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>Nebius Group reported robust results for the second quarter of 2026, marked by significant revenue growth, improved profitability, and strategic advancements to scale capacity.</li><li>The company grew group revenue by 454% year-over-year to $582 million, with its Nebius AI business contributing 98% of group revenue and growing 514% annually to $575 million.</li><li>Annualized run rate revenue increased to $3 billion by June 30, reflecting higher utilization rates, capacity additions from Q1, and revenue from newly introduced asset-light models and recent acquisitions.</li></ul>

Nebius Group reported robust results for the second quarter of 2026, marked by significant revenue growth, improved profitability, and strategic advancements to scale capacity.The company grew group revenue by 454% year-over-year to $582 million, with its Nebius AI business contributing 98% of group revenue and growing 514% annually to $575 million.Annualized run rate revenue increased to $3 billion by June 30, reflecting higher utilization rates, capacity additions from Q1, and revenue from newly introduced asset-light models and recent acquisitions.

Nebius Group’s $9 Billion Customer Prepayments Could Rewrite The AI Financing Model!

<ul><li>Nebius Group reported substantial growth and strategic progress in the second quarter of 2026, led by Nebius AI, which contributed 98% of total revenue.</li><li>Group revenue increased 454% year-over-year to $582 million and 46% sequentially.</li><li>Annualized run rate revenue reached $3 billion by June, nearly six times the prior year-end level.</li></ul>

Nebius Group reported substantial growth and strategic progress in the second quarter of 2026, led by Nebius AI, which contributed 98% of total revenue.Group revenue increased 454% year-over-year to $582 million and 46% sequentially.Annualized run rate revenue reached $3 billion by June, nearly six times the prior year-end level.

Nebius Group's $9 Billion Funding Engine: Can AI Capacity Keep Scaling This Fast?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Horizon Quantum Holdings / Index Rebalance

<ul>
<li>The BStar Machine Learning and Quantum Computing Index represents the largest and most liquid global companies in the field of ML and Quantum computing.</li>
<li>There will be five ADDs for the index in June 2026 and a turnover of 20% of the index, which is huge.  US$1.175bn one-way.</li>
<li>The equal-weighting scheme produces interesting flows for the index. We see US$64+mm to trade for each ADD, but so much other movement means LOTS of capping/funding trades.</li>
</ul>


The BStar Machine Learning and Quantum Computing Index represents the largest and most liquid global companies in the field of ML and Quantum computing.
There will be five ADDs for the index in June 2026 and a turnover of 20% of the index, which is huge.  US$1.175bn one-way.
The equal-weighting scheme produces interesting flows for the index. We see US$64+mm to trade for each ADD, but so much other movement means LOTS of capping/funding trades.


[Quiddity Index] BStar ML and Quantum Computing Index Jun26 Rebal Results: 5 ADDs; US$1.18bn One Way

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>Upstream Strategy via Token Factory: Nebius is moving beyond basic bare-metal compute to capture a broader developer market through its managed inference platform, Token Factory, and emerging agentic abstractions.</li>
<li>Rationale behind recent acquisitions: these are great teams, quite rare talent, both in the area of inference optimization and model post-training. They will accelerate our journey with our inference platform</li>
<li>Diversification and Self-Built Data Centers: Nebius mitigates supply risks and expands margins by diversifying its customer portfolio across hyperscalers and AI natives, while building its own energy-efficient data centers.</li>
</ul>


Upstream Strategy via Token Factory: Nebius is moving beyond basic bare-metal compute to capture a broader developer market through its managed inference platform, Token Factory, and emerging agentic abstractions.
Rationale behind recent acquisitions: these are great teams, quite rare talent, both in the area of inference optimization and model post-training. They will accelerate our journey with our inference platform
Diversification and Self-Built Data Centers: Nebius mitigates supply risks and expands margins by diversifying its customer portfolio across hyperscalers and AI natives, while building its own energy-efficient data centers.


Nebius @ BofA Global Technology Conference 2026. Executive Summary & Full Transcript

<ul><li>Nebius Group reported a robust start to 2026, marked by significant revenue growth, margin expansion, capacity buildout, and strategic acquisitions.</li><li>The company is focused on developing an AI-native hyperscale cloud across four dimensions: capacity and scale, product and functionality, customer demand, and capital availability.</li><li>In the first quarter, Nebius substantially exceeded prior capacity targets by contracting over 3.5 gigawatts of power and raising its full-year target to at least 4 gigawatts, including a new 1.2 gigawatt site in Pennsylvania slated to be fully operational by early 2030.</li></ul>

Nebius Group reported a robust start to 2026, marked by significant revenue growth, margin expansion, capacity buildout, and strategic acquisitions.The company is focused on developing an AI-native hyperscale cloud across four dimensions: capacity and scale, product and functionality, customer demand, and capital availability.In the first quarter, Nebius substantially exceeded prior capacity targets by contracting over 3.5 gigawatts of power and raising its full-year target to at least 4 gigawatts, including a new 1.2 gigawatt site in Pennsylvania slated to be fully operational by early 2030.

Nebius Group’s 4-Gigawatt AI Cloud Bet: Can NVIDIA’s $2 Billion Backing Pay Off?

Netherlands

Nebius Group is a technology company providing infrastructure and services to AI builders globally. The group's core business, Nebius, is an AI-centric cloud platform built for AI workloads. Nebius Group serves customers worldwide.

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Nebius Group (NBIS US)

Nebius Group’s $9 Billion Customer Prepayments Could Rewrite The AI Financing Model!

Nebius Group reported robust results for the second quarter of 2026, marked by significant revenue growth, improved profitability, and strategic...

Baptista Research

Nebius Group's $9 Billion Funding Engine: Can AI Capacity Keep Scaling This Fast?

Nebius Group reported substantial growth and strategic progress in the second quarter of 2026, led by Nebius AI, which contributed 98% of total...

Baptista Research

[Quiddity Index] BStar ML and Quantum Computing Index Jun26 Rebal Results: 5 ADDs; US$1.18bn One Way

The Bstar ML And Quantum Computing Index gets rebalanced in June and Dec. This time it sees a whopping 22% turnover (one-way) against its nearly...

Travis Lundy

Nebius @ BofA Global Technology Conference 2026. Executive Summary & Full Transcript

Nebius mitigates supply risks & expands margins by diversifying its customer portfolio across hyperscalers and AI natives, while building its own...

William Keating

Nebius Group’s 4-Gigawatt AI Cloud Bet: Can NVIDIA’s $2 Billion Backing Pay Off?

Nebius Group reported a robust start to 2026, marked by significant revenue growth, margin expansion, capacity buildout, and strategic...

Baptista Research

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