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>Reddit may have turned an ordinary contract dispute into a much larger test of what human conversation is worth in the age of artificial intelligence.</li><li>A California judge recently allowed most of Reddit’s case against Anthropic to move forward, rejecting the AI company’s attempt to dispose of claims tied to alleged unauthorized scraping of Reddit content.</li><li>The dispute matters because Reddit already licenses its data to companies including Alphabet and OpenAI, while arguing that its billions of posts, comments, reviews, recommendations, debates, and firsthand experiences should not simply be treated as free raw material for AI systems.</li></ul>

Reddit may have turned an ordinary contract dispute into a much larger test of what human conversation is worth in the age of artificial intelligence.A California judge recently allowed most of Reddit’s case against Anthropic to move forward, rejecting the AI company’s attempt to dispose of claims tied to alleged unauthorized scraping of Reddit content.The dispute matters because Reddit already licenses its data to companies including Alphabet and OpenAI, while arguing that its billions of posts, comments, reviews, recommendations, debates, and firsthand experiences should not simply be treated as free raw material for AI systems.

Reddit May Have Just Put A Price Tag On Human Conversation!

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Reddit generated $804M in revenue in 2023, up 20% from $668M in 2022.</li><li>Reddit’s revenue per monthly user is roughly $1.19, up from 2021 when it was about $0.81.</li><li>Sacra estimates that Reddit generated $625M in ad revenue in Q1 2026, up from $485M in full-year 2021.</li></ul>

Reddit generated $804M in revenue in 2023, up 20% from $668M in 2022.Reddit’s revenue per monthly user is roughly $1.19, up from 2021 when it was about $0.81.Sacra estimates that Reddit generated $625M in ad revenue in Q1 2026, up from $485M in full-year 2021.

<ul><li>Reddit, Inc. reported its second quarter of 2026 results indicating continued strong momentum in revenue growth, profitability, and monetization capabilities, though user growth trends present a mixed picture with ongoing challenges in some traffic channels.</li><li>The company delivered total revenues of $805 million, a 61% increase year-over-year, marking the eighth consecutive quarter with over 60% revenue growth.</li><li>Advertising revenue reached $762 million, growing 64% year-over-year, driven by both higher pricing and increased impressions.</li></ul>

Reddit, Inc. reported its second quarter of 2026 results indicating continued strong momentum in revenue growth, profitability, and monetization capabilities, though user growth trends present a mixed picture with ongoing challenges in some traffic channels.The company delivered total revenues of $805 million, a 61% increase year-over-year, marking the eighth consecutive quarter with over 60% revenue growth.Advertising revenue reached $762 million, growing 64% year-over-year, driven by both higher pricing and increased impressions.

Reddit’s Revenue Jumps 61% —Reddit Max Is Supercharging Ad Monetization!

Data-driven Insight on Companies & Consumer Trends, TickerTrends

TickerTrends

Data-driven Insight on Companies & Consumer Trends

<ul>
<li>$RDDT sold off after reports that Reddit is reconsidering its Google data partnership as the existing agreement approaches renewal.</li>
<li>The agreement, reportedly worth approximately $60 million annually , gives Google access to Reddit content for AI use.</li>
<li>Reddit has discussed restricting that access as publishers become increasingly concerned that Google’s AI-generated answers use their content while reducing the need for consumers to visit the original source.</li>
</ul>


$RDDT sold off after reports that Reddit is reconsidering its Google data partnership as the existing agreement approaches renewal.
The agreement, reportedly worth approximately $60 million annually , gives Google access to Reddit content for AI use.
Reddit has discussed restricting that access as publishers become increasingly concerned that Google’s AI-generated answers use their content while reducing the need for consumers to visit the original source.


Google Has the Leverage in Reddit’s Data Negotiation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.</li>
<li>Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.</li>
<li>Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.</li>
</ul>



Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.
Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.
Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.


Aequitas: Tencent Investee Selldown - Start of Another US$70bn Selldown Wave

United States

Reddit, Inc. operates as an online discussion platform. The Company publicizes online items recommended by members and aggregates news stories submitted by users. Reddit serves customers worldwide.

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Reddit (RDDT US)

Reddit May Have Just Put A Price Tag On Human Conversation!

Reddit may have turned an ordinary contract dispute into a much larger test of what human conversation is worth in the age of artificial...

Baptista Research

Primer: Reddit - 24 Aug 2026

Forum and ad network for user-generated discussions across niche online communities

Sacra

Reddit’s Revenue Jumps 61% —Reddit Max Is Supercharging Ad Monetization!

Reddit, Inc. reported its second quarter of 2026 results indicating continued strong momentum in revenue growth, profitability, and monetization...

Baptista Research

Google Has the Leverage in Reddit’s Data Negotiation

$RDDT sold off after reports that Reddit is reconsidering its Google data partnership as the existing agreement approaches renewal. The agreement,...

TickerTrends

Aequitas: Tencent Investee Selldown - Start of Another US$70bn Selldown Wave

Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.

Sumeet Singh

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