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>Rigetti Computing reported second quarter 2026 financial results highlighting both technical advancements and ongoing challenges within the quantum computing industry.</li><li>The company reiterated progress on its Cepheus-class 108-qubit system, which remains one of the highest qubit count, gate-based quantum computers globally, distinguished by its modular chiplet-based architecture.</li><li>Rigetti reported median single-qubit gate fidelity around 99.9% and two-qubit fidelity near 99.1% with gate speeds approximately 60 nanoseconds.</li></ul>

Rigetti Computing reported second quarter 2026 financial results highlighting both technical advancements and ongoing challenges within the quantum computing industry.The company reiterated progress on its Cepheus-class 108-qubit system, which remains one of the highest qubit count, gate-based quantum computers globally, distinguished by its modular chiplet-based architecture.Rigetti reported median single-qubit gate fidelity around 99.9% and two-qubit fidelity near 99.1% with gate speeds approximately 60 nanoseconds.

Rigetti Computing’s $100 Million Quantum Push — Can Government Support Accelerate Scale?

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>Alphabet subsidiary, Google Quantum AI, launched its latest quantum computing chip, Willow, which can solve a specific problem in &lt;5 mins that would take a supercomputer 10 septillion years</li>
<li>Share prices of quantum computing related companies soared in December, ranging from 4.5x in the case of IonQ to ~17x for Quantum Computing Inc. </li>
<li>D-Wave &amp; Rigetti, both threatened with delisting in November, got their Christmas miracle with their share prices surging by 8x and 11x respectively. </li>
</ul>


Alphabet subsidiary, Google Quantum AI, launched its latest quantum computing chip, Willow, which can solve a specific problem in &lt;5 mins that would take a supercomputer 10 septillion years
Share prices of quantum computing related companies soared in December, ranging from 4.5x in the case of IonQ to ~17x for Quantum Computing Inc. 
D-Wave &amp; Rigetti, both threatened with delisting in November, got their Christmas miracle with their share prices surging by 8x and 11x respectively. 


Quantum Computing Part 1. Christmas Miracles & Multiverse Musings

<ul><li>Rigetti Computing reported financial results for the first quarter of 2026 that reflected continued progress in its quantum computing technology alongside ongoing investments in research and development.</li><li>The company highlighted the general availability of its 108 qubit Cepheus-1-108Q system, which is accessible via multiple cloud platforms including Rigetti Quantum Cloud Services, Amazon Braket, Microsoft Azure Quantum, and qBraid.</li><li>This system represents the largest modular quantum computer currently on the market, built from 12 interconnected 9-qubit chiplets, and achieves a median two-qubit gate fidelity of approximately 99.1% with gate speeds around 60 nanoseconds.</li></ul>

Rigetti Computing reported financial results for the first quarter of 2026 that reflected continued progress in its quantum computing technology alongside ongoing investments in research and development.The company highlighted the general availability of its 108 qubit Cepheus-1-108Q system, which is accessible via multiple cloud platforms including Rigetti Quantum Cloud Services, Amazon Braket, Microsoft Azure Quantum, and qBraid.This system represents the largest modular quantum computer currently on the market, built from 12 interconnected 9-qubit chiplets, and achieves a median two-qubit gate fidelity of approximately 99.1% with gate speeds around 60 nanoseconds.

Rigetti Computing’s $8.4 Million C-DAC Order: A Hidden Signal For Quantum Demand?

<ul><li>Rigetti Computing's financial results and strategic insights from the fiscal year 2025 indicate both progress and ongoing challenges as the company strives to make a significant impact in the quantum computing sector.</li><li>In terms of key achievements, Rigetti advanced in terms of technical capabilities and execution.</li><li>The company has made strides in improving qubit fidelity, having achieved 2-qubit gate fidelity as high as 99.9% on a developmental platform, which is a critical factor for practical quantum computations.</li></ul>

Rigetti Computing's financial results and strategic insights from the fiscal year 2025 indicate both progress and ongoing challenges as the company strives to make a significant impact in the quantum computing sector.In terms of key achievements, Rigetti advanced in terms of technical capabilities and execution.The company has made strides in improving qubit fidelity, having achieved 2-qubit gate fidelity as high as 99.9% on a developmental platform, which is a critical factor for practical quantum computations.

Rigetti Computing: Roadmap To 1,000+ Qubits—Is Scalable Quantum Hardware Finally Within Reach?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

United States

Rigetti Computing, Inc. is an integrated systems company. The Company designs and develops quantum computers and superconducting quantum processors using artificial intelligence and machine learning solutions. Rigetti Computing serves customers worldwide.

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Rigetti Computing (RGTI US)

Rigetti Computing’s $100 Million Quantum Push — Can Government Support Accelerate Scale?

Rigetti Computing reported second quarter 2026 financial results highlighting both technical advancements and ongoing challenges within the...

Baptista Research

Quantum Computing Part 1. Christmas Miracles & Multiverse Musings

The recent launch of Google Quantum AI's latest quantum computing chip Willow has sparked a frenzy of interest by investors that's seen the share...

William Keating

Rigetti Computing’s $8.4 Million C-DAC Order: A Hidden Signal For Quantum Demand?

Rigetti Computing reported financial results for the first quarter of 2026 that reflected continued progress in its quantum computing technology...

Baptista Research

Rigetti Computing: Roadmap To 1,000+ Qubits—Is Scalable Quantum Hardware Finally Within Reach?

Rigetti Computing's financial results and strategic insights from the fiscal year 2025 indicate both progress and ongoing challenges as the...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

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