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's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.</li><li>The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.</li><li>A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.</li></ul>

Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.

Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

<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.


<ul><li>Qualcomm has made headlines once again with its latest strategic move: the acquisition of Arduino, the opensource hardware pioneer boasting a 33 million-strong developer base.</li><li>While financial terms remain undisclosed, the implications of this deal are significant.</li><li>The acquisition aligns with Qualcomm's push into automation, robotics, and the broader AI-enabled device ecosystem.</li></ul>

Qualcomm has made headlines once again with its latest strategic move: the acquisition of Arduino, the opensource hardware pioneer boasting a 33 million-strong developer base.While financial terms remain undisclosed, the implications of this deal are significant.The acquisition aligns with Qualcomm's push into automation, robotics, and the broader AI-enabled device ecosystem.

Qualcomm Just Bought Arduino—Here’s Why It Could Be A $1 Trillion Play!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the December 2025 rebal event.</li>
<li>We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.</li>
</ul>


The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the December 2025 rebal event.
We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.


[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations

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 IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse...

Baptista Research

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

Qualcomm Just Bought Arduino—Here’s Why It Could Be A $1 Trillion Play!

Qualcomm has made headlines once again with its latest strategic move: the acquisition of Arduino, the opensource hardware pioneer boasting a 33...

Baptista Research

[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations

There are no ADDs or DELETEs to the MV US Semiconductor 25 Index for December 2025 but there is US$6bn to trade, which adds flow to an otherwise...

Travis Lundy

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Qualcomm’s IoT Empire Is Booming — Can Arduino Supercharge Its $14B Vision?

Qualcomm Incorporated's results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse...

Baptista Research

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

Qualcomm Just Bought Arduino—Here’s Why It Could Be A $1 Trillion Play!

Qualcomm has made headlines once again with its latest strategic move: the acquisition of Arduino, the opensource hardware pioneer boasting a 33...

Baptista Research

[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations

There are no ADDs or DELETEs to the MV US Semiconductor 25 Index for December 2025 but there is US$6bn to trade, which adds flow to an otherwise...

Travis Lundy

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