GPT-6.1 Astra and shipped Sol, Anthropic released Sonnet 5.5 at half Opus's price, and Google launched Gemini 4...

Ke Yan, CFA, FRM

Primer: Hewlett Packard Enterprise (HPE US) - Jul 2026

HPE is capitalizing on the AI megatrend, with strong demand for its AI-optimized server portfolio driving record revenue and an expanding...

αSK Primers

Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

AI related earnings exhibit a lack of ROI or uplift. Is the AI euphoria coming to an end? More U.S. sanctions could hurt Japan & European...

Neil Campling

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