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>Nvidia is trying to make the next phase of artificial intelligence feel less like a chatbot window and more like a digital workforce living inside personal computers.</li><li>The company recently unveiled prototypes for a new generation of AI-agent-focused PCs powered by its RTX Spark chip, with partners including Dell, Lenovo, Microsoft, HP, Asus, and MSI.</li><li>These systems are expected to target premium creators, AI developers, and gamers first, with dozens of laptop and desktop models planned.</li></ul>

Nvidia is trying to make the next phase of artificial intelligence feel less like a chatbot window and more like a digital workforce living inside personal computers.The company recently unveiled prototypes for a new generation of AI-agent-focused PCs powered by its RTX Spark chip, with partners including Dell, Lenovo, Microsoft, HP, Asus, and MSI.These systems are expected to target premium creators, AI developers, and gamers first, with dozens of laptop and desktop models planned.

Nvidia Wants To Put AI Employees Inside Your Laptop!

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Estimates of Semiconductors value keep going up. Memory as prices double and triple in 2026, plus volume growth. Logic because unit demand is going up (AI), plus cost increase. </li>
<li>You’ve been told during the last earnings season: Agentic / Inference demand is going ballistic. The key question is not “is there demand” but can token cost decline fast enough? </li>
<li>For the Semi industry to reach $2.5tn by 2030, how much AI Capex and revenues do we need by 2030?</li>
</ul>


Estimates of Semiconductors value keep going up. Memory as prices double and triple in 2026, plus volume growth. Logic because unit demand is going up (AI), plus cost increase. 
You’ve been told during the last earnings season: Agentic / Inference demand is going ballistic. The key question is not “is there demand” but can token cost decline fast enough? 
For the Semi industry to reach $2.5tn by 2030, how much AI Capex and revenues do we need by 2030?


Semiconductor Market Value. TSMC Said $1.5tn by 2030. WSTS Says $1.9tn in '27. $2.5 Trillion by '30?

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>In 2023, the number of Github commits was 300 million. 2024, 400 million. 2025, 500 million. In the first few months of 2026, it has nearly tripled.”</li>
<li>It used to take two hours to assemble one Grace Blackwell rack, Vera Rubin now only takes five minutes. VR supply chain twice the size of Grace Blackwell</li>
<li>Launched RTX Spark, a Microsoft-NVIDIA reimagined PC, built on the N1X SoC in partnership with MediaTek. Three SKUs: laptop (RTX Spark), desktop, and the DGX Station</li>
</ul>


In 2023, the number of Github commits was 300 million. 2024, 400 million. 2025, 500 million. In the first few months of 2026, it has nearly tripled.”
It used to take two hours to assemble one Grace Blackwell rack, Vera Rubin now only takes five minutes. VR supply chain twice the size of Grace Blackwell
Launched RTX Spark, a Microsoft-NVIDIA reimagined PC, built on the N1X SoC in partnership with MediaTek. Three SKUs: laptop (RTX Spark), desktop, and the DGX Station


NVIDIA Keynote Computex 2026. Key Takeaways & Full Transcript

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>NVIDIA is entering the "Agentic AI" supercycle with the Vera Rubin platform featuring its new Vera CPU, poised to capture untapped market.</li>
<li>Record Q1 revenue and a 25x dividend increase signal cash flow maturity, supporting a premium valuation.</li>
<li>Our analysis suggest certain options strategies have done well in the recent past, and that future product announcements could propel significant price action.</li>
</ul>


NVIDIA is entering the "Agentic AI" supercycle with the Vera Rubin platform featuring its new Vera CPU, poised to capture untapped market.
Record Q1 revenue and a 25x dividend increase signal cash flow maturity, supporting a premium valuation.
Our analysis suggest certain options strategies have done well in the recent past, and that future product announcements could propel significant price action.


