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 Inc. delivered robust performance in its fiscal second quarter of 2025, exceeding revenue and earnings expectations, indicating solid execution amidst a challenging macroeconomic and trade environment.</li><li>The company reported non-GAAP revenues of $10.8 billion and non-GAAP earnings per share of $2.85.</li><li>Critical growth drivers included its QCT division, which saw revenues grow to $9.5 billion, with handset, automotive, and IoT segments outperforming forecasted targets.</li></ul>

Qualcomm Inc. delivered robust performance in its fiscal second quarter of 2025, exceeding revenue and earnings expectations, indicating solid execution amidst a challenging macroeconomic and trade environment.The company reported non-GAAP revenues of $10.8 billion and non-GAAP earnings per share of $2.85.Critical growth drivers included its QCT division, which saw revenues grow to $9.5 billion, with handset, automotive, and IoT segments outperforming forecasted targets.

Qualcomm Incorporated: Expanding Presence in Extended Reality (XR) to Capitalize On The Increasing Consumer Demand For Immersive XR Technology!

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> 2Q25 (March-25) spot inline with expectations, 4Q guidance inline with expectations. Revenue growth is slowing down sharply in June. Consensus expects further slowdown in 2H25. </li>
<li>QCOM is losing iPhone modem, Android is not growing in units but chips become more expensive with AI, new revenue streams (AI PC, Auto, Industrial IoT) are not well understood. </li>
<li>The result is Consensus forecasting basically no EPS growth in FY26-27 and the stock is trading at 12x EPS, almost -1 standard deviation below average PEx</li>
</ul>



Qualcomm Inc (QCOM US) 2Q25 (March-25) spot inline with expectations, 4Q guidance inline with expectations. Revenue growth is slowing down sharply in June. Consensus expects further slowdown in 2H25. 
QCOM is losing iPhone modem, Android is not growing in units but chips become more expensive with AI, new revenue streams (AI PC, Auto, Industrial IoT) are not well understood. 
The result is Consensus forecasting basically no EPS growth in FY26-27 and the stock is trading at 12x EPS, almost -1 standard deviation below average PEx


Qualcomm 2Q25 (March 25): Boring and Cheap

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets. </li>
<li>AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm. </li>
<li>4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.</li>
</ul>


Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets. 
AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm. 
4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.


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

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

<ul>
<li>
Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty</li>
<li>
National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase</li>
<li>
Semiconductor Memory Q125 Review — Tariff &amp; Tech Transition Impacts, HBM Outlook</li>
</ul>



Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty

National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase

Semiconductor Memory Q125 Review —  Tariff &amp; Tech Transition Impacts, HBM Outlook


Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

<ul>
<li>Sept-24 result and Dec-24 guidance beat expectations by ~5%. Results show 3 important and sustainable trends: smartphone premiumization (5G and AI penetration), strong growth in Automotive and IoT (AI PC).</li>
<li>Consensus expectations are moderately low. Stock valuations at average, reflecting doubts on Auto and PC addressable market and Arm lawsuits. QCOM management mentions “broad, well-established rights for custom CPU”.</li>
<li>Stock is up 4% during trading hours, another 7%  after results. Arm lawsuit is not simple / binary, with both parties overreaching, in our view. The stock has more upside.</li>
</ul>


Sept-24 result and Dec-24 guidance beat expectations by ~5%. Results show 3 important and sustainable trends: smartphone premiumization (5G and AI penetration), strong growth in Automotive and IoT (AI PC).
Consensus expectations are moderately low. Stock valuations at average, reflecting doubts on Auto and PC addressable market and Arm lawsuits. QCOM management mentions “broad, well-established rights for custom CPU”.
Stock is up 4% during trading hours, another 7%  after results. Arm lawsuit is not simple / binary, with both parties overreaching, in our view. The stock has more upside.


Qualcomm Sep-24: Nice Beat, Dec-24 Guide Small Beat. 3 Growth Factors: Smartphone AI, Automotive, PC

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 Incorporated: Expanding Presence in Extended Reality (XR) to Capitalize On The Increasing Consumer Demand For Immersive XR Technology!

Qualcomm Inc. delivered robust performance in its fiscal second quarter of 2025, exceeding revenue and earnings expectations, indicating solid...

Baptista Research

Qualcomm 2Q25 (March 25): Boring and Cheap

Qualcomm 2Q25 results meet expectations, but revenue growth is slowing down sharply. Consensus expects further slowdown in 2H25 on loss of iPhone...

Nicolas Baratte

Semiconductor Shopping Season Is Now

AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...

Nicolas Baratte

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

Qualcomm Sep-24: Nice Beat, Dec-24 Guide Small Beat. 3 Growth Factors: Smartphone AI, Automotive, PC

3 sustainable trends: smartphone premiumization (5G, AI), strong growth in Automotive and IoT (AI PC). Main concern is Arm lawsuit, not a simple...

Nicolas Baratte

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Qualcomm Incorporated: Expanding Presence in Extended Reality (XR) to Capitalize On The Increasing Consumer Demand For Immersive XR Technology!

Qualcomm Inc. delivered robust performance in its fiscal second quarter of 2025, exceeding revenue and earnings expectations, indicating solid...

Baptista Research

Qualcomm 2Q25 (March 25): Boring and Cheap

​Qualcomm 2Q25 results meet expectations, but revenue growth is slowing down sharply. Consensus expects further slowdown in 2H25 on loss of iPhone...

Nicolas Baratte

Semiconductor Shopping Season Is Now

​AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...

Nicolas Baratte

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

​Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

Qualcomm Sep-24: Nice Beat, Dec-24 Guide Small Beat. 3 Growth Factors: Smartphone AI, Automotive, PC

3 sustainable trends: smartphone premiumization (5G, AI), strong growth in Automotive and IoT (AI PC). Main concern is Arm lawsuit, not a simple...

Nicolas Baratte

Qualcomm 2Q25 results meet expectations, but revenue growth is slowing down sharply. Consensus expects further slowdown in 2H25 on loss of iPhone...

AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...