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>At spin-off, commercial terms mandated Kyndryl purchase $4B of IBM hardware/software content annually. Kyndryl reduced this to under $2B last fiscal year by transitioning customers to buy directly from IBM</li>
<li>Revenue generated with AWS, Google Cloud, and Microsoft Azure grew from $0 at spin to over $2B last year, driven by 30,000 employee cloud credentials.  </li>
<li>The U.S. segment delivered 5% revenue growth for two consecutive quarters, driven by mission-critical system management, application modernization, and new customers across state government accounts (e.g., DMV digital modernisations).</li>
</ul>


At spin-off, commercial terms mandated Kyndryl purchase $4B of IBM hardware/software content annually. Kyndryl reduced this to under $2B last fiscal year by transitioning customers to buy directly from IBM
Revenue generated with AWS, Google Cloud, and Microsoft Azure grew from $0 at spin to over $2B last year, driven by 30,000 employee cloud credentials.  
The U.S. segment delivered 5% revenue growth for two consecutive quarters, driven by mission-critical system management, application modernization, and new customers across state government accounts (e.g., DMV digital modernisations).


Kyndryl @ Citi 2026 Global TMT Conference. Key Takeaways & Full Transcript

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>Kyndryl, a global managed infrastructure services provider specializing in mission-critical IT environments, reported its fiscal first quarter 2027 results with mixed outcomes reflecting both progress in strategic growth areas and ongoing operational challenges.</li><li>The company recorded revenues of $3.6 billion, marking a 3% decline year-over-year on both a reported and constant currency basis.</li><li>While growth continued in the United States, where revenues grew 5% for the second consecutive quarter, declines were noted in principal markets such as Europe, which experienced an 8% constant currency decrease.</li></ul>

Kyndryl, a global managed infrastructure services provider specializing in mission-critical IT environments, reported its fiscal first quarter 2027 results with mixed outcomes reflecting both progress in strategic growth areas and ongoing operational challenges.The company recorded revenues of $3.6 billion, marking a 3% decline year-over-year on both a reported and constant currency basis.While growth continued in the United States, where revenues grew 5% for the second consecutive quarter, declines were noted in principal markets such as Europe, which experienced an 8% constant currency decrease.

Kyndryl’s $500 Million Cost Reset — Can AI Growth Transform The Earnings Story?

<ul><li>Kyndryl reported third-quarter fiscal 2026 revenue of $3.9 billion, reflecting a 3% increase year-over-year on a reported basis but flat in constant currency.</li><li>The company achieved margin expansion, higher earnings, and positive free cash flow during the quarter.</li><li>Its 12-month book-to-bill ratio remained above 1.0, supported by $15.4 billion in signings over the past year, with 11 contracts exceeding $50 million each in the quarter, highlighting continued demand for its modernization services.</li></ul>

Kyndryl reported third-quarter fiscal 2026 revenue of $3.9 billion, reflecting a 3% increase year-over-year on a reported basis but flat in constant currency.The company achieved margin expansion, higher earnings, and positive free cash flow during the quarter.Its 12-month book-to-bill ratio remained above 1.0, supported by $15.4 billion in signings over the past year, with 11 contracts exceeding $50 million each in the quarter, highlighting continued demand for its modernization services.

Kyndryl: From IBM Dependency To Hyperscaler Growth — Is This Transformation Finally Paying Off?

<ul><li>Kyndryl Holdings has reported on its financial performance for the second quarter of fiscal year 2026, ending September 30, 2025.</li><li>The results present a mixed picture with several notable positives, but also some challenges that will need to be addressed moving forward.</li><li>From a financial standpoint, Kyndryl has demonstrated solid margin expansion and a significant increase in earnings.</li></ul>

Kyndryl Holdings has reported on its financial performance for the second quarter of fiscal year 2026, ending September 30, 2025.The results present a mixed picture with several notable positives, but also some challenges that will need to be addressed moving forward.From a financial standpoint, Kyndryl has demonstrated solid margin expansion and a significant increase in earnings.

Kyndryl Goes All-In on Hyperscalers—How Partnerships With Cisco, Dell & HPE Are Fuelling  Demand!

<ul><li>Kyndryl’s second fiscal quarter for FY2026 has spotlighted an inflection point in the company's post-spin growth journey, with adjusted pretax income jumping 171% year-over-year and adjusted EBITDA margin expanding 250 basis points.</li><li>Despite revenue coming in ~$100 million below expectations, management reiterated full-year guidance and outlined a stronger second half powered by a record pipeline, elevated Kyndryl Consult revenues, and hyperscaler momentum.</li><li>Among the many developments highlighted during the earnings call, one stood out for its potential long-term implications: Kyndryl’s intent to acquire Solvinity, a Netherlands-based midsized cloud services provider.</li></ul>

Kyndryl’s second fiscal quarter for FY2026 has spotlighted an inflection point in the company's post-spin growth journey, with adjusted pretax income jumping 171% year-over-year and adjusted EBITDA margin expanding 250 basis points.Despite revenue coming in ~$100 million below expectations, management reiterated full-year guidance and outlined a stronger second half powered by a record pipeline, elevated Kyndryl Consult revenues, and hyperscaler momentum.Among the many developments highlighted during the earnings call, one stood out for its potential long-term implications: Kyndryl’s intent to acquire Solvinity, a Netherlands-based midsized cloud services provider.

Kyndryl Just Doubled Down On Its European Ambitions—What Solvinity Brings To The Table!

United States

Kyndryl Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides applications, data, AI, cloud, core enterprise, digital workplace, security, and other related services. Kyndryl Holdings serves customers in the United States.

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Kyndryl Holdings (KD US)

Kyndryl @ Citi 2026 Global TMT Conference. Key Takeaways & Full Transcript

The U.S. segment delivered 5% revenue growth for two consecutive quarters, driven by mission-critical system management, application modernization,...

William Keating

Kyndryl’s $500 Million Cost Reset — Can AI Growth Transform The Earnings Story?

Kyndryl, a global managed infrastructure services provider specializing in mission-critical IT environments, reported its fiscal first quarter...

Baptista Research

Kyndryl: From IBM Dependency To Hyperscaler Growth — Is This Transformation Finally Paying Off?

Kyndryl reported third-quarter fiscal 2026 revenue of $3.9 billion, reflecting a 3% increase year-over-year on a reported basis but flat in...

Baptista Research

Kyndryl Goes All-In on Hyperscalers—How Partnerships With Cisco, Dell & HPE Are Fuelling Demand!

Kyndryl Holdings has reported on its financial performance for the second quarter of fiscal year 2026, ending September 30, 2025. The results...

Baptista Research

Kyndryl Just Doubled Down On Its European Ambitions—What Solvinity Brings To The Table!

Kyndryl’s second fiscal quarter for FY2026 has spotlighted an inflection point in the company's post-spin growth journey, with adjusted pretax...

Baptista Research

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