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>Lumentum Holdings has become one of the market’s most dramatic AI infrastructure winners, yet it still sits outside the mainstream narrative that usually centers on chipmakers, cloud platforms, or software names.</li><li>That disconnect is what makes the story notable.</li><li>The company’s share price explosion has not been driven by consumer visibility or a simple product story, but by its role in a part of the AI stack that is harder to explain and therefore easier to overlook: optical connectivity.</li></ul>

Lumentum Holdings has become one of the market’s most dramatic AI infrastructure winners, yet it still sits outside the mainstream narrative that usually centers on chipmakers, cloud platforms, or software names.That disconnect is what makes the story notable.The company’s share price explosion has not been driven by consumer visibility or a simple product story, but by its role in a part of the AI stack that is harder to explain and therefore easier to overlook: optical connectivity.

Lumentum: The Hidden AI King Powering Nvidia’s Rise

<ul><li>Lumentum Holdings reported strong growth in its second quarter of fiscal year 2026, setting new records for both revenue and operating margins.</li><li>Despite some challenges and uncertainties, the company's performance showcases significant movement in capturing market opportunities, particularly in the AI and cloud sectors.</li><li>On the financial front, the company achieved a remarkable 65% year-over-year revenue growth, reaching $665.5 million, with a notable increase in non-GAAP operating margins, which improved by over 1,700 basis points.</li></ul>

Lumentum Holdings reported strong growth in its second quarter of fiscal year 2026, setting new records for both revenue and operating margins.Despite some challenges and uncertainties, the company's performance showcases significant movement in capturing market opportunities, particularly in the AI and cloud sectors.On the financial front, the company achieved a remarkable 65% year-over-year revenue growth, reaching $665.5 million, with a notable increase in non-GAAP operating margins, which improved by over 1,700 basis points.

Lumentum Holdings: Why the Shift From 800G to 1.6T Could Be a Defining Growth Moment!

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>Tema’s LAZR launched as a photonics basket but quickly added Anthropic SPV exposure. This position plunged from 12.06% to under 5.0% in three weeks, highlighting private-asset ETF volatility.</li>
<li>Daily ETF liquidity does not make the underlying SPV liquid. Moreover, Anthropic publicly prohibits SPVs from acquiring its stock, raising questions about the exact legal claim LAZR holds.</li>
<li>Research partner SemiAnalysis now spans market-moving CPO research, ETF product design, along with a newly filed venture fund. This expanding footprint creates a high bar for disclosure and governance.</li>
</ul>


Tema’s LAZR launched as a photonics basket but quickly added Anthropic SPV exposure. This position plunged from 12.06% to under 5.0% in three weeks, highlighting private-asset ETF volatility.
Daily ETF liquidity does not make the underlying SPV liquid. Moreover, Anthropic publicly prohibits SPVs from acquiring its stock, raising questions about the exact legal claim LAZR holds.
Research partner SemiAnalysis now spans market-moving CPO research, ETF product design, along with a newly filed venture fund. This expanding footprint creates a high bar for disclosure and governance.


LAZR: When a Photonics ETF Becomes a Private AI Wrapper

<ul><li>Lumentum Holdings recently reported a noteworthy increase in revenue for the first quarter of fiscal year 2026, reaching $533.8 million, a 58% year-over-year rise.</li><li>This marks the highest quarterly revenue in the company's history.</li><li>The growth was propelled by strong demand for artificial intelligence (AI) infrastructure, specifically from laser chips and optical transceivers used in data centers and network interconnects.</li></ul>

Lumentum Holdings recently reported a noteworthy increase in revenue for the first quarter of fiscal year 2026, reaching $533.8 million, a 58% year-over-year rise.This marks the highest quarterly revenue in the company's history.The growth was propelled by strong demand for artificial intelligence (AI) infrastructure, specifically from laser chips and optical transceivers used in data centers and network interconnects.

Lumentum Is Building A 2026 Technology Supercycle — Could CW

United States

Lumentum Holdings Inc. operates as a holding company. The Company, through its subsidiaries, supplies optical and photonic products. Lumentum Holdings serves data communications and telecommunications, networking, and life-sciences markets worldwide.

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Lumentum Holdings (LITE US)

Lumentum: The Hidden AI King Powering Nvidia’s Rise

Lumentum Holdings has become one of the market’s most dramatic AI infrastructure winners, yet it still sits outside the mainstream narrative that...

Baptista Research

Lumentum Holdings: Why the Shift From 800G to 1.6T Could Be a Defining Growth Moment!

Lumentum Holdings reported strong growth in its second quarter of fiscal year 2026, setting new records for both revenue and operating...

Baptista Research

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

LAZR: When a Photonics ETF Becomes a Private AI Wrapper

Tema's LAZR ETF sees rapid drop in Anthropic SPV exposure, highlighting private-asset ETF volatility and questions about legal claims;...

Mint Finance

Lumentum Is Building A 2026 Technology Supercycle — Could CW

Lumentum Holdings recently reported a noteworthy increase in revenue for the first quarter of fiscal year 2026, reaching $533.8 million, a 58%...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lumentum: The Hidden AI King Powering Nvidia’s Rise

Lumentum Holdings has become one of the market’s most dramatic AI infrastructure winners, yet it still sits outside the mainstream narrative that...

Baptista Research

Lumentum Holdings: Why the Shift From 800G to 1.6T Could Be a Defining Growth Moment!

Lumentum Holdings reported strong growth in its second quarter of fiscal year 2026, setting new records for both revenue and operating...

Baptista Research

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

LAZR: When a Photonics ETF Becomes a Private AI Wrapper

​Tema's LAZR ETF sees rapid drop in Anthropic SPV exposure, highlighting private-asset ETF volatility and questions about legal claims;...

Mint Finance

Lumentum Is Building A 2026 Technology Supercycle — Could CW

Lumentum Holdings recently reported a noteworthy increase in revenue for the first quarter of fiscal year 2026, reaching $533.8 million, a 58%...

Baptista Research

Tema's LAZR ETF sees rapid drop in Anthropic SPV exposure, highlighting private-asset ETF volatility and questions about legal claims;...