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>Micron Technology has suddenly become one of the most talked-about winners of the AI boom after its market value crossed $900 billion for the first time.</li><li>The trigger is not just rising enthusiasm around AI data centers, but also a potential supply shock at Samsung Electronics (KRX:005930), where collapsed labor talks have raised the risk of a strike that could pressure global memory-chip output.</li><li>For a company whose stock has already risen more than eightfold over the past 12 months, the debate is now more complicated: Micron is benefiting from real demand, tight supply, and improving pricing, but expectations have also moved sharply higher.</li></ul>

Micron Technology has suddenly become one of the most talked-about winners of the AI boom after its market value crossed $900 billion for the first time.The trigger is not just rising enthusiasm around AI data centers, but also a potential supply shock at Samsung Electronics (KRX:005930), where collapsed labor talks have raised the risk of a strike that could pressure global memory-chip output.For a company whose stock has already risen more than eightfold over the past 12 months, the debate is now more complicated: Micron is benefiting from real demand, tight supply, and improving pricing, but expectations have also moved sharply higher.

Micron Just Became A $900 Billion AI King — But Samsung’s Chaos Could Make It Bigger!

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Memory is experiencing a cyclical trend, driven by AI advancements and the value it adds to the data center</li><li>Micron anticipated the growth of AI and deep learning, developing technologies to support it years in advance</li><li>CEO Sanjay has been credited for early advocacy in building infrastructure for long-term success in the memory industry</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Memory is experiencing a cyclical trend, driven by AI advancements and the value it adds to the data centerMicron anticipated the growth of AI and deep learning, developing technologies to support it years in advanceCEO Sanjay has been credited for early advocacy in building infrastructure for long-term success in the memory industryThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 163: Breaking the Memory Wall: Micron’s Strategy for the AI Era

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>ChipAgents is moving agentic EDA into production, with Andes Tech reporting major cycle-time reductions and ChipAgents reaching 120+ semiconductor customers after roughly 6x ARR growth in H12026.</li>
<li>EDA-Maxxing depends on agents creating more paid design activity through additional projects and deeper exploration than they eliminate through fewer expensive tool runs.</li>
<li>Cadence and Synopsys have early monetisation advantages, but investors still need evidence that higher agent-driven tool usage translates into larger EDA budgets and incremental revenue.</li>
</ul>


ChipAgents is moving agentic EDA into production, with Andes Tech reporting major cycle-time reductions and ChipAgents reaching 120+ semiconductor customers after roughly 6x ARR growth in H12026.
EDA-Maxxing depends on agents creating more paid design activity through additional projects and deeper exploration than they eliminate through fewer expensive tool runs.
Cadence and Synopsys have early monetisation advantages, but investors still need evidence that higher agent-driven tool usage translates into larger EDA budgets and incremental revenue.


[EDA-Maxxing] AI Agents Are Designing Faster; Will EDA Spending Follow?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Memory prices gone ballistic since 4Q25. 1Q26 DRAM/NAND price increased ~80% QoQ. In 2Q ~60% QoQ. In Jan-26, Trend was forecasting total Memory value would increase by 130% in 2026. </li>
<li>AI-HBM growth will continue – low risk here. We know Nvidia, AMD, Google roadmap; we know HBM roadmap and specs, volumes and revenue indications from firms (Jensen $1 trillion revenue).</li>
<li>On the conventional side, sharp price hikes (DRAM has doubled over a year) lead to demand destruction. IDC and others are revising down PC, Smartphone, Consumer Elec forecasts. Big cuts. </li>
</ul>


Memory prices gone ballistic since 4Q25. 1Q26 DRAM/NAND price increased ~80% QoQ. In 2Q ~60% QoQ. In Jan-26, Trend was forecasting total Memory value would increase by 130% in 2026. 
AI-HBM growth will continue – low risk here. We know Nvidia, AMD, Google roadmap; we know HBM roadmap and specs, volumes and revenue indications from firms (Jensen $1 trillion revenue).
On the conventional side, sharp price hikes (DRAM has doubled over a year) lead to demand destruction. IDC and others are revising down PC, Smartphone, Consumer Elec forecasts. Big cuts. 


Memory Revenue Growth: Where Is the Peak?

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

<ul><li>Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.</li><li>The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.</li><li>Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.</li></ul>

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Micron Just Became A $900 Billion AI King — But Samsung’s Chaos Could Make It Bigger!

Micron Technology has suddenly become one of the most talked-about winners of the AI boom after its market value crossed $900 billion for the...

Baptista Research

EP 163: Breaking the Memory Wall: Micron’s Strategy for the AI Era

In summary, Micron's focus on memory technology and collaboration with customers has allowed them to successfully support and enable advanced AI...

The Circuit

[EDA-Maxxing] AI Agents Are Designing Faster; Will EDA Spending Follow?

AI agents are making chip design faster, but will they make EDA more valuable? We examine whether agentic workflows expand paid demand for Cadence...

Mint Finance

Memory Revenue Growth: Where Is the Peak?

Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...

Nicolas Baratte

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Micron Just Became A $900 Billion AI King — But Samsung’s Chaos Could Make It Bigger!

Micron Technology has suddenly become one of the most talked-about winners of the AI boom after its market value crossed $900 billion for the...

Baptista Research

EP 163: Breaking the Memory Wall: Micron’s Strategy for the AI Era

In summary, Micron's focus on memory technology and collaboration with customers has allowed them to successfully support and enable advanced AI...

The Circuit

[EDA-Maxxing] AI Agents Are Designing Faster; Will EDA Spending Follow?

AI agents are making chip design faster, but will they make EDA more valuable? We examine whether agentic workflows expand paid demand for Cadence...

Mint Finance

Memory Revenue Growth: Where Is the Peak?

​Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...

Nicolas Baratte

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...