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 has chosen an unusually revealing moment to make a very large capital allocation decision.</li><li>After using Apollo-led capital in 2024 to preserve flexibility around Fab 34 in Ireland, the company is now paying $14.2 billion to repurchase the 49% stake it did not own, with roughly $6.5 billion of the funding expected to come from new debt.</li><li>On the surface, the move simplifies Intel’s structure and restores full ownership of a strategically important manufacturing asset.</li></ul>

Intel has chosen an unusually revealing moment to make a very large capital allocation decision.After using Apollo-led capital in 2024 to preserve flexibility around Fab 34 in Ireland, the company is now paying $14.2 billion to repurchase the 49% stake it did not own, with roughly $6.5 billion of the funding expected to come from new debt.On the surface, the move simplifies Intel’s structure and restores full ownership of a strategically important manufacturing asset.

Intel Is Buying Back Control—But Is It Taking On Too Much Risk?

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>Server and client CPUs are emerging as bottlenecks as AI infrastructure absorbs capacity; pricing increases to flow straight into margins, even as near-term revenue lags execution.</li>
<li>Supply realignment and outsourced production compressed margins and revenue despite firm demand signals, all setting up operating leverage as utilisation and in-house manufacturing improve.</li>
<li>EMIB traction, a $1bn annualised ASIC business, and early 14A customer evaluations point to Intel embedding itself deeper into AI systems well before large wafer wins materialise.</li>
</ul>


Server and client CPUs are emerging as bottlenecks as AI infrastructure absorbs capacity; pricing increases to flow straight into margins, even as near-term revenue lags execution.
Supply realignment and outsourced production compressed margins and revenue despite firm demand signals, all setting up operating leverage as utilisation and in-house manufacturing improve.
EMIB traction, a $1bn annualised ASIC business, and early 14A customer evaluations point to Intel embedding itself deeper into AI systems well before large wafer wins materialise.


What Intel’s Earnings Really Said About CPUs, Foundry, and Operating Leverage

<ul><li>Intel’s shares plunged over 17% following its latest earnings release, as management flagged surging memory costs and wafer-substrate constraints as critical headwinds impacting its near-term outlook.</li><li>CFO David Zinsner highlighted that while the company had secured DRAM and NAND memory supply for H1 2026, component prices were rising sharply—up 40–50% in Q1 alone, following a similar spike in Q4 2025.</li><li>These dynamics stem from AI-driven demand shifts that are distorting traditional memory market supply chains.</li></ul>

Intel’s shares plunged over 17% following its latest earnings release, as management flagged surging memory costs and wafer-substrate constraints as critical headwinds impacting its near-term outlook.CFO David Zinsner highlighted that while the company had secured DRAM and NAND memory supply for H1 2026, component prices were rising sharply—up 40–50% in Q1 alone, following a similar spike in Q4 2025.These dynamics stem from AI-driven demand shifts that are distorting traditional memory market supply chains.

Intel Stock CRASH Explained—Is Apple the Next Casualty of the Memory Crisis?

<ul><li>Intel Corporation's fourth-quarter earnings for 2025 reveal several strategic advancements and financial outcomes, underlining both opportunities and challenges.</li><li>The quarter achieved revenues of $13.7 billion, which exceeded the company's previously provided guidance and marked the fifth consecutive quarter of performance above expectations, driven by strong growth in AI infrastructure, AI PCs, traditional servers, and networking.</li><li>Key strategic developments include a renewed focus on efficiency to drive transformation under the new leadership of CEO Lip-Bu Tan.</li></ul>

Intel Corporation's fourth-quarter earnings for 2025 reveal several strategic advancements and financial outcomes, underlining both opportunities and challenges.The quarter achieved revenues of $13.7 billion, which exceeded the company's previously provided guidance and marked the fifth consecutive quarter of performance above expectations, driven by strong growth in AI infrastructure, AI PCs, traditional servers, and networking.Key strategic developments include a renewed focus on efficiency to drive transformation under the new leadership of CEO Lip-Bu Tan.

Intel’s 14A Timeline Explained: What Happens Next & How It Could Reshape the Foundry Story!

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Management says that 4Q25 results beat guidance on revenue and margins. But revenue, gross / operating profits decline YoY.</li>
<li>Weak 1Q26 outlook, both revenue and margins, blamed on supply bottleneck. But the real problem is poor 18A yield rates. Management says it will improve from 2Q26.</li>
<li>The major problem with Consensus remains expectation that operating margins will increase sharply from 5.5% (2025) to 8.5% (2026) to 13.3% (2027). This implies major improvements in yields and thruput. </li>
</ul>


Management says that 4Q25 results beat guidance on revenue and margins. But revenue, gross / operating profits decline YoY.
Weak 1Q26 outlook, both revenue and margins, blamed on supply bottleneck. But the real problem is poor 18A yield rates. Management says it will improve from 2Q26.
The major problem with Consensus remains expectation that operating margins will increase sharply from 5.5% (2025) to 8.5% (2026) to 13.3% (2027). This implies major improvements in yields and thruput. 


Intel: Hopes of a Turnaround Are More Faith than Fact (For Now)

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 Is Buying Back Control—But Is It Taking On Too Much Risk?

Intel has chosen an unusually revealing moment to make a very large capital allocation decision. After using Apollo-led capital in 2024 to...

Baptista Research

What Intel’s Earnings Really Said About CPUs, Foundry, and Operating Leverage

AI infrastructure growth is driving up pricing and margins for CPUs, despite revenue lagging behind. Intel is positioning itself for success in AI...

Mint Finance

Intel Stock CRASH Explained—Is Apple the Next Casualty of the Memory Crisis?

Intel’s shares plunged over 17% following its latest earnings release, as management flagged surging memory costs and wafer-substrate constraints...

Baptista Research

Intel’s 14A Timeline Explained: What Happens Next & How It Could Reshape the Foundry Story!

Intel Corporation's fourth-quarter earnings for 2025 reveal several strategic advancements and financial outcomes, underlining both opportunities...

Baptista Research

Intel: Hopes of a Turnaround Are More Faith than Fact (For Now)

4Q25 beats guidance, but YoY decline in revenue / profits. Weak 1Q26 outlook blamed on supply bottleneck, poor 18A yield is the real issue....

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Is Buying Back Control—But Is It Taking On Too Much Risk?

Intel has chosen an unusually revealing moment to make a very large capital allocation decision. After using Apollo-led capital in 2024 to...

Baptista Research

What Intel’s Earnings Really Said About CPUs, Foundry, and Operating Leverage

​AI infrastructure growth is driving up pricing and margins for CPUs, despite revenue lagging behind. Intel is positioning itself for success in AI...

Mint Finance

Intel Stock CRASH Explained—Is Apple the Next Casualty of the Memory Crisis?

Intel’s shares plunged over 17% following its latest earnings release, as management flagged surging memory costs and wafer-substrate constraints...

Baptista Research

Intel’s 14A Timeline Explained: What Happens Next & How It Could Reshape the Foundry Story!

Intel Corporation's fourth-quarter earnings for 2025 reveal several strategic advancements and financial outcomes, underlining both opportunities...

Baptista Research

Intel: Hopes of a Turnaround Are More Faith than Fact (For Now)

4Q25 beats guidance, but YoY decline in revenue / profits. Weak 1Q26 outlook blamed on supply bottleneck, poor 18A yield is the real issue....

Nicolas Baratte

AI infrastructure growth is driving up pricing and margins for CPUs, despite revenue lagging behind. Intel is positioning itself for success in AI...