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>Sandisk has become one of Wall Street’s most startling performers, with the stock rising more than 2,500% over the past 12 months even as many investors continue to treat the move as fragile, speculative, or inherently unsustainable.</li><li>That skepticism is understandable.</li><li>Memory has long been viewed as one of the market’s most cyclical businesses, with sharp upturns often followed by painful reversals once supply catches up or pricing softens.</li></ul>

Sandisk has become one of Wall Street’s most startling performers, with the stock rising more than 2,500% over the past 12 months even as many investors continue to treat the move as fragile, speculative, or inherently unsustainable.That skepticism is understandable.Memory has long been viewed as one of the market’s most cyclical businesses, with sharp upturns often followed by painful reversals once supply catches up or pricing softens.

Sandisk’s 2,500% Run Has Everyone Doubting—Here’s Why That May Be The Opportunity!

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs/DELs for the upcoming quarterly rebalance in June 2026 and for the annual reconstitution in December 2026.</li>
<li>There is one imminent intra-review change before the upcoming June rebal event.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
In this insight, we have presented our expectations for ADDs/DELs for the upcoming quarterly rebalance in June 2026 and for the annual reconstitution in December 2026.
There is one imminent intra-review change before the upcoming June rebal event.


Quiddity Leaderboard NASDAQ 100 Jun26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed in the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026 and flow expectations for the quarterly weight rebalance in March 2026.</li>
<li>We also discuss the pending Nasdaq methodology consultation/review which, if adopted, could result in multiple Fast Entry ADDs in the next year.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed in the Nasdaq Stock Exchange.
In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026 and flow expectations for the quarterly weight rebalance in March 2026.
We also discuss the pending Nasdaq methodology consultation/review which, if adopted, could result in multiple Fast Entry ADDs in the next year.


[Quiddity Index] NASDAQ 100 Dec26 Rebal: Early Predictions & Potential Methodology Change

Founder, Market Thinker

Mark Tinker

Founder

Market Thinker

Mark Tinker has over 35 years experience as an investor, market strategist and economist. Having spent more than 20 years as a sell side strategist and being top rated on numerous occasions and surveys he moved to investment management in 2006 to run global equity portfolios in London and subsequently moved to Hong Kong in 2013 to help establish an Investment Management business for a top 20 international asset manager. He first started writing investment weeklies for his employers in 1989, developing a style characterised under the title Market Thinking and has been a regular commentator and presenter on CNBC, Bloomberg and other business channels, where his approach of rationalising market behaviour rather than making short term predictions on high frequency market data provides a welcome balance to his client audience.

Making Sense of the Narrative

Macroeconomics

<ul><li>The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.</li><li>Hundreds of billions of dollars tracking style or factor benchmarks like ‘Value’ were actually long Micron, Sandisk and Google and then flipped them out at end June, replacing them with what were previously called growth stocks like Microsoft and Apple.</li><li>Meanwhile, growth benchmarks that were long Microsoft and Apple, now have Micron and Google.</li></ul>

The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.Hundreds of billions of dollars tracking style or factor benchmarks like ‘Value’ were actually long Micron, Sandisk and Google and then flipped them out at end June, replacing them with what were previously called growth stocks like Microsoft and Apple.Meanwhile, growth benchmarks that were long Microsoft and Apple, now have Micron and Google.

Were style lags part of the July washout?

<ul><li>Sandisk delivered a strong fiscal second quarter marked by a sharp sequential recovery in revenue, margins, and cash generation, alongside a clear shift in how the company is positioning itself within the evolving NAND landscape.</li><li>Revenue reached roughly $3.0 billion, reflecting a 31% sequential increase, while non-GAAP earnings expanded materially, driven primarily by higher pricing, improved mix, and disciplined supply allocation.</li><li>Gross margin rose to just over 51%, significantly above the prior quarter, underscoring the operating leverage inherent in the business as pricing and utilization improved.</li></ul>

Sandisk delivered a strong fiscal second quarter marked by a sharp sequential recovery in revenue, margins, and cash generation, alongside a clear shift in how the company is positioning itself within the evolving NAND landscape.Revenue reached roughly $3.0 billion, reflecting a 31% sequential increase, while non-GAAP earnings expanded materially, driven primarily by higher pricing, improved mix, and disciplined supply allocation.Gross margin rose to just over 51%, significantly above the prior quarter, underscoring the operating leverage inherent in the business as pricing and utilization improved.

Sandisk Is Quietly Becoming a Data Center Powerhouse—And Margins Could Follow!

United States

SanDisk Corporation designs, develops, and manufactures data storage solutions in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sandisk Corp (SNDK US)

Sandisk’s 2,500% Run Has Everyone Doubting—Here’s Why That May Be The Opportunity!

Sandisk has become one of Wall Street’s most startling performers, with the stock rising more than 2,500% over the past 12 months even as many...

Baptista Research

Quiddity Leaderboard NASDAQ 100 Jun26 Rebal: TWO Regular ADDs/DELs + ONE Intra-Review Change Coming

New methodology introduces quarterly constituent reviews alongside weight adjustments, but even before it takes effect, we expect one intra-review...

Anjana Amarasuriya

[Quiddity Index] NASDAQ 100 Dec26 Rebal: Early Predictions & Potential Methodology Change

SpaceX is on the verge of filing its IPO paperwork, while Nasdaq has yet to announce the outcome of its February 2026 consultation on proposed...

Anjana Amarasuriya

Were style lags part of the July washout?

The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.

Mark Tinker

Sandisk Is Quietly Becoming a Data Center Powerhouse—And Margins Could Follow!

Sandisk delivered a strong fiscal second quarter marked by a sharp sequential recovery in revenue, margins, and cash generation, alongside a clear...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)