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

Equity Bottom-Up

<ul>
<li>First quarter revenue of $11.1 billion, up 13% Y/Y and 12% in CC, including $444 million Informatica contribution</li>
<li>Second quarter FY27 revenue guidance of $11.27 billion to $11.35 billion, up 10% - 11% Y/Y and 10% in CC, including slightly above 4pts Informatica contribution</li>
<li>Announced $25 billion accelerated share repurchase ("ASR"), with upfront share delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased, final settlement in Q3 FY27</li>
</ul>


First quarter revenue of $11.1 billion, up 13% Y/Y and 12% in CC, including $444 million Informatica contribution
Second quarter FY27 revenue guidance of $11.27 billion to $11.35 billion, up 10% - 11% Y/Y and 10% in CC, including slightly above 4pts Informatica contribution
Announced $25 billion accelerated share repurchase ("ASR"), with upfront share delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased, final settlement in Q3 FY27


Salesforce Q1 FY2027. Raising Debt For Massive Buybacks: Confidence Or Delusion?

<ul>
<li>On April 15, 2026, Salesforce co-founder Parker Harris posed a question at the company’s annual TDX developer conference "why should you ever log into Salesforce again?"</li>
<li>This question marked the launch of Salesforce Headless 360, arguably the most significant architectural announcement the company has made in its 27-year history</li>
<li>Headless 360 makes Salesforce agnostic as to how work happens, charging for the work being done rather than the seats doing it. It's a bold move. Let's see...</li>
</ul>


On April 15, 2026, Salesforce co-founder Parker Harris posed a question at the company’s annual TDX developer conference "why should you ever log into Salesforce again?"
This question marked the launch of Salesforce Headless 360, arguably the most significant architectural announcement the company has made in its 27-year history
Headless 360 makes Salesforce agnostic as to how work happens, charging for the work being done rather than the seats doing it. It's a bold move. Let's see...


Salesforce Goes Headless. That's A Big Deal.

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>Salesforce is still being framed by much of the market as a company fighting off an AI-driven “SaaS apocalypse,” but that reading misses the more immediate issue emerging inside the model itself.</li><li>The bigger risk is not that artificial intelligence makes Salesforce irrelevant.</li><li>It is that artificial intelligence changes how enterprise software creates and captures value.</li></ul>

Salesforce is still being framed by much of the market as a company fighting off an AI-driven “SaaS apocalypse,” but that reading misses the more immediate issue emerging inside the model itself.The bigger risk is not that artificial intelligence makes Salesforce irrelevant.It is that artificial intelligence changes how enterprise software creates and captures value.

CRM US - Salesforce Just Changed The Rules Of SaaS—But Marc Benioff May Have Created A New Problem!

<ul><li>Salesforce's recent quarterly results reflect a complex picture of their performance and strategy in the fast-evolving cloud software landscape.</li><li>The company reported significant revenue growth, with a year-over-year increase of 10% for the full fiscal year 2026, totaling $41.5 billion.</li><li>The fourth-quarter revenue also saw an impressive 12% year-over-year rise, reaching $11.2 billion.</li></ul>

Salesforce's recent quarterly results reflect a complex picture of their performance and strategy in the fast-evolving cloud software landscape.The company reported significant revenue growth, with a year-over-year increase of 10% for the full fiscal year 2026, totaling $41.5 billion.The fourth-quarter revenue also saw an impressive 12% year-over-year rise, reaching $11.2 billion.

Salesforce.Com Inc - Salesforce: Hyperforce

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.</li>
<li>China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.</li>
<li>Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.</li>
</ul>


We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.
China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.
Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.


This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Salesforce Q1 FY2027. Raising Debt For Massive Buybacks: Confidence Or Delusion?

Announced $25 billion ASR, with upfront delivery of 103 million shares representing approximately 80% of total shares expected to be repurchased,...

William Keating

Salesforce Goes Headless. That's A Big Deal.

Headless 360 makes Salesforce agnostic as to how work happens, charging for the work being done rather than the seats doing it. It's a bold move....

William Keating

CRM US - Salesforce Just Changed The Rules Of SaaS—But Marc Benioff May Have Created A New Problem!

Salesforce is still being framed by much of the market as a company fighting off an AI-driven “SaaS apocalypse,” but that reading misses the more...

Baptista Research

Salesforce.Com Inc - Salesforce: Hyperforce

Salesforce's recent quarterly results reflect a complex picture of their performance and strategy in the fast-evolving cloud software...

Baptista Research

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

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