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

Monolithic Power Systems, Inc / Equity Bottom-Up

<ul><li>Monolithic Power Systems Inc. ("the company") in its third quarter of 2025, reported a banner quarter, achieving record revenue levels of $737.2 million, marking sequential growth of 10.9% and an 18.9% increase from the same period in the prior year.</li><li>This outcome underscores the efficacy of their diversified market approach and strategic innovations aimed at addressing specific customer needs across a variety of segments.</li><li>On a positive note, the company has demonstrated a robust capacity for growth, amplified by its successful penetration into multiple market segments.</li></ul>

Monolithic Power Systems Inc. ("the company") in its third quarter of 2025, reported a banner quarter, achieving record revenue levels of $737.2 million, marking sequential growth of 10.9% and an 18.9% increase from the same period in the prior year.This outcome underscores the efficacy of their diversified market approach and strategic innovations aimed at addressing specific customer needs across a variety of segments.On a positive note, the company has demonstrated a robust capacity for growth, amplified by its successful penetration into multiple market segments.

Monolithic Power Systems’ Bold Shift: From Chipmaker to Full Solution Powerhouse!

AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

<ul><li>An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts.</li><li>Texas Instruments makes many of the small, cheap chips that step it down and keep it safe on the way.</li><li>It is spending tens of billions of dollars on its own American factories to make those chips more cheaply than anyone who rents factory space.</li></ul>

An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts.Texas Instruments makes many of the small, cheap chips that step it down and keep it safe on the way.It is spending tens of billions of dollars on its own American factories to make those chips more cheaply than anyone who rents factory space.

The most expensive chip in an AI rack runs on Texas Instruments' cheapest ones

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>In my opinion, this week’s big news in the semiconductor industry is the ramp of Trainium. It’s a bit subtle, but I will walk you through the secondary impacts and then give you an idea.</li><li>Let’s start at the source and walk backward from there. Amazon finally woke up. <a href="https://www.semianalysis.com/p/amazons-cloud-crisis-how-aws-will" target="_blank" rel="noopener">SemiAnalysis’s piece on why Amazon will lose the future of AI</a> has pretty much turned out correct.</li><li>AWS has a fundamentally different view of how to run infrastructure, and most of it is driven by effectively pursuing Amazon basics at scale for their AWS property.</li></ul>

In my opinion, this week’s big news in the semiconductor industry is the ramp of Trainium. It’s a bit subtle, but I will walk you through the secondary impacts and then give you an idea.Let’s start at the source and walk backward from there. Amazon finally woke up. SemiAnalysis’s piece on why Amazon will lose the future of AI has pretty much turned out correct.AWS has a fundamentally different view of how to run infrastructure, and most of it is driven by effectively pursuing Amazon basics at scale for their AWS property.

<ul>
<li>Another week of earnings. I will start with a summary and then go into specific bits from each company.</li>
<li>I continue to like automotive, specifically semiconductors.</li>
<li>However, despite sequentially better results, we are seeing continued weakness in automotive and meaningful weakness in Industrial</li>
</ul>


Another week of earnings. I will start with a summary and then go into specific bits from each company.
I continue to like automotive, specifically semiconductors.
However, despite sequentially better results, we are seeing continued weakness in automotive and meaningful weakness in Industrial


Earnings: ON, AMKR, RMBS, UCTT, AMD, ASMI, KLAC, MPWR, ALGM, STM, INTC

<ul>
<li>This is going to be a big week, so I’ll be as brief as I can while getting everything in one place.</li>
<li>Let’s start with Automotive, which is my favorite idea set right now. The problem is that the near-term results were much weaker than I expected, and it looks like the bottom is maybe in.</li>
<li>I was expecting another quarter of scrapping along the bottom, and Industrial weakness punched a new low.</li>
</ul>


This is going to be a big week, so I’ll be as brief as I can while getting everything in one place.
Let’s start with Automotive, which is my favorite idea set right now. The problem is that the near-term results were much weaker than I expected, and it looks like the bottom is maybe in.
I was expecting another quarter of scrapping along the bottom, and Industrial weakness punched a new low.


Earnings: NXPI, CDNS, TXN, SLAB, Alphawave, TSEM, KLAC, SK Hynix, MXL, STM, ASMI, VRT, UCTT

United States

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

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Monolithic Power Systems, Inc (MPWR US)

Monolithic Power Systems’ Bold Shift: From Chipmaker to Full Solution Powerhouse!

Monolithic Power Systems Inc. ("the company") in its third quarter of 2025, reported a banner quarter, achieving record revenue levels of $737.2...

Baptista Research

The most expensive chip in an AI rack runs on Texas Instruments' cheapest ones

An AI processor needs electricity at less than one volt, but power reaches the cabinet at hundreds of volts. Texas Instruments makes many of the...

The Physical Layer

The Rise of Amazon's Trainium 2

In my opinion, this week’s big news in the semiconductor industry is the ramp of Trainium. It’s a bit subtle, but I will walk you through the...

Fabricated Knowledge

Earnings: ON, AMKR, RMBS, UCTT, AMD, ASMI, KLAC, MPWR, ALGM, STM, INTC

Another week of earnings. I will start with a summary and then go into specific bits from each company. I continue to like automotive,...

Fabricated Knowledge

Earnings: NXPI, CDNS, TXN, SLAB, Alphawave, TSEM, KLAC, SK Hynix, MXL, STM, ASMI, VRT, UCTT

This is going to be a big week, so I’ll be as brief as I can while getting everything in one place. Let’s start with Automotive, which is my...

Fabricated Knowledge

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