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 recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were near the high end of guidance.</li><li>The company's chipset business, QCT, recorded revenues of $9 billion, reflecting ongoing growth across automotive, IoT, and handset segments.</li><li>Notably, automotive and IoT revenues increased by 21% and 24% year-over-year, respectively, driven by Qualcomm's strategy to diversify and expand its product offerings beyond mobile handsets.</li></ul>

Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were near the high end of guidance.The company's chipset business, QCT, recorded revenues of $9 billion, reflecting ongoing growth across automotive, IoT, and handset segments.Notably, automotive and IoT revenues increased by 21% and 24% year-over-year, respectively, driven by Qualcomm's strategy to diversify and expand its product offerings beyond mobile handsets.

Qualcomm Enters The AI Arena—Is Nvidia’s Reign Ending?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.</li>
<li>Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. </li>
<li>Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.</li>
</ul>


Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. 
Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per share, raising up to $HK2.5 billion.</li>
<li>ESWIN is one of China's leading RISC-V chipmakers, placing it at the intersection of China's drive toward semiconductor self-sufficiency and the global shift away from proprietary ISA architectures.</li>
<li>The company's RISC-V focus differentiates it from ARM-based peers and aligns with Beijing's push for open-architecture semiconductor independence.</li>
</ul>


Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per share, raising up to $HK2.5 billion.
ESWIN is one of China's leading RISC-V chipmakers, placing it at the intersection of China's drive toward semiconductor self-sufficiency and the global shift away from proprietary ISA architectures.
The company's RISC-V focus differentiates it from ARM-based peers and aligns with Beijing's push for open-architecture semiconductor independence.


HK IPO WATCH: Beijing ESWIN Computing Technology -  RISC-V Business !!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>With Nifty 50 earnings growth barely 3% YoY in CY25, companies that voluntarily offer specific, multi-metric guidance signal not just confidence, but accountability. </li>
<li>Management-Backed targets are a meaningful filter in a market where execution risk dominates.</li>
<li>Twenty Indian mid and small-cap companies have issued explicit quantitative growth guidance for FY26–FY27, spanning revenue, EBITDA, and AUM metrics across sectors from specialty chemicals to power systems to CRDMO.</li>
</ul>


With Nifty 50 earnings growth barely 3% YoY in CY25, companies that voluntarily offer specific, multi-metric guidance signal not just confidence, but accountability. 
Management-Backed targets are a meaningful filter in a market where execution risk dominates.
Twenty Indian mid and small-cap companies have issued explicit quantitative growth guidance for FY26–FY27, spanning revenue, EBITDA, and AUM metrics across sectors from specialty chemicals to power systems to CRDMO.


India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

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>Samsung Foundry’s utilisation is recovering on 4nm/8nm, but 2nm yields keep break-even out of reach; TSMC tightness and Tesla’s AI6 deal are the near-term demand supports.</li>
<li>TSMC’s 3nm is effectively sold out through 2027, turning what began as a CoWoS bottleneck into a wafer constraint and pushing customers to hedge via Samsung and Intel.</li>
<li>AI is creating a new materials bottleneck in indium phosphide, while China’s CXMT accelerates DRAM scale-up, narrowing the process gap and reshaping bargaining power.</li>
</ul>


Samsung Foundry’s utilisation is recovering on 4nm/8nm, but 2nm yields keep break-even out of reach; TSMC tightness and Tesla’s AI6 deal are the near-term demand supports.
TSMC’s 3nm is effectively sold out through 2027, turning what began as a CoWoS bottleneck into a wafer constraint and pushing customers to hedge via Samsung and Intel.
AI is creating a new materials bottleneck in indium phosphide, while China’s CXMT accelerates DRAM scale-up, narrowing the process gap and reshaping bargaining power.


[Wafer Watch] Foundry Loading, 3nm Scarcity, and New Materials Constraints

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 Enters The AI Arena—Is Nvidia’s Reign Ending?

Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were...

Baptista Research

Qualcomm’s Weird AI Announcement

Qualcomm's heavy reliance on the mobile market poses a vulnerability, with efforts to diversify into other markets like auto. New AI chips...

Nicolas Baratte

HK IPO WATCH: Beijing ESWIN Computing Technology - RISC-V Business !!

Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per...

David Mudd

India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Sudarshan Bhandari

[Wafer Watch] Foundry Loading, 3nm Scarcity, and New Materials Constraints

Samsung’s utilisation improves, TSMC’s 3nm is sold out, InP substrates tighten, and CXMT accelerates its DRAM build-out.

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Qualcomm Enters The AI Arena—Is Nvidia’s Reign Ending?

Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were...

Baptista Research

Qualcomm’s Weird AI Announcement

​Qualcomm's heavy reliance on the mobile market poses a vulnerability, with efforts to diversify into other markets like auto. New AI chips...

Nicolas Baratte

HK IPO WATCH: Beijing ESWIN Computing Technology - RISC-V Business !!

Beijing ESWIN Computing Technology (1256 HK) is listing in Hong Kong on September 9th in an IPO, offering shares between $HK1.48 and $HK1.59 per...

David Mudd

India's Guided Growth Playbook: 20 Companies Telling You Exactly Where They're Going

​These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.

Sudarshan Bhandari

[Wafer Watch] Foundry Loading, 3nm Scarcity, and New Materials Constraints

Samsung’s utilisation improves, TSMC’s 3nm is sold out, InP substrates tighten, and CXMT accelerates its DRAM build-out.

Mint Finance

Qualcomm's heavy reliance on the mobile market poses a vulnerability, with efforts to diversify into other markets like auto. New AI chips...

These are 20 Indian Companies offering specific, multi-metric guidance signal confidence and accountability in a market dominated by execution risk.