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 reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational indicators.</li><li>The company posted a 21% sequential increase in revenue, reaching $2.3 billion, and reported non-GAAP earnings per share of $1.22, bolstered by a significant $448 million in adjusted free cash flow, leading to a net cash position of $91 million.</li><li>The company's strategy, focusing on revenue growth, margin expansion, and sustainable free cash flow, appears to be gaining traction, with positive customer and market demand across its technology and product portfolio.</li></ul>

Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational indicators.The company posted a 21% sequential increase in revenue, reaching $2.3 billion, and reported non-GAAP earnings per share of $1.22, bolstered by a significant $448 million in adjusted free cash flow, leading to a net cash position of $91 million.The company's strategy, focusing on revenue growth, margin expansion, and sustainable free cash flow, appears to be gaining traction, with positive customer and market demand across its technology and product portfolio.

SanDisk’s BiCS8 Breakthrough: The Game-Changing Technology Turbocharging Storage Performance!

<ul><li>SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500, replacing Interpublic Group of Companies, which is being acquired by Omnicom Group.</li><li>Shares jumped 13.3% during the regular session and spiked an additional 9% after hours, extending a powerful upward move triggered by the index‑addition news.</li><li>The inclusion will take effect before the market opens on November 28, injecting Sandisk into one of the world’s most widely tracked equity benchmarks and setting off mechanical buying from index funds and benchmark‑constrained investors.</li></ul>

SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500, replacing Interpublic Group of Companies, which is being acquired by Omnicom Group.Shares jumped 13.3% during the regular session and spiked an additional 9% after hours, extending a powerful upward move triggered by the index‑addition news.The inclusion will take effect before the market opens on November 28, injecting Sandisk into one of the world’s most widely tracked equity benchmarks and setting off mechanical buying from index funds and benchmark‑constrained investors.

Sandisk Inc, IPG Out: The Index Shakeup Everyone’s Watching!

Equity Long-Short

Mo Aziz

Cross Asset Strategy

<ul>
<li>Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     </li>
<li>Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.</li>
<li>Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.</li>
</ul>


Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     
Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.
Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.


SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

Thematic (Sector/Industry)

<ul>
<li>AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.</li>
<li>There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.</li>
<li>We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.</li>
</ul>


AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.
There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.
We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.


Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The US market is showing signs of buyer exhaustion.  High valuations, declining breadth, single-stock option skew, extreme momentum crowding, and lofty analyst earnings projections present risks to the bull market.</li>
<li>Wall Street earnings upgrades in April were almost entirely in the tech sector and were heavily dependent on a historically high estimate of S&amp;P operating margins.</li>
<li>Rushed mega-IPOs and equity placements by hyperscalers pose another risk to the market as liquidity requirements for the tech sector grow rapidly.</li>
</ul>


The US market is showing signs of buyer exhaustion.  High valuations, declining breadth, single-stock option skew, extreme momentum crowding, and lofty analyst earnings projections present risks to the bull market.
Wall Street earnings upgrades in April were almost entirely in the tech sector and were heavily dependent on a historically high estimate of S&amp;P operating margins.
Rushed mega-IPOs and equity placements by hyperscalers pose another risk to the market as liquidity requirements for the tech sector grow rapidly.


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.

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Sandisk Corp (SNDK US)

SanDisk’s BiCS8 Breakthrough: The Game-Changing Technology Turbocharging Storage Performance!

Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational...

Baptista Research

Sandisk Inc, IPG Out: The Index Shakeup Everyone’s Watching!

SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500,...

Baptista Research

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Mo Aziz

US MARKET EXHAUSTION (June 26)

The US market is showing signs of buyer exhaustion. High valuations, narrow breadth, single-stock option skew, momentum crowding, & lofty analyst...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SanDisk’s BiCS8 Breakthrough: The Game-Changing Technology Turbocharging Storage Performance!

Sandisk reported a robust first quarter for fiscal 2026, showing notable performance improvements across financial metrics and operational...

Baptista Research

Sandisk Inc, IPG Out: The Index Shakeup Everyone’s Watching!

SanDisk’s stock experienced a dramatic two‑day surge after S&P Dow Jones Indices announced that the company would be added to the S&P 500,...

Baptista Research

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

​Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

​AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Mo Aziz

US MARKET EXHAUSTION (June 26)

The US market is showing signs of buyer exhaustion. High valuations, narrow breadth, single-stock option skew, momentum crowding, & lofty analyst...

David Mudd

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...