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>Seagate Technology has emerged as a potential buyer of TDK’s hard-drive magnetic-heads business, a transaction that could materially alter the supply structure behind high-capacity storage.</li><li>According to the latest report, Seagate is competing with Toshiba for the TDK unit after reportedly submitting a higher offer during the summer, with a potential transaction carrying a multibillion-dollar valuation.</li><li>The timing is notable because magnetic heads are becoming increasingly important as hard-drive manufacturers respond to rising cloud and artificial-intelligence storage demand.</li></ul>

Seagate Technology has emerged as a potential buyer of TDK’s hard-drive magnetic-heads business, a transaction that could materially alter the supply structure behind high-capacity storage.According to the latest report, Seagate is competing with Toshiba for the TDK unit after reportedly submitting a higher offer during the summer, with a potential transaction carrying a multibillion-dollar valuation.The timing is notable because magnetic heads are becoming increasingly important as hard-drive manufacturers respond to rising cloud and artificial-intelligence storage demand.

Seagate Technology Acquisition Buzz: Could TDK Supercharge Its HAMR Advantage?

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>Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.</li>
<li>OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.</li>
<li>DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.</li>
</ul>


Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.
OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.
DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.


This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

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

<ul>
<li>Demand-Supply Mismatch: Demand for high-capacity hard disk drives (HDDs) is outstripping supply. Rather than narrowing, the gap between supply and demand is widening.  </li>
<li>Seagate is focusing on increasing exabytes through technology transitions rather than manufacturing higher unit volumes. They are targeting at least a 25% exabyte CAGR over the next 2–3 years.</li>
<li>Seagate plans to begin qualifying its 3rd-generation HAMR 50TB drive in roughly four quarters (mid-2027), representing a subsequent 25% capacity jump.  </li>
</ul>


Demand-Supply Mismatch: Demand for high-capacity hard disk drives (HDDs) is outstripping supply. Rather than narrowing, the gap between supply and demand is widening.  
Seagate is focusing on increasing exabytes through technology transitions rather than manufacturing higher unit volumes. They are targeting at least a 25% exabyte CAGR over the next 2–3 years.
Seagate plans to begin qualifying its 3rd-generation HAMR 50TB drive in roughly four quarters (mid-2027), representing a subsequent 25% capacity jump.  


Seagate Technology (STX) & Citi Global TMT Conference. Key Takeaways & Full Transcript

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -0.5% vs. MSCI World (-1.3%) – outperformed the benchmark by 0.8%.</li></ul>

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -0.5% vs. MSCI World (-1.3%) – outperformed the benchmark by 0.8%.

Global Top Fund Managers Portfolio (14-Sep-2026)

<ul><li>The strategy seeks to invest in themes that are driving returns globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -9.8% vs. MSCI World (-1.3%) – underperformed the benchmark by -8.5%.</li></ul>

The strategy seeks to invest in themes that are driving returns globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -9.8% vs. MSCI World (-1.3%) – underperformed the benchmark by -8.5%.

United States

Seagate Technology Holdings Public Limited Company offers computer hardware products. The Company designs, manufactures, and markets hard disk drives for enterprise applications, client compute applications, client non-compute applications, personal data backup systems, portable external storage systems and digital media systems.

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Seagate (STX US)

Seagate Technology Acquisition Buzz: Could TDK Supercharge Its HAMR Advantage?

Seagate Technology has emerged as a potential buyer of TDK’s hard-drive magnetic-heads business, a transaction that could materially alter the...

Baptista Research

This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

This week in AI: Anthropic cut prices by up to 90% with Claude Haiku 5.5, OpenAI's annualized revenue reached about USD 50bn, and Moonshot closed...

Ke Yan, CFA, FRM

Seagate Technology (STX) & Citi Global TMT Conference. Key Takeaways & Full Transcript

Seagate is focusing on increasing exabytes through technology transitions rather than manufacturing higher unit volumes. They are targeting at...

William Keating

Global Top Fund Managers Portfolio (14-Sep-2026)

The strategy seeks to invest in a subset of stocks owned by globally renowned fund managers. By adopting a portfolio of stocks instead of...

Crea8

Global Thematic Portfolio (14-Sep-2026)

The strategy seeks to invest in themes that are driving returns globally. By adopting a portfolio of stocks instead of individual stocks, the...

Crea8

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