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>Qualcomm Incorporated is reportedly in advanced talks to acquire Modular Inc., an artificial intelligence infrastructure software company, in a transaction valuing the startup at about $4 billion.</li><li>Reuters, citing Bloomberg, reported that the deal could be announced in the coming weeks and would represent a sharp step-up from Modular’s prior valuation of about $1.6 billion.</li><li>The timing is important.</li></ul>

Qualcomm Incorporated is reportedly in advanced talks to acquire Modular Inc., an artificial intelligence infrastructure software company, in a transaction valuing the startup at about $4 billion.Reuters, citing Bloomberg, reported that the deal could be announced in the coming weeks and would represent a sharp step-up from Modular’s prior valuation of about $1.6 billion.The timing is important.

Qualcomm's Acquisition Watch: Can Modular Help It Escape Handset Dependence?

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>AI agents becoming the true center of the digital experience. Diverse devices, including 6 billion phones, 2 billion wearables, 2 billion PCs and 500 million vehicles, will act as endpoints</li>
<li>Demonstrations proved that routing tasks dynamically between the device and the cloud via a hybrid orchestrator saves up to 30%–60% in tokens and cuts costs by 4x.</li>
<li>Because agents operate independently and continuously carry context forward, they demand entirely new hardware architectures. This puts a heavy premium on high-efficiency CPUs for system orchestration </li>
</ul>


AI agents becoming the true center of the digital experience. Diverse devices, including 6 billion phones, 2 billion wearables, 2 billion PCs and 500 million vehicles, will act as endpoints
Demonstrations proved that routing tasks dynamically between the device and the cloud via a hybrid orchestrator saves up to 30%–60% in tokens and cuts costs by 4x.
Because agents operate independently and continuously carry context forward, they demand entirely new hardware architectures. This puts a heavy premium on high-efficiency CPUs for system orchestration 


Qualcomm Computex 2026. Key Takeaways & Full Transcript

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>AMD’s unconditional commitments rose from $12.2bn at end-2025 to $30.3bn by June, all while management asks investors to focus on gross-profit dollars over gross-margin percentage.</li>
<li>Qualcomm is targeting $5bn of data-centre revenue in FY27 and $15bn-plus by FY29 from a base still measured in hundreds of millions, implying a steep physical-capacity ramp.</li>
<li>Qualcomm already has $769m of advance payments tied to multi-year chip-capacity commitments, while Amazon’s $60bn framework gives it demand visibility to reserve more supply ahead of revenue.</li>
</ul>


AMD’s unconditional commitments rose from $12.2bn at end-2025 to $30.3bn by June, all while management asks investors to focus on gross-profit dollars over gross-margin percentage.
Qualcomm is targeting $5bn of data-centre revenue in FY27 and $15bn-plus by FY29 from a base still measured in hundreds of millions, implying a steep physical-capacity ramp.
Qualcomm already has $769m of advance payments tied to multi-year chip-capacity commitments, while Amazon’s $60bn framework gives it demand visibility to reserve more supply ahead of revenue.


Fabless, Until Capacity Has to Be Financed

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Qualcomm's core strength lies in its dual-engine business model, combining a high-margin patent licensing business (QTL) with a leading-edge semiconductor design segment (QCT), a structure competitors cannot easily replicate.</li>
  <li>Strategic diversification into high-growth markets such as automotive, IoT, and AI-powered PCs is critical to offset the cyclical nature and customer concentration risks of its mature smartphone business.</li>
  <li>Key risks include intense competition from rivals like MediaTek, the trend of major customers like Apple developing in-house silicon, and significant geopolitical and regulatory exposure, particularly related to China.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Qualcomm's core strength lies in its dual-engine business model, combining a high-margin patent licensing business (QTL) with a leading-edge semiconductor design segment (QCT), a structure competitors cannot easily replicate.
  Strategic diversification into high-growth markets such as automotive, IoT, and AI-powered PCs is critical to offset the cyclical nature and customer concentration risks of its mature smartphone business.
  Key risks include intense competition from rivals like MediaTek, the trend of major customers like Apple developing in-house silicon, and significant geopolitical and regulatory exposure, particularly related to China.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Qualcomm Inc (QCOM US) - May 2026

<ul>
<li>Qualcomm is entering data center with a three-product attack: custom silicon (revenue starting this year), data center CPU, and an AI inference accelerator (AI 200 / AI 250).</li>
<li>Robotics framed as the next ADAS. Same content range starting point as Auto ($300-$2,000 per platform), 3-5 year horizon to material revenue. Multiple named partners plus many undisclosed China partners</li>
<li>Smartphones. June quarter is the trough. Two quarters of channel drawdown have run their course. Confidence anchored on actual channel data plus Sep/Dec device launches</li>
</ul>


Qualcomm is entering data center with a three-product attack: custom silicon (revenue starting this year), data center CPU, and an AI inference accelerator (AI 200 / AI 250).
Robotics framed as the next ADAS. Same content range starting point as Auto ($300-$2,000 per platform), 3-5 year horizon to material revenue. Multiple named partners plus many undisclosed China partners
Smartphones. June quarter is the trough. Two quarters of channel drawdown have run their course. Confidence anchored on actual channel data plus Sep/Dec device launches


Qualcomm @JPM 54th Annual TMT. Key Takeaways & Full Transcript

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Qualcomm's Acquisition Watch: Can Modular Help It Escape Handset Dependence?

Qualcomm Incorporated is reportedly in advanced talks to acquire Modular Inc., an artificial intelligence infrastructure software company, in a...

Baptista Research

Qualcomm Computex 2026. Key Takeaways & Full Transcript

Because agents operate independently and continuously carry context forward, they demand entirely new hardware architectures. This puts a heavy...

William Keating

Fabless, Until Capacity Has to Be Financed

Fabless AI is getting less asset-light. We trace how AMD’s rising commitments, Nvidia’s scale and Qualcomm’s $15bn ambition are reshaping the...

Mint Finance

Primer: Qualcomm Inc (QCOM US) - May 2026

Qualcomm's core strength lies in its dual-engine business model, combining a high-margin patent licensing business (QTL) with a leading-edge...

αSK Primers

Qualcomm @JPM 54th Annual TMT. Key Takeaways & Full Transcript

Qualcomm is entering data center with a three-product attack: custom silicon (revenue starting this year), data center CPU, and an AI inference...

William Keating

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