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 has surged in prominence over the past year, benefiting from two fast-growing monetization channels: AI licensing and advertising.</li><li>With daily active users (DAUs) up 21% year-over-year and advertising revenue soaring 84% to $465 million in Q2 2025, Reddit is experiencing its most profitable quarters ever.</li><li>Strategic licensing agreements with OpenAI and Google have brought highmargin revenues to the company, capitalizing on Reddit’s vast trove of authentic, human-generated content.</li></ul>

Reddit has surged in prominence over the past year, benefiting from two fast-growing monetization channels: AI licensing and advertising.With daily active users (DAUs) up 21% year-over-year and advertising revenue soaring 84% to $465 million in Q2 2025, Reddit is experiencing its most profitable quarters ever.Strategic licensing agreements with OpenAI and Google have brought highmargin revenues to the company, capitalizing on Reddit’s vast trove of authentic, human-generated content.

Reddit’s $465 Million Ad Boom Faces a Bot-Fueled Bust—But Can It Survive the AI Flood?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>The EU has just launched the World's first AI Act</li>
<li>OpenAI claims the NYT tried to hack ChatGPT in order to prove they used their archive material during  one of its training phases. </li>
<li>Google's licensing of Reddit's content in advance of the latter's impending IPO is a win-win for both, and likely how content creators can expect to be rewarded in the future</li>
</ul>


The EU has just launched the World's first AI Act
OpenAI claims the NYT tried to hack ChatGPT in order to prove they used their archive material during  one of its training phases. 
Google's licensing of Reddit's content in advance of the latter's impending IPO is a win-win for both, and likely how content creators can expect to be rewarded in the future


Generative AI. Innovation Turns To Litigation, Licensing & Regulation

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>Sacra estimates that ByteDance generated $186B in revenue in 2025, up roughly 20% year-over-year from $155B in 2024, with domestic revenue growing nearly 20% and overseas revenue surging nearly 50%—pushing international revenue above 30% of total for the first time.</li><li>In November 2025, Capital Today purchased a block of ByteDance shares from Bank of China Group Investment at a $480B valuation in a secondary auction, with Fidelity Investments and T. Rowe Price also marking ByteDance above $410B and $450B respectively.</li><li>TikTok's U.S. future is secured through the establishment of TikTok USDS Joint Venture LLC, a majority-American-owned entity covering U.S. data protection, algorithm security, content moderation, and software assurance.</li></ul>

Sacra estimates that ByteDance generated $186B in revenue in 2025, up roughly 20% year-over-year from $155B in 2024, with domestic revenue growing nearly 20% and overseas revenue surging nearly 50%—pushing international revenue above 30% of total for the first time.In November 2025, Capital Today purchased a block of ByteDance shares from Bank of China Group Investment at a $480B valuation in a secondary auction, with Fidelity Investments and T. Rowe Price also marking ByteDance above $410B and $450B respectively.TikTok's U.S. future is secured through the establishment of TikTok USDS Joint Venture LLC, a majority-American-owned entity covering U.S. data protection, algorithm security, content moderation, and software assurance.

<ul><li>Sacra estimates that Discord hit $725M in annual recurring revenue (ARR) at the end of 2024, up ~21% year-over-year from $600M in 2023.</li><li>Discord reported positive adjusted EBITDA for five consecutive quarters as of April 2025, signaling that the business has reached profitability at the operating level even as it continues investing in platform expansion.</li><li>In January 2026, Bloomberg reported that Discord had confidentially filed for a U.S. IPO, working with Goldman Sachs and JPMorgan as lead underwriters; TechCrunch reported the company had been targeting a March 2026 debut.</li></ul>

Sacra estimates that Discord hit $725M in annual recurring revenue (ARR) at the end of 2024, up ~21% year-over-year from $600M in 2023.Discord reported positive adjusted EBITDA for five consecutive quarters as of April 2025, signaling that the business has reached profitability at the operating level even as it continues investing in platform expansion.In January 2026, Bloomberg reported that Discord had confidentially filed for a U.S. IPO, working with Goldman Sachs and JPMorgan as lead underwriters; TechCrunch reported the company had been targeting a March 2026 debut.

<ul><li>Bluesky is valued at approximately $700M as of January 2025, following a late-stage funding round led by Bain Capital Ventures.</li><li>The platform has reached 41.2 million users (as of January 2026), representing 60% growth from 35M in January 2025.</li><li>Completion of compliance work for the UK Online Safety Act and EU Digital Services Act in August 2025 removes regulatory barriers for European market entry.</li></ul>

Bluesky is valued at approximately $700M as of January 2025, following a late-stage funding round led by Bain Capital Ventures.The platform has reached 41.2 million users (as of January 2026), representing 60% growth from 35M in January 2025.Completion of compliance work for the UK Online Safety Act and EU Digital Services Act in August 2025 removes regulatory barriers for European market entry.

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’s $465 Million Ad Boom Faces a Bot-Fueled Bust—But Can It Survive the AI Flood?

Reddit has surged in prominence over the past year, benefiting from two fast-growing monetization channels: AI licensing and advertising. With...

Baptista Research

Generative AI. Innovation Turns To Litigation, Licensing & Regulation

EU has launched the World's first AI Act. OpenAI claims the NYT hacked ChatGPT in order to prove they used their archive material during its...

William Keating

Primer: ByteDance - 24 Aug 2026

Conglomerate of consumer apps including TikTok and Douyin for short-form video content

Sacra

Primer: Discord - 03 Aug 2026

Chat and voice software for gaming communities and interactive online experiences

Sacra

Primer: Bluesky - 15 Jun 2026

Decentralized social media platform enabling users to share short posts containing text, images, and videos

Sacra

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