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

International Business Machines / Equity Bottom-Up

<ul>
<li>IBM Q126 revenue came in at $15.92B, up 9% year-on-year from $14.54B in Q1 2025, and above the Street consensus of $15.62B, a beat of $300M.</li>
<li>Software growing 8% on a $7 billion quarterly base. Infrastructure growing 12% behind the strongest mainframe cycle in a decade. Data revenue growing 16% behind AI tailwinds. FCF growing 13%</li>
<li>Given where we are in the year, we believe it prudent to maintain our guidance, even as the underlying performance and execution are off to an encouraging start. Stock tanks!</li>
</ul>


IBM Q126 revenue came in at $15.92B, up 9% year-on-year from $14.54B in Q1 2025, and above the Street consensus of $15.62B, a beat of $300M.
Software growing 8% on a $7 billion quarterly base. Infrastructure growing 12% behind the strongest mainframe cycle in a decade. Data revenue growing 16% behind AI tailwinds. FCF growing 13%
Given where we are in the year, we believe it prudent to maintain our guidance, even as the underlying performance and execution are off to an encouraging start. Stock tanks!


IBM Q1 2026. Solid Beats But Prudent Guidance Gets Punished.

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>International Business Machines Corporation has entered 2026 under a cloud of skepticism, with the stock suffering its weakest start to a year since 2002 and materially underperforming the broader megacap technology cohort.</li><li>On the surface, that decline appears to fit a familiar market narrative: legacy software and infrastructure providers are being left behind as investors crowd into AI-native names and hyperscale platforms.</li><li>But IBM’s recent operating performance presents a more complicated picture.</li></ul>

International Business Machines Corporation has entered 2026 under a cloud of skepticism, with the stock suffering its weakest start to a year since 2002 and materially underperforming the broader megacap technology cohort.On the surface, that decline appears to fit a familiar market narrative: legacy software and infrastructure providers are being left behind as investors crowd into AI-native names and hyperscale platforms.But IBM’s recent operating performance presents a more complicated picture.

IBM Is Down 22%—But Is The Market Missing A $14 Billion Cash Flow Machine?

<ul>
<li>Announcements from Anthropic during the month of February 2026 roiled multiple segments of an already battered Software industry</li>
<li>One of those announcements targeted COBOL, highlighting an opportunity to have Claude "modernize" the "legacy" platform that runs 95% of ATM transactions in the US</li>
<li>IBM disagrees. COBOL is not their secret sauce, it's their purpose-built architecture from silicon through the operating system that delivers unmatched transactional resilience, security, performance, and efficiency at scale </li>
</ul>


Announcements from Anthropic during the month of February 2026 roiled multiple segments of an already battered Software industry
One of those announcements targeted COBOL, highlighting an opportunity to have Claude "modernize" the "legacy" platform that runs 95% of ATM transactions in the US
IBM disagrees. COBOL is not their secret sauce, it's their purpose-built architecture from silicon through the operating system that delivers unmatched transactional resilience, security, performance, and efficiency at scale 


Claude Is Gunning For COBOL. IBM Strikes Back

<ul><li>IBM, or International Business Machines Corporation, exhibited a strong performance in 2025, underscored by a diverse portfolio and strategic realignment towards becoming a software-led, hybrid cloud, and AI platform company.</li><li>The company reported a 6% revenue growth, marking its highest revenue increase in several years, along with generating $14.7 billion in free cash flow, the highest in over a decade.</li><li>Significant year-over-year progress in Software, Infrastructure, and Consulting segments contributed to these outcomes, supported by consistent execution of the strategic investments laid out earlier in the year.</li></ul>

IBM, or International Business Machines Corporation, exhibited a strong performance in 2025, underscored by a diverse portfolio and strategic realignment towards becoming a software-led, hybrid cloud, and AI platform company.The company reported a 6% revenue growth, marking its highest revenue increase in several years, along with generating $14.7 billion in free cash flow, the highest in over a decade.Significant year-over-year progress in Software, Infrastructure, and Consulting segments contributed to these outcomes, supported by consistent execution of the strategic investments laid out earlier in the year.

IBM: What’s Powering the Explosive Growth of Red Hat and OpenShift Right Now?

<ul><li>International Business Machines Corporation (IBM) recently presented its third-quarter 2025 financial results, showcasing both strengths and areas of concern.</li><li>From a revenue perspective, IBM reported 7% growth, marking the highest increase in several years with sequential acceleration across all segments.</li><li>This growth underscores the strength of IBM's strategic focus on Hybrid Cloud and Artificial Intelligence (AI), which are driving innovation and client engagement.</li></ul>

International Business Machines Corporation (IBM) recently presented its third-quarter 2025 financial results, showcasing both strengths and areas of concern.From a revenue perspective, IBM reported 7% growth, marking the highest increase in several years with sequential acceleration across all segments.This growth underscores the strength of IBM's strategic focus on Hybrid Cloud and Artificial Intelligence (AI), which are driving innovation and client engagement.

IBM + Confluent? This $11 Billion Deal Could Rewrite the Cloud Game!

United States

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

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International Business Machines (IBM US)

IBM Q1 2026. Solid Beats But Prudent Guidance Gets Punished.

Given where we are in the year, we believe it prudent to maintain our guidance, even as the underlying performance and execution are off to an...

William Keating

IBM Is Down 22%—But Is The Market Missing A $14 Billion Cash Flow Machine?

International Business Machines Corporation has entered 2026 under a cloud of skepticism, with the stock suffering its weakest start to a year...

Baptista Research

Claude Is Gunning For COBOL. IBM Strikes Back

It's not just COBOL, it's IBM's purpose-built architecture from silicon through the operating system that delivers unmatched transactional...

William Keating

IBM: What’s Powering the Explosive Growth of Red Hat and OpenShift Right Now?

IBM, or International Business Machines Corporation, exhibited a strong performance in 2025, underscored by a diverse portfolio and strategic...

Baptista Research

IBM + Confluent? This $11 Billion Deal Could Rewrite the Cloud Game!

International Business Machines Corporation (IBM) recently presented its third-quarter 2025 financial results, showcasing both strengths and areas...

Baptista Research

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