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>Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business, alongside rising complexity and execution demands tied to its expanding role in AI infrastructure.</li><li>Revenue reached a record level, supported primarily by sustained strength in data center interconnect, optics, switching, and storage, while communications markets showed signs of recovery after a prolonged inventory correction.</li><li>Management emphasized that demand exceeded internal expectations, particularly in networking-related products, contributing to upside versus guidance and continued operating leverage.</li></ul>

Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business, alongside rising complexity and execution demands tied to its expanding role in AI infrastructure.Revenue reached a record level, supported primarily by sustained strength in data center interconnect, optics, switching, and storage, while communications markets showed signs of recovery after a prolonged inventory correction.Management emphasized that demand exceeded internal expectations, particularly in networking-related products, contributing to upside versus guidance and continued operating leverage.

Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?

<ul><li>Marvell Technology Inc.'s latest financial results for the third quarter of fiscal year 2026 highlight both strengths and challenges that would inform an investment thesis.</li><li>Marvell reported record revenue of $2.075 billion, marking a 37% year-over-year growth and a 3% sequential increase.</li><li>This growth was primarily driven by the data center segment, which saw a substantial 38% year-over-year growth due to robust demand for Artificial Intelligence (AI) products.</li></ul>

Marvell Technology Inc.'s latest financial results for the third quarter of fiscal year 2026 highlight both strengths and challenges that would inform an investment thesis.Marvell reported record revenue of $2.075 billion, marking a 37% year-over-year growth and a 3% sequential increase.This growth was primarily driven by the data center segment, which saw a substantial 38% year-over-year growth due to robust demand for Artificial Intelligence (AI) products.

Marvell Technology Acquires Celestial AI & Buys Into the Future of AI—$3.25 Billion Says It’s Serious!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.</li>
<li>The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.</li>
</ul>



Marvell Technology (MRVL US) became eligible at the last minute for S&amp;P500 inclusion in the December 2025 review, following positive Q3 earnings.

Marvell Technology (MRVL US) experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.
The company's market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&amp;P500 with a higher chance of inclusion in 2026.


Marvell Technology (MRVL US): Heroic Earnings Unlock S&P500 Eligibility

<ul><li>Marvell Technology Inc.'s second quarter of fiscal year 2026 demonstrated notable progress, with record revenue of $2.006 billion—an increase of 6% sequentially and 58% year-over-year.</li><li>The company's significant growth was fueled by the data center end market, which represented 74% of the total revenue and saw a 69% year-over-year increase, largely driven by strong AI demand.</li><li>This demonstrates the company's successful pivot to focus on data centers and AI, a strategy underscored by the recent divestiture of its automotive ethernet business for $2.5 billion, allowing for concentrated investments in the data center sector.</li></ul>

Marvell Technology Inc.'s second quarter of fiscal year 2026 demonstrated notable progress, with record revenue of $2.006 billion—an increase of 6% sequentially and 58% year-over-year.The company's significant growth was fueled by the data center end market, which represented 74% of the total revenue and saw a 69% year-over-year increase, largely driven by strong AI demand.This demonstrates the company's successful pivot to focus on data centers and AI, a strategy underscored by the recent divestiture of its automotive ethernet business for $2.5 billion, allowing for concentrated investments in the data center sector.

Marvell Technology in SoftBank’s Sights—Is a Mega AI Merger Coming?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?

Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business,...

Baptista Research

Marvell Technology Acquires Celestial AI & Buys Into the Future of AI—$3.25 Billion Says It’s Serious!

Marvell Technology Inc.'s latest financial results for the third quarter of fiscal year 2026 highlight both strengths and challenges that would...

Baptista Research