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 (NASDAQ: NVDA) is on the brink of yet another significant leap in AI computing with its latest Blackwell GPU, as CEO Jensen Huang recently emphasized in an interview with CNBC.</li><li>Describing the demand as "insane," Huang noted that Blackwell is already in full production and on track to be released to data centers for AI applications, with consumer availability slated for 2025.</li><li>The company’s growth, particularly in its Data Center division, has been fueled by AI workloads, driven by GPU computing, networking platforms, and accelerated AI demand.</li></ul>

NVIDIA (NASDAQ: NVDA) is on the brink of yet another significant leap in AI computing with its latest Blackwell GPU, as CEO Jensen Huang recently emphasized in an interview with CNBC.Describing the demand as "insane," Huang noted that Blackwell is already in full production and on track to be released to data centers for AI applications, with consumer availability slated for 2025.The company’s growth, particularly in its Data Center division, has been fueled by AI workloads, driven by GPU computing, networking platforms, and accelerated AI demand.

NVIDIA’s "Insane" Blackwell Demand & The New NVLM Model – Can It Redefine AI Computing in 2025?

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.

Equity Capital Markets

Cerebras Systems  / Equity Capital Markets

<ul><li>I’m not going to write about the technical side at all, as I expect Dylan Patel’s team at SemiAnalysis to do a much better job than I can do alone.</li><li>However, I want to note some of the funniest aspects because landmines are everywhere for this IPO. Of course, it’s driven by G42, but it’s much worse than you think. Here’s the <a href="https://www.sec.gov/Archives/edgar/data/2021728/000162828024041596/cerebras-sx1.htm" target="_blank" rel="noopener">prelim S-1</a>.</li><li>G42 is pretty much the only customer.</li></ul>

I’m not going to write about the technical side at all, as I expect Dylan Patel’s team at SemiAnalysis to do a much better job than I can do alone.However, I want to note some of the funniest aspects because landmines are everywhere for this IPO. Of course, it’s driven by G42, but it’s much worse than you think. Here’s the prelim S-1.G42 is pretty much the only customer.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>At end-September, the Nikkei 225 semi-annual review imposed a "cap" on <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> in the Average, applying a 0.9 coefficient to the Price Adjustment Factor.</li>
<li>At its current weight, Fast Retailing will be capped again in March 2025. If the stock outperforms Nikkei 225 by another 3% before 31 January 2025, it could be double-capped.</li>
<li>And an additional 16% would mean ¥1.1trln of sales in March. But like last time, this is a rubber band which stretches. Too far, and selling pressure is obvious.</li>
</ul>


At end-September, the Nikkei 225 semi-annual review imposed a "cap" on Fast Retailing (9983 JP) in the Average, applying a 0.9 coefficient to the Price Adjustment Factor.
At its current weight, Fast Retailing will be capped again in March 2025. If the stock outperforms Nikkei 225 by another 3% before 31 January 2025, it could be double-capped.
And an additional 16% would mean ¥1.1trln of sales in March. But like last time, this is a rubber band which stretches. Too far, and selling pressure is obvious.


Mar25 Nikkei 225 Rebal: Considering Fast Retailing Capping.... Again...

<ul><li>Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.</li><li>I mainly supported the memory companies if you didn’t read between the lines (<a href="https://www.smartkarma.com/insights/chatgpt-o1-strawberry-and-memory" target="_blank" rel="noopener">ChatGPT o1 (Strawberry) and Memory)</a></li><li>Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.</li></ul>

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.I mainly supported the memory companies if you didn’t read between the lines (ChatGPT o1 (Strawberry) and Memory)Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis</li>
<li>Global Semi Sales Strength Continues In July. How Long Can It Last? </li>
<li>Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers</li>
</ul>


Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis
Global Semi Sales Strength Continues In July. How Long Can It Last? 
Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers


Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

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’s "Insane" Blackwell Demand & The New NVLM Model – Can It Redefine AI Computing in 2025?

NVIDIA (NASDAQ: NVDA) is on the brink of yet another significant leap in AI computing with its latest Blackwell GPU, as CEO Jensen Huang recently...

Baptista Research

The Cerebras IPO Stucture Sucks

I’m not going to write about the technical side at all, as I expect Dylan Patel’s team at SemiAnalysis to do a much better job than I can do...

Fabricated Knowledge

Mar25 Nikkei 225 Rebal: Considering Fast Retailing Capping.... Again...

Fast Retailing is the first Nikkei 225 stock to be capped. That meant nearly ¥400bn of selling yesterday. Now it is due to be capped again in 6...

Travis Lundy

Micron and WFE

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle. I mainly supported the memory companies if you didn’t read between...

Fabricated Knowledge

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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NVIDIA’s "Insane" Blackwell Demand & The New NVLM Model – Can It Redefine AI Computing in 2025?

NVIDIA (NASDAQ: NVDA) is on the brink of yet another significant leap in AI computing with its latest Blackwell GPU, as CEO Jensen Huang recently...

Baptista Research

The Cerebras IPO Stucture Sucks

I’m not going to write about the technical side at all, as I expect Dylan Patel’s team at SemiAnalysis to do a much better job than I can do...

Fabricated Knowledge

Mar25 Nikkei 225 Rebal: Considering Fast Retailing Capping.... Again...

Fast Retailing is the first Nikkei 225 stock to be capped. That meant nearly ¥400bn of selling yesterday. Now it is due to be capped again in 6...

Travis Lundy

Micron and WFE

Just two weeks ago, I wrote about how I thought this was a mid-memory cycle. I mainly supported the memory companies if you didn’t read between...

Fabricated Knowledge

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

​Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.