NVIDIA (NVDA): Capitalizing on Agentic AI with a Long Volatility Strategy

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>GAAP EPS of $2.39 vs. $1.87 non-GAAP has the delta owing to a $15.9bn unrealised mark-to-market gain on private AI stakes. Any correction, and GAAP swings violently without touching operations.</li>
<li>Inventory build is front-loaded in raw materials; NVIDIA is supply-constrained at inputs, not demand-constrained at outputs. The risk is HBM4 yield and CoWoS-L capacity as against unsold product.</li>
<li>Jensen guided $20bn in standalone Vera CPU revenue this year; a ceiling if CoWoS-L supply stays tight, but potentially understated if it scales; x86 incumbency remains the underappreciated risk.</li>
</ul>


GAAP EPS of $2.39 vs. $1.87 non-GAAP has the delta owing to a $15.9bn unrealised mark-to-market gain on private AI stakes. Any correction, and GAAP swings violently without touching operations.
Inventory build is front-loaded in raw materials; NVIDIA is supply-constrained at inputs, not demand-constrained at outputs. The risk is HBM4 yield and CoWoS-L capacity as against unsold product.
Jensen guided $20bn in standalone Vera CPU revenue this year; a ceiling if CoWoS-L supply stays tight, but potentially understated if it scales; x86 incumbency remains the underappreciated risk.


NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Nvidia Wants To Put AI Employees Inside Your Laptop!

Nvidia is trying to make the next phase of artificial intelligence feel less like a chatbot window and more like a digital workforce living inside...

Baptista Research

Semiconductor Market Value. TSMC Said $1.5tn by 2030. WSTS Says $1.9tn in '27. $2.5 Trillion by '30?

Semiconductor industry value is soaring value with memory and logic driving growth, fueled by increasing demand for AI technology. Key challenge...

Nicolas Baratte

NVIDIA Keynote Computex 2026. Key Takeaways & Full Transcript

Launched RTX Spark, a Microsoft-NVIDIA reimagined PC, built on the N1X SoC in partnership with MediaTek. Three SKUs: laptop (RTX Spark), desktop,...

William Keating

NVIDIA (NVDA): Capitalizing on Agentic AI with a Long Volatility Strategy

NVIDIA's new Vera Rubin platform and strong financials position them to dominate the Agentic AI market with potential for significant stock price...

Jay Cameron

NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions

GAAP EPS boosted by unrealised gains on AI stakes, NVIDIA faces supply constraints on raw materials and potential revenue ceiling from CoWoS-L...

Mint Finance

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Nvidia Wants To Put AI Employees Inside Your Laptop!

Nvidia is trying to make the next phase of artificial intelligence feel less like a chatbot window and more like a digital workforce living inside...

Baptista Research

Semiconductor Market Value. TSMC Said $1.5tn by 2030. WSTS Says $1.9tn in '27. $2.5 Trillion by '30?

​Semiconductor industry value is soaring value with memory and logic driving growth, fueled by increasing demand for AI technology. Key challenge...

Nicolas Baratte

NVIDIA Keynote Computex 2026. Key Takeaways & Full Transcript

Launched RTX Spark, a Microsoft-NVIDIA reimagined PC, built on the N1X SoC in partnership with MediaTek. Three SKUs: laptop (RTX Spark), desktop,...

William Keating

NVIDIA (NVDA): Capitalizing on Agentic AI with a Long Volatility Strategy

​NVIDIA's new Vera Rubin platform and strong financials position them to dominate the Agentic AI market with potential for significant stock price...

Jay Cameron

NVIDIA Q1 FY27: The Numbers Are Immaculate, but the Balance Sheet Has Questions

​GAAP EPS boosted by unrealised gains on AI stakes, NVIDIA faces supply constraints on raw materials and potential revenue ceiling from CoWoS-L...

Mint Finance

Semiconductor industry value is soaring value with memory and logic driving growth, fueled by increasing demand for AI technology. Key challenge...

NVIDIA's new Vera Rubin platform and strong financials position them to dominate the Agentic AI market with potential for significant stock price...

GAAP EPS boosted by unrealised gains on AI stakes, NVIDIA faces supply constraints on raw materials and potential revenue ceiling from CoWoS-L...