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>If you pay attention, the Internet has been a bit different lately. Many of the attributes and ways we once interacted with the internet is changing.</li><li>I probably noticed it the most when one of my favorite websites, subredditstats.com showed me this image the other day.</li><li>Reddit’s free API is closing. But so is X (formerly Twitter), and other properties all around the internet are slowly adding limits and closing their doors.</li></ul>

If you pay attention, the Internet has been a bit different lately. Many of the attributes and ways we once interacted with the internet is changing.I probably noticed it the most when one of my favorite websites, subredditstats.com showed me this image the other day.Reddit’s free API is closing. But so is X (formerly Twitter), and other properties all around the internet are slowly adding limits and closing their doors.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The Trump administration's announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.</li>
<li>Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.</li>
<li>While there may be limited short-term P&amp;L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.</li>
</ul>


The Trump administration's announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.
Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.
While there may be limited short-term P&amp;L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.


H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

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.

<ul><li>Reddit's recent earnings for Q3 2024 revealed that the company achieved a significant financial milestone by reaching GAAP profitability, underscoring its strategic progress.</li><li>On the positive side, Reddit reported an impressive 68% year-over-year revenue growth, amounting to $348.4 million for the quarter.</li><li>This increase was largely driven by a robust advertising segment, which itself grew by 56% year-over-year, reaching $315.1 million.</li></ul>

Reddit's recent earnings for Q3 2024 revealed that the company achieved a significant financial milestone by reaching GAAP profitability, underscoring its strategic progress.On the positive side, Reddit reported an impressive 68% year-over-year revenue growth, amounting to $348.4 million for the quarter.This increase was largely driven by a robust advertising segment, which itself grew by 56% year-over-year, reaching $315.1 million.

Reddit's Explosive Growth Surpassing X! What Exactly Is Fueling Its Success?

<ul>
<li>Reddit's second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in technological advancements and international expansion.</li>
<li>The discourse during the call highlighted that Reddit, under the leadership of CEO Steve Huffman and COO Jen Wong, continues to push aggressively on growth, particularly through enhancements in user experience and advertising efficacy.</li>
<li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li>
</ul>


Reddit's second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in technological advancements and international expansion.
The discourse during the call highlighted that Reddit, under the leadership of CEO Steve Huffman and COO Jen Wong, continues to push aggressively on growth, particularly through enhancements in user experience and advertising efficacy.
Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>Webtoon Entertainment, a South Korean global storytelling platform and the world's largest digital comics platform, filed for an IPO in the United States.</li>
<li>The company offers 15M shares at a price range between $18.00 and $21.00, implying a market cap of roughly $2.5B at the midpoint based on 129.3M outstanding shares.</li>
<li>I have a positive view of the upcoming Webtoon Entertainment IPO and I think risk/reward is more favorable for IPO investors given the company’s improving profitability and strong cash position.</li>
</ul>


Webtoon Entertainment, a South Korean global storytelling platform and the world's largest digital comics platform, filed for an IPO in the United States.
The company offers 15M shares at a price range between $18.00 and $21.00, implying a market cap of roughly $2.5B at the midpoint based on 129.3M outstanding shares.
I have a positive view of the upcoming Webtoon Entertainment IPO and I think risk/reward is more favorable for IPO investors given the company’s improving profitability and strong cash position.


Webtoon Entertainment IPO: Favorable Risk/Reward IPO Valuation and Limited Downside Potential

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)

The Internet as You Know It Is Dying

Humans are not alone on the internet anymore. That will change the Internet as you know it. If you pay attention, the Internet has been a bit...

Fabricated Knowledge

H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...

Pranav Bhavsar

Reddit's Explosive Growth Surpassing X! What Exactly Is Fueling Its Success?

Reddit's recent earnings for Q3 2024 revealed that the company achieved a significant financial milestone by reaching GAAP profitability,...

Baptista Research

Reddit, Inc. - Objective Of The Report

Reddit's second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in...

Baptista Research

Webtoon Entertainment IPO: Favorable Risk/Reward IPO Valuation and Limited Downside Potential

I see upside for Webtoon Entertainment shares and my implied equity value of ~$3.3B represents ~29% upside vs. expected IPO price range of $18 to...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Internet as You Know It Is Dying

Humans are not alone on the internet anymore. That will change the Internet as you know it. If you pay attention, the Internet has been a bit...

Fabricated Knowledge

H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

​Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...

Pranav Bhavsar

Reddit's Explosive Growth Surpassing X! What Exactly Is Fueling Its Success?

Reddit's recent earnings for Q3 2024 revealed that the company achieved a significant financial milestone by reaching GAAP profitability,...

Baptista Research

Reddit, Inc. - Objective Of The Report

Reddit's second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in...

Baptista Research

Webtoon Entertainment IPO: Favorable Risk/Reward IPO Valuation and Limited Downside Potential

I see upside for Webtoon Entertainment shares and my implied equity value of ~$3.3B represents ~29% upside vs. expected IPO price range of $18 to...

Andrei Zakharov

Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...