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>Lam Research Corporation reported strong financial results for the June 2026 quarter, marked by record revenue, operating margin, and earnings per share.</li><li>The company’s revenue reached $6.72 billion, a 15% sequential increase and 30% rise year-over-year, driven chiefly by a doubling of NAND revenue and robust growth in its customer support business group (CSBG).</li><li>NAND revenue growth reflected demand tied to upgrades to 200-plus layer flash devices, instrumental in enterprise SSDs. Meanwhile, DRAM revenue remained stable, supported by wafer additions and technology upgrades.</li></ul>

Lam Research Corporation reported strong financial results for the June 2026 quarter, marked by record revenue, operating margin, and earnings per share.The company’s revenue reached $6.72 billion, a 15% sequential increase and 30% rise year-over-year, driven chiefly by a doubling of NAND revenue and robust growth in its customer support business group (CSBG).NAND revenue growth reflected demand tied to upgrades to 200-plus layer flash devices, instrumental in enterprise SSDs. Meanwhile, DRAM revenue remained stable, supported by wafer additions and technology upgrades.

Lam Research Corporation’s $6.72 Billion Quarter — AI & NAND Fuel Record Results!

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

Thematic (Sector/Industry)

<ul>
<li>On April 2, 2026, a bipartisan group of US lawmakers introduced H.R. 8170, the Multilateral Alignment of Technology Controls on Hardware Act, or the MATCH Act. </li>
<li>Three weeks later, on April 22, the House Foreign Affairs Committee advanced it in what lawmakers called ”the largest significant export control mark-up in the history of Congress.”</li>
<li>If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate Chinese efforts to develop their own... </li>
</ul>


On April 2, 2026, a bipartisan group of US lawmakers introduced H.R. 8170, the Multilateral Alignment of Technology Controls on Hardware Act, or the MATCH Act. 
Three weeks later, on April 22, the House Foreign Affairs Committee advanced it in what lawmakers called ”the largest significant export control mark-up in the history of Congress.”
If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate Chinese efforts to develop their own... 


US Semiconductor China Export Restrictions. Game, Set & Now Let's Try MATCH!

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>This is a very light note, given time constraints. <a href="https://www.bloomberg.com/news/articles/2024-11-28/us-readies-china-chip-curbs-that-stop-short-of-earlier-proposals?embedded-checkout=true" target="_blank" rel="noopener">It's rumored that on Monday, we will have new export controls</a>, which seem to be massively light.</li><li>Importantly, they are going to exclude CXMT altogether.</li><li>History is a pretty good guide. Almost every single export restriction has led to bad returns prior, bad returns on the week off, and positive returns almost 100% of the time 6 months after for SOXX. This applies doubly to Semicap.</li></ul>

This is a very light note, given time constraints. It's rumored that on Monday, we will have new export controls, which seem to be massively light.Importantly, they are going to exclude CXMT altogether.History is a pretty good guide. Almost every single export restriction has led to bad returns prior, bad returns on the week off, and positive returns almost 100% of the time 6 months after for SOXX. This applies doubly to Semicap.

Happy Thanksgiving Semicap & Semiconductors

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>August's WSTS semiconductor revenues registered a record high of more than $53 billion</li>
<li>Nobody seemed to notice, including the organization making the announcement</li>
<li>There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales</li>
</ul>


August's WSTS semiconductor revenues registered a record high of more than $53 billion
Nobody seemed to notice, including the organization making the announcement
There's valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales


Semis Just Broke a Record.  Why Did Nobody Notice?

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);</li>
<li>The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;</li>
<li>The race is also among the global semiconductor industry to meet the demand for testing the limit of AI's scaling law. So far the balance tips in <strong>disfavor</strong> of China. </li>
</ul>


In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);
The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;
The race is also among the global semiconductor industry to meet the demand for testing the limit of AI's scaling law. So far the balance tips in disfavor of China. 


China's Near-Term Semiconductor Bottleneck Isn't ASML

United States

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

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Lam Research (LRCX US)

Lam Research Corporation’s $6.72 Billion Quarter — AI & NAND Fuel Record Results!

Lam Research Corporation reported strong financial results for the June 2026 quarter, marked by record revenue, operating margin, and earnings per...

Baptista Research

US Semiconductor China Export Restrictions. Game, Set & Now Let's Try MATCH!

If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate...

William Keating

Happy Thanksgiving Semicap & Semiconductors

This is a very light note, given time constraints. It's rumored that on Monday, we will have new export controls, which seem to be massively...

Fabricated Knowledge

Semis Just Broke a Record. Why Did Nobody Notice?

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

China's Near-Term Semiconductor Bottleneck Isn't ASML

China's semiconductor bottleneck isn't lithography tools in the near term, it is etchers. We see ST pressure, MT opportunity and LT challenge from...

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

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Lam Research Corporation’s $6.72 Billion Quarter — AI & NAND Fuel Record Results!

Lam Research Corporation reported strong financial results for the June 2026 quarter, marked by record revenue, operating margin, and earnings per...

Baptista Research

US Semiconductor China Export Restrictions. Game, Set & Now Let's Try MATCH!

If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate...

William Keating

Happy Thanksgiving Semicap & Semiconductors

This is a very light note, given time constraints. It's rumored that on Monday, we will have new export controls, which seem to be massively...

Fabricated Knowledge

Semis Just Broke a Record. Why Did Nobody Notice?

​August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...

Jim Handy

China's Near-Term Semiconductor Bottleneck Isn't ASML

China's semiconductor bottleneck isn't lithography tools in the near term, it is etchers. We see ST pressure, MT opportunity and LT challenge from...

Blue Lotus Research Institute

August's semiconductor revenues hit a record high of over $53 billion, but concerns about a potential market collapse are overshadowing the...