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

International Business Machines / Equity Bottom-Up

<ul><li>In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a definitive agreement to acquire Dallas-based Cognitus, a niche SAP S/4HANA services provider.</li><li>The financial terms of the deal remain undisclosed, but the strategic rationale appears clear.</li><li>With this acquisition, IBM aims to bolster its SAP consulting capabilities, especially in complex and regulated sectors such as aerospace, energy, and manufacturing.</li></ul>

In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a definitive agreement to acquire Dallas-based Cognitus, a niche SAP S/4HANA services provider.The financial terms of the deal remain undisclosed, but the strategic rationale appears clear.With this acquisition, IBM aims to bolster its SAP consulting capabilities, especially in complex and regulated sectors such as aerospace, energy, and manufacturing.

IBM Goes All-In On SAP—What The Cognitus Deal Really Means!

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>Accenture last week reported Q4 FY26 revenues of $18.7 billion, up 7% YoY in local currency and above the top end of the guided range of $18.4 billion.</li>
<li>New Bookings were $22.2 billion for the quarter, a 4% increase in U.S. dollars and 5% in local currency, with an overall book-to-bill of 1.2.</li>
<li>Accenture's top 10 ecosystem partners represented &gt;60% of their revenue in FY26. Among their eight emerging AI and data partners, bookings more than tripled and revenue more than doubled YoY.</li>
</ul>


Accenture last week reported Q4 FY26 revenues of $18.7 billion, up 7% YoY in local currency and above the top end of the guided range of $18.4 billion.
New Bookings were $22.2 billion for the quarter, a 4% increase in U.S. dollars and 5% in local currency, with an overall book-to-bill of 1.2.
Accenture's top 10 ecosystem partners represented &gt;60% of their revenue in FY26. Among their eight emerging AI and data partners, bookings more than tripled and revenue more than doubled YoY.


Accenture Soars As New Bookings Accelerate. Q426 Earnings Review, Key Takeaways & Full Transcript

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.</li>
<li>Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.</li>
<li>AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.</li>
</ul>


Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.
Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.
AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.


Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Every major upgrade to Claude is being interpreted as an assault on a new trillion-dollar industry- coding, legal research, financial analysis, customer support, and more.</li>
<li>Markets are repricing entire sectors instantly. In several cases, industry leaders have witnessed $50B–$100B+ market cap swings within days of major AI announcements.</li>
<li>We are witnessing real-time structural repricing driven by anticipated AI productivity compression, not earnings collapse, but margin compression fear.</li>
</ul>


Every major upgrade to Claude is being interpreted as an assault on a new trillion-dollar industry- coding, legal research, financial analysis, customer support, and more.
Markets are repricing entire sectors instantly. In several cases, industry leaders have witnessed $50B–$100B+ market cap swings within days of major AI announcements.
We are witnessing real-time structural repricing driven by anticipated AI productivity compression, not earnings collapse, but margin compression fear.


Anthropic's Claude Code: Overnight Disruption to IBM's Legacy

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

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 Goes All-In On SAP—What The Cognitus Deal Really Means!

In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a...

Baptista Research

Accenture Soars As New Bookings Accelerate. Q426 Earnings Review, Key Takeaways & Full Transcript

Accenture's top 10 ecosystem partners represented >60% of their revenue in FY26. Among their eight emerging AI and data partners, bookings more...

William Keating

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

Anthropic's Claude Code: Overnight Disruption to IBM's Legacy

AI advancements are causing rapid market cap swings in various industries, leading to real-time structural repricing based on anticipated...

Sudarshan Bhandari

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Total deposits now USD18.5 trillion at 26 November. This is up ~USD663 billion during this year alone. There remains plenty of liquidity in low...

Daniel Tabbush

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52-week Range

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IBM Goes All-In On SAP—What The Cognitus Deal Really Means!

In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a...

Baptista Research

Accenture Soars As New Bookings Accelerate. Q426 Earnings Review, Key Takeaways & Full Transcript

Accenture's top 10 ecosystem partners represented >60% of their revenue in FY26. Among their eight emerging AI and data partners, bookings more...

William Keating

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

​Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

Anthropic's Claude Code: Overnight Disruption to IBM's Legacy

​AI advancements are causing rapid market cap swings in various industries, leading to real-time structural repricing based on anticipated...

Sudarshan Bhandari

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Total deposits now USD18.5 trillion at 26 November. This is up ~USD663 billion during this year alone. There remains plenty of liquidity in low...

Daniel Tabbush

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

AI advancements are causing rapid market cap swings in various industries, leading to real-time structural repricing based on anticipated...