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>Snowflake just made a quiet but intriguing move that could reshape how enterprises handle observability at scale.</li><li>On January 8, 2026, the cloud data giant announced its plan to acquire Observe, a startup specializing in AI-powered observability.</li><li>The deal terms haven’t been disclosed, but the implications are already sparking debate in tech circles.</li></ul>

Snowflake just made a quiet but intriguing move that could reshape how enterprises handle observability at scale.On January 8, 2026, the cloud data giant announced its plan to acquire Observe, a startup specializing in AI-powered observability.The deal terms haven’t been disclosed, but the implications are already sparking debate in tech circles.

Snowflake Acquires Observe AI: What It Means for Datadog, Splunk & the Rest!

<ul><li>Snowflake Inc. reported its financial results for Q3 Fiscal Year 2026, showcasing continued robust performance with product revenue reaching $1.16 billion, a 29% increase year-over-year.</li><li>The company added a record 615 new customers this quarter and maintained a healthy net revenue retention rate of 125%.</li><li>A key highlight was the achievement of a $100 million AI revenue run rate, one quarter earlier than anticipated, indicating strong momentum and adoption of Snowflake's AI-driven data cloud solutions.</li></ul>

Snowflake Inc. reported its financial results for Q3 Fiscal Year 2026, showcasing continued robust performance with product revenue reaching $1.16 billion, a 29% increase year-over-year.The company added a record 615 new customers this quarter and maintained a healthy net revenue retention rate of 125%.A key highlight was the achievement of a $100 million AI revenue run rate, one quarter earlier than anticipated, indicating strong momentum and adoption of Snowflake's AI-driven data cloud solutions.

Snowflake Is Becoming the Control Plane for Enterprise Data—But Can It Defend the Moat?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.</li>
<li>The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.</li>
<li>Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.</li>
</ul>


Anthropic faces a potential "Down Round" in its IPO slated for later this year.  The dynamics of the AI sector have deteriorated substantially since the company announced its IPO filing.
The private market valuation, based on funding rounds, tripled between February and May this year, adding roughly $600 billion to its market value. The company participates in AI circular financing.
Valuation compression, competition from Chinese open-source models, regulatory challenges, slowing token usage, and market share loss are pre-IPO challenges for the company.


ANTHROPIC IPO: Will Investors Accept a Down Round?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Transwarp Technology (Shanghai) / Equity Capital Markets

Transwarp Technology (Shanghai) (TSWRP HK)

<ul>
<li>TRANSWARP emphasizes its "full-stack self-developed" technical capabilities, and its products have a high degree of standardization. They demonstrate strong competitiveness in the private deployment scenarios. </li>
<li>TRANSWARP has a significant structural mismatch in working capital management. There will still be net loss in 2026, and there is uncertainty regarding the short-term path to achieving sustainable profitability.</li>
<li>Compared with peers, the products developed by TRANSWARP have a wider range of categories and a larger market space. In our view, a neutral scenario could be P/S of 20x. </li>
</ul>


TRANSWARP emphasizes its "full-stack self-developed" technical capabilities, and its products have a high degree of standardization. They demonstrate strong competitiveness in the private deployment scenarios. 
TRANSWARP has a significant structural mismatch in working capital management. There will still be net loss in 2026, and there is uncertainty regarding the short-term path to achieving sustainable profitability.
Compared with peers, the products developed by TRANSWARP have a wider range of categories and a larger market space. In our view, a neutral scenario could be P/S of 20x. 


Pre-IPO Transwarp Technology (PHIP Updates) - Some Points Worth the Attention

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>Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. </li>
<li>Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF</li>
<li>Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more</li>
</ul>


Since early November 2023 we have laid out our bullish expectations for a year-end rally that we anticipated would continue into the early part of 2024. 
Here we are in the early part of 2024, and we see every reason to continue riding this bull market higher. We see small- and mid-caps resuming uptrends $IWM $VXF
Downgrading Staples (XLP) to underweight after brief stint at market weight. Highlighting several buys within Financials: Property &amp; Casualty Insurance BRK.B, PGR, CB, TRV, ALL, CINF, ERIE, and more


Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

United States

Snowflake Inc. provides software solutions. The Company develops database architecture, data warehouses, query optimization, and parallelization solutions. Snowflake serves customers worldwide.

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Snowflake (SNOW US)

Snowflake Acquires Observe AI: What It Means for Datadog, Splunk & the Rest!

Snowflake just made a quiet but intriguing move that could reshape how enterprises handle observability at scale. On January 8, 2026, the cloud...

Baptista Research

Snowflake Is Becoming the Control Plane for Enterprise Data—But Can It Defend the Moat?

Snowflake Inc. reported its financial results for Q3 Fiscal Year 2026, showcasing continued robust performance with product revenue reaching $1.16...

Baptista Research

ANTHROPIC IPO: Will Investors Accept a Down Round?

Anthropic faces a potential "Down Round" in its IPO slated for later this year. The dynamics of the AI sector have deteriorated substantially...

David Mudd

Pre-IPO Transwarp Technology (PHIP Updates) - Some Points Worth the Attention

TRANSWARP's core team has been deeply engaged in the field of big data and AI basic software for over a decade. But path to achieving sustainable...

Xinyao (Criss) Wang

Continue Riding This Bull Market Higher; Small- And Mid-Caps Resuming Uptrends; Downgrading Staples

Continue Riding This Bull Market Higher; Small- and Mid-Caps Resuming Uptrends $IWM $RTY $VXF; Downgrading Consumer Staples $XLP to Underweight...

Vermilion Research

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