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>Microsoft Corporation is facing a sharper investor debate as its artificial intelligence ambitions become more expensive, more complex, and less dependent on OpenAI alone.</li><li>Coming into Thursday, Microsoft stock had fallen more than 24% in 2026, with shares sliding another 2.9% as the broader tech selloff resumed and concerns around heavy AI spending continued to weigh on sentiment.</li><li>The company’s aggressive AI strategy has driven massive capital expenditures, which are projected to reach roughly $190 billion in calendar 2026.</li></ul>

Microsoft Corporation is facing a sharper investor debate as its artificial intelligence ambitions become more expensive, more complex, and less dependent on OpenAI alone.Coming into Thursday, Microsoft stock had fallen more than 24% in 2026, with shares sliding another 2.9% as the broader tech selloff resumed and concerns around heavy AI spending continued to weigh on sentiment.The company’s aggressive AI strategy has driven massive capital expenditures, which are projected to reach roughly $190 billion in calendar 2026.

Microsoft’s OpenAI Romance Just Got A Lot More Complicated!

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>OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.</li>
<li>China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.</li>
<li>AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.</li>
</ul>


OpenAI's private funding and burn disclosures reset IPO timing, while Anthropic added Nasdaq, profitability and revenue markers ahead of listing.
China labs shipped faster domestic-chip inference, cheaper multimodal pricing, coding-agent tools and Kimi distribution on AWS Bedrock.
AI infrastructure financing stayed active across data centers, power equipment, custom chips, memory and startup funding.


This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

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>Surface RTX Spark DevBox: A "dream machine" for local development boasting one petaflop of AI compute and 128 gigabytes of unified memory.</li>
<li>The MAI Model Family: Microsoft's new internally developed frontier models, highlighted by the 35-billion-parameter reasoning model MAI Thinking 1.</li>
<li>Majorana 2 Qubit: A massive quantum computing leap delivering a qubit mean lifetime of 20 seconds to a minute—1,000 times higher than Majorana 1.</li>
</ul>


Surface RTX Spark DevBox: A "dream machine" for local development boasting one petaflop of AI compute and 128 gigabytes of unified memory.
The MAI Model Family: Microsoft's new internally developed frontier models, highlighted by the 35-billion-parameter reasoning model MAI Thinking 1.
Majorana 2 Qubit: A massive quantum computing leap delivering a qubit mean lifetime of 20 seconds to a minute—1,000 times higher than Majorana 1.


Microsoft Build 2026. Satya Nadella Keynote Executive Summary & Full Transcript

<ul><li>The third quarter results for Microsoft Corporation demonstrate continued growth driven primarily by its cloud and AI businesses, supported by strong operational execution and infrastructure investments.</li><li>Microsoft Cloud revenue grew 29% year-over-year to $54.5 billion, with AI-related annual revenue run rate surpassing $37 billion, up 123%.</li><li>This growth reflects expansion in Azure, AI applications, and enterprise adoption of AI-powered tools such as Microsoft 365 Copilot, which reached over 20 million paid seats and saw a 250% year-over-year increase.</li></ul>

The third quarter results for Microsoft Corporation demonstrate continued growth driven primarily by its cloud and AI businesses, supported by strong operational execution and infrastructure investments.Microsoft Cloud revenue grew 29% year-over-year to $54.5 billion, with AI-related annual revenue run rate surpassing $37 billion, up 123%.This growth reflects expansion in Azure, AI applications, and enterprise adoption of AI-powered tools such as Microsoft 365 Copilot, which reached over 20 million paid seats and saw a 250% year-over-year increase.

Microsoft’s $37 Billion AI Run Rate: Can Agentic Computing Drive The Next Leg?

<ul>
<li>DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.</li>
<li>OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.</li>
<li>Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.</li>
</ul>


DeepSeek released V4.1-Flash and hired underwriters for a Shanghai IPO. US agencies and Anthropic separately accused Chinese labs of extracting US model outputs.
OpenAI published a proposed Navier-Stokes proof and opened its Agents API beta. Xiaomi introduced MiMo Desktop for invited users.
Zhipu proposed USD 5bn of financing. Cognition announced a larger USD 2bn round, while Nvidia discussed an Anthropic IPO anchor investment.


This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Microsoft’s OpenAI Romance Just Got A Lot More Complicated!

Microsoft Corporation is facing a sharper investor debate as its artificial intelligence ambitions become more expensive, more complex, and less...

Baptista Research

This Week in AI (Sep 13-19): OpenAI Delays IPO Hopes; AI Slowdown Debate Hits Markets

This week in AI: OpenAI pushed IPO expectations beyond 2026, the AI slowdown debate reached markets and policy, and Chinese labs kept shipping models.

Ke Yan, CFA, FRM

Microsoft Build 2026. Satya Nadella Keynote Executive Summary & Full Transcript

Majorana 2 Qubit: A massive quantum computing leap delivering a qubit mean lifetime of 20 seconds to a minute—1,000 times higher than Majorana 1.

William Keating

Microsoft’s $37 Billion AI Run Rate: Can Agentic Computing Drive The Next Leg?

The third quarter results for Microsoft Corporation demonstrate continued growth driven primarily by its cloud and AI businesses, supported by...

Baptista Research

This Week in AI (Sep 6-12): DeepSeek V4.1-Flash and IPO; OpenAI's Astra Solves NS Equation

This week in AI: DeepSeek releases V4.1-Flash and hires Shanghai IPO underwriters. US agencies and Anthropic accuse Chinese labs of model...

Ke Yan, CFA, FRM

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