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>The big story heading into 2026 is simple.</li><li>Microsoft looks like the early favorite to be the market’s biggest AI winner.</li><li>Every new budget cycle pushes more workloads, more data, and more everyday work into Azure and Copilot.</li></ul>

The big story heading into 2026 is simple.Microsoft looks like the early favorite to be the market’s biggest AI winner.Every new budget cycle pushes more workloads, more data, and more everyday work into Azure and Copilot.

Microsoft Is Turning The Fed’s Rate Cut Into A 2026 AI Spending Supercycle!

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>Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off "fungible" compute strategy</li>
<li>Mr. Nadella thinks AGI as more hype than substance, "jagged" intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth</li>
<li>Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.</li>
</ul>


Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off "fungible" compute strategy
Mr. Nadella thinks AGI as more hype than substance, "jagged" intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth
Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.


Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

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 M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.</li>
<li>China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.</li>
<li>Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.
China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.
Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.


This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

<ul><li>Microsoft reported a robust financial performance for its fiscal year 2026 first quarter, underscoring its leadership in the burgeoning cloud and AI sectors.</li><li>The company's revenue reached $77.7 billion, an 18% increase from the previous year, driven significantly by Microsoft Cloud, which generated $49.1 billion, up 26% year-over-year.</li><li>This growth was attributed to strong demand for Azure and AI-driven solutions, particularly through strategic partnerships like that with OpenAI.</li></ul>

Microsoft reported a robust financial performance for its fiscal year 2026 first quarter, underscoring its leadership in the burgeoning cloud and AI sectors.The company's revenue reached $77.7 billion, an 18% increase from the previous year, driven significantly by Microsoft Cloud, which generated $49.1 billion, up 26% year-over-year.This growth was attributed to strong demand for Azure and AI-driven solutions, particularly through strategic partnerships like that with OpenAI.

Microsoft’s Q3 Earnings: How A Strategic AI Upgrade Could Trigger a Cloud Supercycle!

<ul>
<li>In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.</li>
<li>The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide. </li>
<li>Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently</li>
</ul>


In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.
The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide. 
Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently


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 Is Turning The Fed’s Rate Cut Into A 2026 AI Spending Supercycle!

The big story heading into 2026 is simple. Microsoft looks like the early favorite to be the market’s biggest AI winner. Every new budget cycle...

Baptista Research

Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

It could just be me, but I think Mr. Nadella is trying to tell us something about the state of AI. We should probably listen. Let’s see.

William Keating

This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

This week in AI: MiniMax H3 tops video editing; DeepSeek seeks close to USD 8bn and hikes API prices; Switch files for a USD 10bn IPO.

Ke Yan, CFA, FRM

Microsoft’s Q3 Earnings: How A Strategic AI Upgrade Could Trigger a Cloud Supercycle!

Microsoft reported a robust financial performance for its fiscal year 2026 first quarter, underscoring its leadership in the burgeoning cloud and...

Baptista Research

Microsoft's OpenAI Conundrum

Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a...

William Keating

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