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’s recent discussions reveal a business navigating strong demand amid supply-side constraints and ongoing investment in capacity expansion.</li><li>The company reiterated its expectation of elevated capital expenditures through fiscal year 2027, with an emphasis on increasing DRAM and High Bandwidth Memory (HBM) capacity, including investments in new greenfield fabs and expansions at existing sites such as Tongluo and Singapore.</li><li>While the NAND segment has historically relied more on node upgrades for bit growth, Micron is now pursuing greenfield expansion primarily to support increased NAND demand from data center applications driven by AI and to accommodate NAND R&D activities closer to manufacturing operations.</li></ul>

Micron Technology’s recent discussions reveal a business navigating strong demand amid supply-side constraints and ongoing investment in capacity expansion.The company reiterated its expectation of elevated capital expenditures through fiscal year 2027, with an emphasis on increasing DRAM and High Bandwidth Memory (HBM) capacity, including investments in new greenfield fabs and expansions at existing sites such as Tongluo and Singapore.While the NAND segment has historically relied more on node upgrades for bit growth, Micron is now pursuing greenfield expansion primarily to support increased NAND demand from data center applications driven by AI and to accommodate NAND R&D activities closer to manufacturing operations.

Micron Technology: Leveraging AI Adoption to Transform Memory Demand and Product Mix Dynamics!

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.

<ul>
<li>Micron’s results reinforce a tight DRAM/NAND market, but SCAs signal a move away from pure spot exposure toward contracted demand.</li>
<li>The step-up to &gt;$25bn capex is largely cleanroom and infrastructure-driven, implying supply additions are back-ended into 2027–28.</li>
<li>Data centre demand to cross 50% of industry bit TAM; changes in product mix give more room for margins to expand.</li>
</ul>


Micron’s results reinforce a tight DRAM/NAND market, but SCAs signal a move away from pure spot exposure toward contracted demand.
The step-up to &gt;$25bn capex is largely cleanroom and infrastructure-driven, implying supply additions are back-ended into 2027–28.
Data centre demand to cross 50% of industry bit TAM; changes in product mix give more room for margins to expand.


A Stellar Quarter Sees Micron Fix Cyclicality; Could That Hurt The Stock?

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

<ul>
<li>Micron delivered an exceptional fiscal Q2, with stellar records in revenue, gross margin, EPS and free cash flow. Quarterly revenue nearly tripled versus one year ago.</li>
<li>Micron's fiscal Q3 single quarter revenue guidance exceeds the full year revenue for every year in the company’s history through fiscal 2024.</li>
<li>Strategic Customer Agreements now replace the useless LTAs of the past. One customer has signed up for five years. Likely includes volume guarantees and pricing at prevailing rates. That's nice!</li>
</ul>


Micron delivered an exceptional fiscal Q2, with stellar records in revenue, gross margin, EPS and free cash flow. Quarterly revenue nearly tripled versus one year ago.
Micron's fiscal Q3 single quarter revenue guidance exceeds the full year revenue for every year in the company’s history through fiscal 2024.
Strategic Customer Agreements now replace the useless LTAs of the past. One customer has signed up for five years. Likely includes volume guarantees and pricing at prevailing rates. That's nice!


Micron. Don't Sweat The Dip, Focus On The Five Year SCA!

<ul>
<li>Micron enters its FQ2’26 print with margins set to jump 11ppt QoQ to 68%, driven by a supply-constrained memory market and accelerating HBM-led mix shift.</li>
<li>HBM4 is locked in; progress on 4E would be interesting. Tightness has extended beyond HBM into DRAM and NAND, turning Micron into a pricing and mix-driven play.</li>
<li>ASP trajectory, capex intensity, and early 2027 commitments will determine whether this remains an upward revision cycle or approaches peak pricing.</li>
</ul>


Micron enters its FQ2’26 print with margins set to jump 11ppt QoQ to 68%, driven by a supply-constrained memory market and accelerating HBM-led mix shift.
HBM4 is locked in; progress on 4E would be interesting. Tightness has extended beyond HBM into DRAM and NAND, turning Micron into a pricing and mix-driven play.
ASP trajectory, capex intensity, and early 2027 commitments will determine whether this remains an upward revision cycle or approaches peak pricing.


Micron Pre-Earnings: Pricing, HBM, and the Question of Peak Margins

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.</li>
<li>China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.</li>
<li>Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.</li>
</ul>


We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.
China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.
Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.


This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

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 Technology: Leveraging AI Adoption to Transform Memory Demand and Product Mix Dynamics!

Micron Technology’s recent discussions reveal a business navigating strong demand amid supply-side constraints and ongoing investment in capacity...

Baptista Research

A Stellar Quarter Sees Micron Fix Cyclicality; Could That Hurt The Stock?

Micron's results show a tight DRAM/NAND market, with a shift towards contracted demand. Increased capex concerns prevail, while growing data...

Mint Finance

Micron. Don't Sweat The Dip, Focus On The Five Year SCA!

Strategic Customer Agreements now replace the useless LTAs of the past. One customer has signed up for five years. Likely includes volume...

William Keating

Micron Pre-Earnings: Pricing, HBM, and the Question of Peak Margins

Micron's FQ2'26 print shows 11ppt QoQ margin jump to 68%, driven by supply constraints and HBM mix shift. Pricing and mix dynamics will dictate...

Mint Finance

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

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Micron Technology: Leveraging AI Adoption to Transform Memory Demand and Product Mix Dynamics!

Micron Technology’s recent discussions reveal a business navigating strong demand amid supply-side constraints and ongoing investment in capacity...

Baptista Research

A Stellar Quarter Sees Micron Fix Cyclicality; Could That Hurt The Stock?

​Micron's results show a tight DRAM/NAND market, with a shift towards contracted demand. Increased capex concerns prevail, while growing data...

Mint Finance

Micron. Don't Sweat The Dip, Focus On The Five Year SCA!

Strategic Customer Agreements now replace the useless LTAs of the past. One customer has signed up for five years. Likely includes volume...

William Keating

Micron Pre-Earnings: Pricing, HBM, and the Question of Peak Margins

​Micron's FQ2'26 print shows 11ppt QoQ margin jump to 68%, driven by supply constraints and HBM mix shift. Pricing and mix dynamics will dictate...

Mint Finance

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

Micron's results show a tight DRAM/NAND market, with a shift towards contracted demand. Increased capex concerns prevail, while growing data...

Micron's FQ2'26 print shows 11ppt QoQ margin jump to 68%, driven by supply constraints and HBM mix shift. Pricing and mix dynamics will dictate...