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>Lumen Technologies reported first quarter 2026 results reflecting steady progress in its strategic transformation amid ongoing industry challenges.</li><li>The company highlighted consistent execution with revenue and EBITDA meeting or slightly exceeding expectations, alongside a significant shift in its revenue mix increasingly weighted toward strategic and digital offerings.</li><li>The company’s focus remains on positioning itself as a leading digital network provider capable of supporting AI-driven enterprise needs.</li></ul>

Lumen Technologies reported first quarter 2026 results reflecting steady progress in its strategic transformation amid ongoing industry challenges.The company highlighted consistent execution with revenue and EBITDA meeting or slightly exceeding expectations, alongside a significant shift in its revenue mix increasingly weighted toward strategic and digital offerings.The company’s focus remains on positioning itself as a leading digital network provider capable of supporting AI-driven enterprise needs.

Lumen's Alkira Deal: Can Cloud Interconnect Revive The Network Story?

<ul><li>Lumen Technologies has moved into a more active phase of its enterprise networking turnaround after reporting first-quarter revenue of $2.9 billion, ahead of Wall Street expectations, while announcing its intent to acquire cloud networking platform Alkira for $475 million in cash.</li><li>The proposed transaction is aimed at accelerating Lumen’s push into cloud-to-cloud, data center interconnect, and programmable enterprise networking at a time when AI workloads are forcing companies to rethink how data moves across distributed environments.</li><li>Management described Alkira as a strategic fit that could substantially complete Lumen’s digital architecture, extending its existing Lumen Connect, NaaS, and Multi-Cloud Gateway offerings into East-West cloud connectivity.</li></ul>

Lumen Technologies has moved into a more active phase of its enterprise networking turnaround after reporting first-quarter revenue of $2.9 billion, ahead of Wall Street expectations, while announcing its intent to acquire cloud networking platform Alkira for $475 million in cash.The proposed transaction is aimed at accelerating Lumen’s push into cloud-to-cloud, data center interconnect, and programmable enterprise networking at a time when AI workloads are forcing companies to rethink how data moves across distributed environments.Management described Alkira as a strategic fit that could substantially complete Lumen’s digital architecture, extending its existing Lumen Connect, NaaS, and Multi-Cloud Gateway offerings into East-West cloud connectivity.

Lumen Acquisition Alert: The $475 Million Deal That Could Change Everything!

<ul><li>Lumen Technologies surged after announcing a collaboration with Amazon Web Services Interconnect, but the market reaction only captures part of what may be changing inside the business and across enterprise networking.</li><li>The announcement was framed around simpler cloud connectivity, faster deployment, and support for AI-heavy applications, yet the more consequential issue is structural: enterprise connectivity is increasingly being consumed through cloud interfaces rather than through the traditional telecom procurement model.</li><li>That shift matters because it changes who controls the customer relationship, who defines the service layer, and where economic value may concentrate over time.</li></ul>

Lumen Technologies surged after announcing a collaboration with Amazon Web Services Interconnect, but the market reaction only captures part of what may be changing inside the business and across enterprise networking.The announcement was framed around simpler cloud connectivity, faster deployment, and support for AI-heavy applications, yet the more consequential issue is structural: enterprise connectivity is increasingly being consumed through cloud interfaces rather than through the traditional telecom procurement model.That shift matters because it changes who controls the customer relationship, who defines the service layer, and where economic value may concentrate over time.

Lumen Technologies' Big Bet On AWS Could Redefine Its Future Overnight!

<ul><li>Lumen Technologies reported its fourth quarter and full-year 2025 financial results, marking a significant transition driven largely by the recent completion of its fiber-to-the-home divestiture to AT&T for $5.75 billion.</li><li>This transaction materially reshaped the company’s capital structure, reducing total debt to under $13 billion and lowering net leverage below 4x, which in turn decreased annual interest expenses by approximately $500 million compared to 2025.</li><li>Concurrently, capital expenditures are expected to decline by over $1 billion in 2026 due to ceasing fiber-to-the-home builds, enabling a strategic refocus on enterprise digital services and AI-oriented network infrastructure.</li></ul>

Lumen Technologies reported its fourth quarter and full-year 2025 financial results, marking a significant transition driven largely by the recent completion of its fiber-to-the-home divestiture to AT&T for $5.75 billion.This transaction materially reshaped the company’s capital structure, reducing total debt to under $13 billion and lowering net leverage below 4x, which in turn decreased annual interest expenses by approximately $500 million compared to 2025.Concurrently, capital expenditures are expected to decline by over $1 billion in 2026 due to ceasing fiber-to-the-home builds, enabling a strategic refocus on enterprise digital services and AI-oriented network infrastructure.

