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 has staged one of the market’s sharpest reversals, with the stock surging roughly 50% in seven trading days and climbing more than 170% over the past 12 months as it pushed toward its highest level since April 2021.</li><li>That move has not been driven by a single headline.</li><li>Instead, it reflects a broader re-rating tied to three developments arriving in quick succession: a multiyear collaboration with Google tied to next-generation AI and cloud infrastructure, Intel’s participation in Tesla and SpaceX’s Terafab initiative, and the decision to repurchase Apollo Global Management’s stake in its Ireland fab venture.</li></ul>

Intel Corporation has staged one of the market’s sharpest reversals, with the stock surging roughly 50% in seven trading days and climbing more than 170% over the past 12 months as it pushed toward its highest level since April 2021.That move has not been driven by a single headline.Instead, it reflects a broader re-rating tied to three developments arriving in quick succession: a multiyear collaboration with Google tied to next-generation AI and cloud infrastructure, Intel’s participation in Tesla and SpaceX’s Terafab initiative, and the decision to repurchase Apollo Global Management’s stake in its Ireland fab venture.

Intel’s 170% Surge Has Investors Excited—But Can It Deliver?

<ul><li>Intel Corporation has spent the last several years moving from one strategic challenge to another, losing ground in the most important parts of the semiconductor market while rivals captured a disproportionate share of the enthusiasm around artificial intelligence, accelerated computing, and data-center infrastructure.</li><li>The newly announced partnership with Elon Musk’s ecosystem through the Terafab project in Texas changes the framing.</li><li>Instead of being viewed only as a legacy chip company trying to recover, Intel is now being inserted into a far more visible and potentially consequential build-out tied to Tesla’s robotaxis and Optimus robots, SpaceX’s expanding satellite ambitions, and xAI’s compute requirements.</li></ul>

Intel Corporation has spent the last several years moving from one strategic challenge to another, losing ground in the most important parts of the semiconductor market while rivals captured a disproportionate share of the enthusiasm around artificial intelligence, accelerated computing, and data-center infrastructure.The newly announced partnership with Elon Musk’s ecosystem through the Terafab project in Texas changes the framing.Instead of being viewed only as a legacy chip company trying to recover, Intel is now being inserted into a far more visible and potentially consequential build-out tied to Tesla’s robotaxis and Optimus robots, SpaceX’s expanding satellite ambitions, and xAI’s compute requirements.

Intel’s Comeback Story Gets Real: Why Terafab Could Be The First Proof!

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>On April 1, Intel and Apollo issued a joint press release announcing the scrapping of the SCIP the companies had signed less than two years ago back in June 2024</li>
<li>Apollo got a 49% stake in Intel’s Fab 34 for $11 billion less than two years ago. In unwinding the deal, Intel will have to pay Apollo $14.2 billion</li>
<li>Intel consistently failed to meet key milestones agreed with Apollo, triggering penalties to date of ~$1.5 billion. Next up, Brookfield? Let's see..</li>
</ul>


On April 1, Intel and Apollo issued a joint press release announcing the scrapping of the SCIP the companies had signed less than two years ago back in June 2024
Apollo got a 49% stake in Intel’s Fab 34 for $11 billion less than two years ago. In unwinding the deal, Intel will have to pay Apollo $14.2 billion
Intel consistently failed to meet key milestones agreed with Apollo, triggering penalties to date of ~$1.5 billion. Next up, Brookfield? Let's see..


Intel Scraps Apollo SCIP With Ireland's Fab34. Proof Of Intel Resurgence? Not Necessarily.

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.

<ul>
<li>Intel's supply constraints aren't manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.  </li>
<li>Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.</li>
<li>Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.</li>
</ul>


Intel's supply constraints aren't manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.  
Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.
Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.


The Structural Forces Behind Intel's Supply Squeeze

<ul>
<li>Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.</li>
<li>Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former's products.</li>
<li>TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  </li>
</ul>


Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.
Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former's products.
TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  


Apple, Intel, and the Systems Foundry Gambit

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’s 170% Surge Has Investors Excited—But Can It Deliver?

Intel Corporation has staged one of the market’s sharpest reversals, with the stock surging roughly 50% in seven trading days and climbing more...

Baptista Research

Intel’s Comeback Story Gets Real: Why Terafab Could Be The First Proof!

Intel Corporation has spent the last several years moving from one strategic challenge to another, losing ground in the most important parts of...

Baptista Research

Intel Scraps Apollo SCIP With Ireland's Fab34. Proof Of Intel Resurgence? Not Necessarily.

Intel consistently failed to meet key milestones agreed with Apollo, triggering penalties to date of ~$1.5 billion. Next up, Brookfield? Let's see..

William Keating

The Structural Forces Behind Intel's Supply Squeeze

Google working with Intel around Xeon for AI workloads is yet another datapoint highlighting how CPU demand holds up alongside accelerators. ...

Mint Finance

Apple, Intel, and the Systems Foundry Gambit

6 months on, and the “systems foundry gambit” isn’t just some narrative to be played out deep into the future. Terafab has pulled Intel into...

Mint Finance

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