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>Intel Corporation is suddenly one of the strangest stories in the AI trade.</li><li>The company announced a partnership with Foxconn, the Apple supplier also known as Hon Hai Precision Industry, to accelerate artificial intelligence infrastructure development.</li><li>Normally, that kind of headline would be enough to lift any semiconductor stock tied to the AI buildout.</li></ul>

Intel Corporation is suddenly one of the strangest stories in the AI trade.The company announced a partnership with Foxconn, the Apple supplier also known as Hon Hai Precision Industry, to accelerate artificial intelligence infrastructure development.Normally, that kind of headline would be enough to lift any semiconductor stock tied to the AI buildout.

Intel Just Scored An AI Deal, So Why Did The Stock Fall?

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

<ul>
<li>We had 12 layers of management; he collapsed it into six. We had over 400 vice presidents; he collapsed that to 200. We had &gt;100,000 employees; he collapsed that &lt;80,000.</li>
<li>If you just stamped something and called it a CPU right now, it would sell. In the near term, it's all about supply, we are ramping supply as we speak</li>
<li>Our ramp in general has been quite good, mainly because 18A is making really good progress on yields month-to-month. And we're ramping in two facilities now, Oregon and Arizona</li>
</ul>


We had 12 layers of management; he collapsed it into six. We had over 400 vice presidents; he collapsed that to 200. We had &gt;100,000 employees; he collapsed that &lt;80,000.
If you just stamped something and called it a CPU right now, it would sell. In the near term, it's all about supply, we are ramping supply as we speak
Our ramp in general has been quite good, mainly because 18A is making really good progress on yields month-to-month. And we're ramping in two facilities now, Oregon and Arizona


Intel @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

<ul>
<li>It has been a year since I stepped into the role of Intel CEO. To be more precise, 14 months. I may be the first CEO who can speak Mandarin.</li>
<li>We support an ample number of ports for all of your connectivity needs, unlike some of our competitors who only have one USB-C interface...</li>
<li>We are excited to have Intel Xeon 6 Plus introduced at Computex. It has 288 E-cores,  massive 576 megabytes of L3 cache, and is built with our Intel 18A technology</li>
</ul>


It has been a year since I stepped into the role of Intel CEO. To be more precise, 14 months. I may be the first CEO who can speak Mandarin.
We support an ample number of ports for all of your connectivity needs, unlike some of our competitors who only have one USB-C interface...
We are excited to have Intel Xeon 6 Plus introduced at Computex. It has 288 E-cores,  massive 576 megabytes of L3 cache, and is built with our Intel 18A technology


Intel Computex 2026 Keynote. Key Takeaways & Full Transcript

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)

<ul>
<li>AMD’s unconditional commitments rose from $12.2bn at end-2025 to $30.3bn by June, all while management asks investors to focus on gross-profit dollars over gross-margin percentage.</li>
<li>Qualcomm is targeting $5bn of data-centre revenue in FY27 and $15bn-plus by FY29 from a base still measured in hundreds of millions, implying a steep physical-capacity ramp.</li>
<li>Qualcomm already has $769m of advance payments tied to multi-year chip-capacity commitments, while Amazon’s $60bn framework gives it demand visibility to reserve more supply ahead of revenue.</li>
</ul>


AMD’s unconditional commitments rose from $12.2bn at end-2025 to $30.3bn by June, all while management asks investors to focus on gross-profit dollars over gross-margin percentage.
Qualcomm is targeting $5bn of data-centre revenue in FY27 and $15bn-plus by FY29 from a base still measured in hundreds of millions, implying a steep physical-capacity ramp.
Qualcomm already has $769m of advance payments tied to multi-year chip-capacity commitments, while Amazon’s $60bn framework gives it demand visibility to reserve more supply ahead of revenue.


Fabless, Until Capacity Has to Be Financed

<ul>
<li>This is easily the most consequential interview LBT has given since taking over the CEO role at Intel. It's essential material for both existing and would-be investors</li>
<li>18A is in volume; 14A is the foundry pitch. Panther Lake on 18A has 200 design wins and now finally has wafer supply. 14A </li>
<li>Advanced packaging is a quiet upside lever. Customers are willing to prepay substrate commitments in the billions of dollars to lock in Intel’s EMIB-T capacity</li>
</ul>


This is easily the most consequential interview LBT has given since taking over the CEO role at Intel. It's essential material for both existing and would-be investors
18A is in volume; 14A is the foundry pitch. Panther Lake on 18A has 200 design wins and now finally has wafer supply. 14A 
Advanced packaging is a quiet upside lever. Customers are willing to prepay substrate commitments in the billions of dollars to lock in Intel’s EMIB-T capacity


Intel @JPM 54th Annual TMT. Key Takeaways & Full Transcript

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Intel Just Scored An AI Deal, So Why Did The Stock Fall?

Intel Corporation is suddenly one of the strangest stories in the AI trade. The company announced a partnership with Foxconn, the Apple supplier...

Baptista Research

Intel @ BOFA Global Tech Conference 2026. Executive Summary & Full Transcript

If you just stamped something and called it a CPU right now, it would probably sell. In the near term, it's all about supply, we are ramping supply...

William Keating

Intel Computex 2026 Keynote. Key Takeaways & Full Transcript

We are excited to have Intel Xeon 6 Plus introduced at Computex. It has 288 E-cores, massive 576 megabytes of L3 cache, and is built with our...

William Keating

Fabless, Until Capacity Has to Be Financed

Fabless AI is getting less asset-light. We trace how AMD’s rising commitments, Nvidia’s scale and Qualcomm’s $15bn ambition are reshaping the...

Mint Finance

Intel @JPM 54th Annual TMT. Key Takeaways & Full Transcript

This is easily the most consequential interview LBT has given since taking over the CEO role at Intel. It's essential material for both existing...

William Keating

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Market Cap (USDm)

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