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>Rambus Incorporated reported strong financial and operational results in the second quarter of fiscal 2026, achieving record revenue exceeding $200 million for the first time.</li><li>The company demonstrated robust year-over-year growth of 20%, driven largely by a 22% increase in product revenue and sustained performance in royalties and contract revenues.</li><li>Product revenue reached $99 million, marking a new high, supported by continued leadership in DDR5 Register Clock Drivers (RCDs) and expansion into new offerings, including DDR5 9600 client and server chipsets designed to meet the rising performance demands of AI-enabled computing systems.</li></ul>

Rambus Incorporated reported strong financial and operational results in the second quarter of fiscal 2026, achieving record revenue exceeding $200 million for the first time.The company demonstrated robust year-over-year growth of 20%, driven largely by a 22% increase in product revenue and sustained performance in royalties and contract revenues.Product revenue reached $99 million, marking a new high, supported by continued leadership in DDR5 Register Clock Drivers (RCDs) and expansion into new offerings, including DDR5 9600 client and server chipsets designed to meet the rising performance demands of AI-enabled computing systems.

Rambus’ Record $200 Million Quarter — Can AI Memory Demand Drive The Next Growth Wave?

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>
<a href="https://smartkarma.com/entities/rambus-inc">Rambus</a> is strategically positioned to capitalize on the growth of data-intensive workloads like AI and high-performance computing, driven by its critical role in providing high-speed memory interface chips and silicon IP.</li>
  <li>The company operates a hybrid business model, combining high-margin, stable revenue from licensing its extensive patent portfolio with a rapidly growing product business focused on DDR5 and CXL memory interface chips for data centers.</li>
  <li>Financial performance has been robust, with significant year-over-year revenue growth and strong profitability. However, the increasing mix of product revenue relative to licensing revenue is leading to a compression of blended gross margins.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Rambus is strategically positioned to capitalize on the growth of data-intensive workloads like AI and high-performance computing, driven by its critical role in providing high-speed memory interface chips and silicon IP.
  The company operates a hybrid business model, combining high-margin, stable revenue from licensing its extensive patent portfolio with a rapidly growing product business focused on DDR5 and CXL memory interface chips for data centers.
  Financial performance has been robust, with significant year-over-year revenue growth and strong profitability. However, the increasing mix of product revenue relative to licensing revenue is leading to a compression of blended gross margins.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>The year 2023 began with a significant downturn in the semiconductor market.</li><li>Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.</li><li>Supply outpaced demand, and the market turned into a period of oversupply.</li></ul>

The year 2023 began with a significant downturn in the semiconductor market.Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.Supply outpaced demand, and the market turned into a period of oversupply.

Semiconductor Outlook 2024: AI's Adolescence

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


<ul><li>Rambus Incorporated’s latest update presented a broadly constructive but still capacity-sensitive picture, with the company benefiting from data center and AI-related demand while managing supply chain tightness, platform timing dependencies and uneven near-term contribution from newer products.</li><li>Product revenue is expected to rise 11% sequentially at the midpoint of second-quarter guidance after a prior OSAT-related issue affected the first quarter.</li><li>Management indicated that the issue has been resolved and that the supply chain is normalizing, but the recovery is still measured because lead times remain long and back-end capacity remains tight.</li></ul>

Rambus Incorporated’s latest update presented a broadly constructive but still capacity-sensitive picture, with the company benefiting from data center and AI-related demand while managing supply chain tightness, platform timing dependencies and uneven near-term contribution from newer products.Product revenue is expected to rise 11% sequentially at the midpoint of second-quarter guidance after a prior OSAT-related issue affected the first quarter.Management indicated that the issue has been resolved and that the supply chain is normalizing, but the recovery is still measured because lead times remain long and back-end capacity remains tight.

Rambus Incorporated: AI Inference Is Changing Server Memory—Is Rambus Positioned for the Bandwidth Boom?

United States

Rambus Inc. designs, develops, licenses, and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of consumer electronics, computer systems, and other electronic systems.  The Company licenses semiconductor companies to manufacture and sell memory and logic ICs incorporating Rambus interface technology.

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Rambus (RMBS US)

Rambus’ Record $200 Million Quarter — Can AI Memory Demand Drive The Next Growth Wave?

Rambus Incorporated reported strong financial and operational results in the second quarter of fiscal 2026, achieving record revenue exceeding...

Baptista Research

Primer: Rambus (RMBS US) - Aug 2026

Rambus is strategically positioned to capitalize on the growth of data-intensive workloads like AI and high-performance computing, driven by...

αSK Primers

Semiconductor Outlook 2024: AI's Adolescence

Its time to jog your memory. We've gone through the downturn, what does an upturn look like? The year 2023 began with a significant downturn in the...

Fabricated Knowledge

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

Rambus Incorporated: AI Inference Is Changing Server Memory—Is Rambus Positioned for the Bandwidth Boom?

Rambus Incorporated’s latest update presented a broadly constructive but still capacity-sensitive picture, with the company benefiting from data...

Baptista Research

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