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>As the battle to dominate the next computing era heats up, few companies have drawn more buzz—and scrutiny—than IonQ.</li><li>The self-described leader in gate-based quantum computing just posted blowout Q3 2025 results, with 222% year-over-year revenue growth and a flood of bullish headlines.</li><li>But a blistering short-seller report claims it’s all smoke and mirrors—arguing that IonQ’s revenue is more about Pentagon politics and M&A than quantum breakthroughs.</li></ul>

As the battle to dominate the next computing era heats up, few companies have drawn more buzz—and scrutiny—than IonQ.The self-described leader in gate-based quantum computing just posted blowout Q3 2025 results, with 222% year-over-year revenue growth and a flood of bullish headlines.But a blistering short-seller report claims it’s all smoke and mirrors—arguing that IonQ’s revenue is more about Pentagon politics and M&A than quantum breakthroughs.

IonQ’s Quantum Mojo: Innovation, Hype, or Insider Payday?

<ul><li>IonQ, the only publicly traded pure-play quantum computing firm, has announced a landmark $1.8 billion acquisition of SkyWater Technology, a trusted U.S.-based semiconductor foundry.</li><li>Structured as a mix of $15 in cash and $20 in IonQ stock per SkyWater share, the transaction marks IonQ’s most significant step yet toward building a vertically integrated quantum computing platform.</li><li>The move aims to accelerate IonQ’s product development timeline by as much as a year, reduce cycle times from design to production, and de-risk its roadmap to fault-tolerant quantum computing.</li></ul>

IonQ, the only publicly traded pure-play quantum computing firm, has announced a landmark $1.8 billion acquisition of SkyWater Technology, a trusted U.S.-based semiconductor foundry.Structured as a mix of $15 in cash and $20 in IonQ stock per SkyWater share, the transaction marks IonQ’s most significant step yet toward building a vertically integrated quantum computing platform.The move aims to accelerate IonQ’s product development timeline by as much as a year, reduce cycle times from design to production, and de-risk its roadmap to fault-tolerant quantum computing.

IonQ’s SkyWater Merger: Game-Changing Platform or Expensive Distraction?

<ul><li>IonQ, Inc. recently reported its third-quarter results for 2025, highlighting significant strides in revenue and technological advancements within the quantum computing sector.</li><li>The company achieved a 222% year-on-year revenue growth, reaching $39.9 million, which was 37% above the high end of its guidance.</li><li>This impressive performance was attributed to its strategic positioning as a full quantum platform company, encompassing quantum computing, networking, sensing, and cybersecurity.</li></ul>

IonQ, Inc. recently reported its third-quarter results for 2025, highlighting significant strides in revenue and technological advancements within the quantum computing sector.The company achieved a 222% year-on-year revenue growth, reaching $39.9 million, which was 37% above the high end of its guidance.This impressive performance was attributed to its strategic positioning as a full quantum platform company, encompassing quantum computing, networking, sensing, and cybersecurity.

IonQ Inc: How Europe & NATO Expansion Could Unlock Massive New Revenue Streams!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Short-Term supports on SPX include 6480-6520, 6450, 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059; buy pullbacks</li>
<li>The list of areas re-emerging as leadership has meaningfully expanded to include ARKK, ARKW, uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), and other themes including IPOs/A.I./nuclear/robotics/drones/autonomous driving/bitcoin</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Short-Term supports on SPX include 6480-6520, 6450, 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059; buy pullbacks
The list of areas re-emerging as leadership has meaningfully expanded to include ARKK, ARKW, uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), and other themes including IPOs/A.I./nuclear/robotics/drones/autonomous driving/bitcoin


High Growth Areas Re-Emerging as Leadership; Remain Overweight Growth; Bullish Outlook Intact

United States

IonQ, Inc. operates as a computing hardware and software company. The Company develops a general-purpose trapped ion quantum computer and software to generate, optimize, and execute quantum circuits. IonQ serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

IonQ (IONQ US)

IonQ’s Quantum Mojo: Innovation, Hype, or Insider Payday?

As the battle to dominate the next computing era heats up, few companies have drawn more buzz—and scrutiny—than IonQ. The self-described leader in...

Baptista Research

IonQ’s SkyWater Merger: Game-Changing Platform or Expensive Distraction?

IonQ, the only publicly traded pure-play quantum computing firm, has announced a landmark $1.8 billion acquisition of SkyWater Technology, a...

Baptista Research

IonQ Inc: How Europe & NATO Expansion Could Unlock Massive New Revenue Streams!

IonQ, Inc. recently reported its third-quarter results for 2025, highlighting significant strides in revenue and technological advancements within...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

High Growth Areas Re-Emerging as Leadership; Remain Overweight Growth; Bullish Outlook Intact

High Growth Areas Re-Emerging as Leadership; Remain Overweight Growth; Bullish Outlook Intact on $SPX $QQQ $IWM. $ARKK $URA $HYDR $IONQ $OKLO $BBAI...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)