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>Oracle rarely surprises Wall Street.</li><li>This time, it did.</li><li>After reporting another quarter of strong cloud growth, Oracle’s stock fell sharply by more than 10% in a single session, a rarity for a low-beta company.</li></ul>

Oracle rarely surprises Wall Street.This time, it did.After reporting another quarter of strong cloud growth, Oracle’s stock fell sharply by more than 10% in a single session, a rarity for a low-beta company.

Oracle Stock Crashes As AI Spending Spirals Out Of Control!

<ul><li>In a landmark move underscoring its deepening AI infrastructure ambitions, Oracle has emerged as a central player in the $38 billion Jacquard AI data center financing project, a joint venture involving OpenAI and SoftBank.</li><li>The initiative—dubbed "Stargate"—will be developed by Vantage Data Centers and consists of two massive AI facilities in Texas and Wisconsin.</li><li>Oracle is not merely a tenant in this project; it has signed a 15-year lease agreement and committed to a $300 billion purchase contract with OpenAI, positioning itself as a critical AI infrastructure provider.</li></ul>

In a landmark move underscoring its deepening AI infrastructure ambitions, Oracle has emerged as a central player in the $38 billion Jacquard AI data center financing project, a joint venture involving OpenAI and SoftBank.The initiative—dubbed "Stargate"—will be developed by Vantage Data Centers and consists of two massive AI facilities in Texas and Wisconsin.Oracle is not merely a tenant in this project; it has signed a 15-year lease agreement and committed to a $300 billion purchase contract with OpenAI, positioning itself as a critical AI infrastructure provider.

Oracle’s AI Empire Starts Here: The $38 Billion Jacquard Project Exposed!

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).</li>
<li>It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.</li>
<li>Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). </li>
</ul>


The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).
It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.
Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). 


Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

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.

Thematic (Sector/Industry)

<ul>
<li>Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.</li>
<li>Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.</li>
<li>While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.</li>
</ul>


Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.
Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.
While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.


[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.  </li>
<li>At the same time, the large US players are trying to gain revenue as token prices decline by introducing Pay-As-You-Go models, as phone companies did with data 20 years ago.</li>
<li>The decline in the "Token Expenditure Index" is a warning sign that customers may be migrating to older-generation chips to run models, undercutting capex assumptions and AI revenue projections.</li>
</ul>


Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.  
At the same time, the large US players are trying to gain revenue as token prices decline by introducing Pay-As-You-Go models, as phone companies did with data 20 years ago.
The decline in the "Token Expenditure Index" is a warning sign that customers may be migrating to older-generation chips to run models, undercutting capex assumptions and AI revenue projections.


AI: The End Of "Tokenmaxxing" And What It Means for Semis

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

Oracle Stock Crashes As AI Spending Spirals Out Of Control!

Oracle rarely surprises Wall Street. This time, it did. After reporting another quarter of strong cloud growth, Oracle’s stock fell sharply by...

Baptista Research

Oracle’s AI Empire Starts Here: The $38 Billion Jacquard Project Exposed!

In a landmark move underscoring its deepening AI infrastructure ambitions, Oracle has emerged as a central player in the $38 billion Jacquard AI...

Baptista Research

Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4...

Douglas Kim

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

AI: The End Of "Tokenmaxxing" And What It Means for Semis

Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.

David Mudd

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52-week Range

Market Cap (USDm)

P/E

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