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

<ul>
<li>KLAC reported Q3 FY2026 revenue of $3.415 billion, above the $3.35 billion guidance midpoint. Non-GAAP EPS was $9.40, also ahead of the guide. </li>
<li>Gross margin printed at 62.2%, 45 basis points above the guidance midpoint.</li>
<li>Looking ahead, the company guided for current quarter revenues of $3.575 billion, up 6.7% sequentially and up ~13% YoY. Stock sold off slightly on the news, a nothing burger really</li>
</ul>


KLAC reported Q3 FY2026 revenue of $3.415 billion, above the $3.35 billion guidance midpoint. Non-GAAP EPS was $9.40, also ahead of the guide. 
Gross margin printed at 62.2%, 45 basis points above the guidance midpoint.
Looking ahead, the company guided for current quarter revenues of $3.575 billion, up 6.7% sequentially and up ~13% YoY. Stock sold off slightly on the news, a nothing burger really


KLA Q3 FY2026. First $15 Billion Year Incoming.

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>KLA Corporation delivered a solid performance in the December quarter and throughout 2025, showcasing notable financial growth and reinforcing its strong position in the semiconductor equipment industry.</li><li>The company achieved revenue growth of 17% to $12.745 billion for the year, driven primarily by its process control systems business, which outpaced overall industry growth.</li><li>This success was reflected in a 29% increase in earnings per share (EPS), with industry-leading gross and operating margins of 62.8% and 43.6%, respectively.</li></ul>

KLA Corporation delivered a solid performance in the December quarter and throughout 2025, showcasing notable financial growth and reinforcing its strong position in the semiconductor equipment industry.The company achieved revenue growth of 17% to $12.745 billion for the year, driven primarily by its process control systems business, which outpaced overall industry growth.This success was reflected in a 29% increase in earnings per share (EPS), with industry-leading gross and operating margins of 62.8% and 43.6%, respectively.

KLAC US - KLA’s Expanding Footprint in Advanced Packaging: A Quiet Share Gain With Big Implications!

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>Dividend is a key component of overall returns.</li><li>The strategy seeks to invest in high dividend stocks globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

Dividend is a key component of overall returns.The strategy seeks to invest in high dividend stocks globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

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.

Thematic (Sector/Industry)

<ul>
<li>Three distinct ways to play AI bandwidth. LAZR buys upstream components, LYTE buys transceiver assembly, and EUV buys the semiconductor capital stack.</li>
<li>Our holdings analysis shows LAZR’s equal-weighted and current-weighted returns aligned efficiently, while LYTE’s complex leverage and cash positioning blunted its upside.</li>
<li>EUV provides diversified capex exposure, sacrificing pure-play optics for a highly balanced bet on the broader semiconductor manufacturing system required for AI scale-out.</li>
</ul>


Three distinct ways to play AI bandwidth. LAZR buys upstream components, LYTE buys transceiver assembly, and EUV buys the semiconductor capital stack.
Our holdings analysis shows LAZR’s equal-weighted and current-weighted returns aligned efficiently, while LYTE’s complex leverage and cash positioning blunted its upside.
EUV provides diversified capex exposure, sacrificing pure-play optics for a highly balanced bet on the broader semiconductor manufacturing system required for AI scale-out.


Where Is the True Value in the Optics Trade? A Comparison of 3 ETFs

<ul><li>KLA Corporation has reported robust financial results for the September quarter of 2025, displaying significant growth in revenue and earnings.</li><li>The company generated total revenue of $3.21 billion, surpassing the midpoint of guidance at $3.15 billion.</li><li>It achieved a non-GAAP diluted EPS of $8.81, with GAAP EPS coming in at $8.47, both above the respective guidance midpoints.</li></ul>

KLA Corporation has reported robust financial results for the September quarter of 2025, displaying significant growth in revenue and earnings.The company generated total revenue of $3.21 billion, surpassing the midpoint of guidance at $3.15 billion.It achieved a non-GAAP diluted EPS of $8.81, with GAAP EPS coming in at $8.47, both above the respective guidance midpoints.

KLA-Tencor Corp - KLA Corporation Expands Beyond Taiwan: What This Global Shift Means for Investors!

United States

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

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KLA-Tencor Corp (KLAC US)

KLA Q3 FY2026. First $15 Billion Year Incoming.

Looking ahead, the company guided for current quarter revenues of $3.575 billion, up 6.7% sequentially and up ~13% YoY. Stock sold off slightly on...

William Keating

Global Income Portfolio (18 Aug 2026)

Dividend is a key component of overall returns. The strategy seeks to invest in high dividend stocks globally. By adopting a portfolio of stocks...

Crea8

Where Is the True Value in the Optics Trade? A Comparison of 3 ETFs

Three new ETFs target the AI bandwidth bottleneck, but perform very differently. We analyse LAZR, LYTE & EUV to show why upstream components easily...

Mint Finance

KLA-Tencor Corp - KLA Corporation Expands Beyond Taiwan: What This Global Shift Means for Investors!

KLA Corporation has reported robust financial results for the September quarter of 2025, displaying significant growth in revenue and...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KLA Q3 FY2026. First $15 Billion Year Incoming.

Looking ahead, the company guided for current quarter revenues of $3.575 billion, up 6.7% sequentially and up ~13% YoY. Stock sold off slightly on...

William Keating

KLAC US - KLA’s Expanding Footprint in Advanced Packaging: A Quiet Share Gain With Big Implications!

KLA Corporation delivered a solid performance in the December quarter and throughout 2025, showcasing notable financial growth and reinforcing its...

Baptista Research

Global Income Portfolio (18 Aug 2026)

Dividend is a key component of overall returns. The strategy seeks to invest in high dividend stocks globally. By adopting a portfolio of stocks...

Crea8

Where Is the True Value in the Optics Trade? A Comparison of 3 ETFs

Three new ETFs target the AI bandwidth bottleneck, but perform very differently. We analyse LAZR, LYTE & EUV to show why upstream components easily...

Mint Finance

KLA-Tencor Corp - KLA Corporation Expands Beyond Taiwan: What This Global Shift Means for Investors!

KLA Corporation has reported robust financial results for the September quarter of 2025, displaying significant growth in revenue and...

Baptista Research