Lumen Technologies: From Legacy Decline to Digital Expansion—A High-Stakes Transformation Underway!

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>Advantest disclosed its first large high‑volume ATE order for silicon photonics, guiding to at least two more years of doubling growth in this line, while holding operating margins above 44%</li>
<li>FormFactor’s results show record revenue, a 45% YoY jump in Probe Cards, a 30% increase in Foundry &amp; Logic revenue, with NVIDIA crossing the 10% customer threshold.</li>
<li>Moving on, we map how others, i.e. Teradyne, MPI, ficonTEC, Aehr, Keysight, Lumentum, etc fit around this core and which of them keep or gain structural leverage in the stack.</li>
</ul>


Advantest disclosed its first large high‑volume ATE order for silicon photonics, guiding to at least two more years of doubling growth in this line, while holding operating margins above 44%
FormFactor’s results show record revenue, a 45% YoY jump in Probe Cards, a 30% increase in Foundry &amp; Logic revenue, with NVIDIA crossing the 10% customer threshold.
Moving on, we map how others, i.e. Teradyne, MPI, ficonTEC, Aehr, Keysight, Lumentum, etc fit around this core and which of them keep or gain structural leverage in the stack.


[Part 3] What Advantest and FormFactor’s Earnings Say About CPO’s Bottleneck

United States

Lumen Technologies, Inc. provides digital solutions for home and business premises. The Company offers communications, network security, cloud solutions, voice, and managed services. Lumen Technologies serves customers worldwide.

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Lumen Technologies (LUMN US)

Lumen's Alkira Deal: Can Cloud Interconnect Revive The Network Story?

Lumen Technologies reported first quarter 2026 results reflecting steady progress in its strategic transformation amid ongoing industry...

Baptista Research

Lumen Acquisition Alert: The $475 Million Deal That Could Change Everything!

Lumen Technologies has moved into a more active phase of its enterprise networking turnaround after reporting first-quarter revenue of $2.9...

Baptista Research

Lumen Technologies' Big Bet On AWS Could Redefine Its Future Overnight!

Lumen Technologies surged after announcing a collaboration with Amazon Web Services Interconnect, but the market reaction only captures part of...

Baptista Research

Lumen Technologies: From Legacy Decline to Digital Expansion—A High-Stakes Transformation Underway!

Lumen Technologies reported its fourth quarter and full-year 2025 financial results, marking a significant transition driven largely by the recent...

Baptista Research

[Part 3] What Advantest and FormFactor’s Earnings Say About CPO’s Bottleneck

Advantest and FormFactor see strong growth in silicon photonics and probe cards, with potential for continued expansion in the semiconductor...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lumen's Alkira Deal: Can Cloud Interconnect Revive The Network Story?

Lumen Technologies reported first quarter 2026 results reflecting steady progress in its strategic transformation amid ongoing industry...

Baptista Research

Lumen Acquisition Alert: The $475 Million Deal That Could Change Everything!

Lumen Technologies has moved into a more active phase of its enterprise networking turnaround after reporting first-quarter revenue of $2.9...

Baptista Research

Lumen Technologies' Big Bet On AWS Could Redefine Its Future Overnight!

Lumen Technologies surged after announcing a collaboration with Amazon Web Services Interconnect, but the market reaction only captures part of...

Baptista Research

Lumen Technologies: From Legacy Decline to Digital Expansion—A High-Stakes Transformation Underway!

Lumen Technologies reported its fourth quarter and full-year 2025 financial results, marking a significant transition driven largely by the recent...

Baptista Research

[Part 3] What Advantest and FormFactor’s Earnings Say About CPO’s Bottleneck

​Advantest and FormFactor see strong growth in silicon photonics and probe cards, with potential for continued expansion in the semiconductor...

Mint Finance

Advantest and FormFactor see strong growth in silicon photonics and probe cards, with potential for continued expansion in the semiconductor...