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>Super Micro Computer (SMCI) has been in the spotlight recently, with its stock experiencing wild swings amid developments that have left investors divided.</li><li>On one hand, a special committee investigation concluded there was no evidence of fraud or misconduct, a finding that alleviated fears sparked by Ernst & Young's resignation as its auditor.</li><li>This positive news was coupled with robust growth in AI-driven revenues, innovative liquid-cooled server solutions, and ambitious manufacturing expansion plans.</li></ul>

Super Micro Computer (SMCI) has been in the spotlight recently, with its stock experiencing wild swings amid developments that have left investors divided.On one hand, a special committee investigation concluded there was no evidence of fraud or misconduct, a finding that alleviated fears sparked by Ernst & Young's resignation as its auditor.This positive news was coupled with robust growth in AI-driven revenues, innovative liquid-cooled server solutions, and ambitious manufacturing expansion plans.

Super Micro Computer (SMCI): Investigation Clears Fraud Claims, But Is the Stock Still a Risk?

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Smartphone demand remains slow, that contributes to weak outlook for commodity DRAM.  Nvidia / Mediatek and Qualcomm AI PC chips should be launched mid-2025. </li>
<li>Nvidia allocation of TSMC CoWoS remains at 60% in 2025, capacity doubles, Data Center GPU revenue will double? TSMC 2nm-16A roadmap on track.  </li>
<li>SK Hynix is now ahead of Samsung in HBM, DDR5, 3D NAND and SSD. Meanwhile, Samsung is buying back shares. </li>
</ul>


Smartphone demand remains slow, that contributes to weak outlook for commodity DRAM.  Nvidia / Mediatek and Qualcomm AI PC chips should be launched mid-2025. 
Nvidia allocation of TSMC CoWoS remains at 60% in 2025, capacity doubles, Data Center GPU revenue will double? TSMC 2nm-16A roadmap on track.  
SK Hynix is now ahead of Samsung in HBM, DDR5, 3D NAND and SSD. Meanwhile, Samsung is buying back shares. 


Tech News This Week: Smartphone, Mediatek, Nvidia, Qualcomm, TSMC, Super Micro, SK Hynix, Samsung

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Apollo Global Management  / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.</li>
<li>We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.
We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in late-2024/early-2025.


Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

<ul>
<li>TSMC: more restrictions on export to China. TSMC can’t make 2nm in US before 2028-29. Lawsuit in Arizona.</li>
<li>Korea: special chips act to give chipmakers subsidies and an exemption from a national cap on working hours. Korean engineers only work 52 hours / week. That’s a problem.</li>
<li>Amazon more in-house AI chips. Super Micro trying to avoid delisting. Smartphone ASP keep increasing because chip prices are increasing (ie Mediatek, Qualcomm). AI PC reaching 20% in 3Q214. </li>
</ul>


TSMC: more restrictions on export to China. TSMC can’t make 2nm in US before 2028-29. Lawsuit in Arizona.
Korea: special chips act to give chipmakers subsidies and an exemption from a national cap on working hours. Korean engineers only work 52 hours / week. That’s a problem.
Amazon more in-house AI chips. Super Micro trying to avoid delisting. Smartphone ASP keep increasing because chip prices are increasing (ie Mediatek, Qualcomm). AI PC reaching 20% in 3Q214. 


Tech News This Week: TSMC, Samsung, Amazon / Nvidia, Super Micro, Smartphone ASP Increasing, AI PC

<ul><li>Super Micro Computer, Inc. (NASDAQ:SMCI), a once-rising star in the AI server and data center market, faces an escalating series of challenges that have severely impacted investor confidence.</li><li>In the latest and most alarming development, SMCI disclosed that its auditor, Ernst & Young (EY), resigned after raising critical issues about the company's governance, board independence, and internal financial controls.</li><li>This resignation follows months of disagreements between EY and SMCI, during which EY stated they were "unwilling to be associated with the financial statements prepared by management." As SMCI scrambles to address these governance issues, it has appointed a special board committee and hired a forensic accounting firm to investigate its internal controls.</li></ul>

Super Micro Computer, Inc. (NASDAQ:SMCI), a once-rising star in the AI server and data center market, faces an escalating series of challenges that have severely impacted investor confidence.In the latest and most alarming development, SMCI disclosed that its auditor, Ernst & Young (EY), resigned after raising critical issues about the company's governance, board independence, and internal financial controls.This resignation follows months of disagreements between EY and SMCI, during which EY stated they were "unwilling to be associated with the financial statements prepared by management." As SMCI scrambles to address these governance issues, it has appointed a special board committee and hired a forensic accounting firm to investigate its internal controls.

Super Micro Computer (SMCI) in Crisis? Auditor Resignation Sparks Major Concerns!

United States

Super Micro Computer, Inc. designs, develops, manufactures and sells server solutions based on modular and open-standard x86 architecture. The Company's products include servers, motherboards, chassis, and accessories.

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Super Micro Computer (SMCI US)

Super Micro Computer (SMCI): Investigation Clears Fraud Claims, But Is the Stock Still a Risk?

Super Micro Computer (SMCI) has been in the spotlight recently, with its stock experiencing wild swings amid developments that have left investors...

Baptista Research

Tech News This Week: Smartphone, Mediatek, Nvidia, Qualcomm, TSMC, Super Micro, SK Hynix, Samsung

Smartphone demand remains slow. Nvidia and Qualcomm AI PC chips launched mid 2025. Nvidia allocation of TSMC CoWoS remains at 60% in 2025, capacity...

Nicolas Baratte

Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

The S&P500/400/600 Dec24 review will be announced in just over 10 days. There is an intra-review change in SP600 first, and perhaps a few more in...

Travis Lundy

Tech News This Week: TSMC, Samsung, Amazon / Nvidia, Super Micro, Smartphone ASP Increasing, AI PC

TSMC faces export restrictions to China. Korea offers subsidies to chipmakers, but faces labor issue. Amazon ramps up AI chip production. Chip...

Nicolas Baratte

Super Micro Computer (SMCI) in Crisis? Auditor Resignation Sparks Major Concerns!

Super Micro Computer, Inc. (NASDAQ:SMCI), a once-rising star in the AI server and data center market, faces an escalating series of challenges...

Baptista Research

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Super Micro Computer (SMCI): Investigation Clears Fraud Claims, But Is the Stock Still a Risk?

Super Micro Computer (SMCI) has been in the spotlight recently, with its stock experiencing wild swings amid developments that have left investors...

Baptista Research

Tech News This Week: Smartphone, Mediatek, Nvidia, Qualcomm, TSMC, Super Micro, SK Hynix, Samsung

Smartphone demand remains slow. Nvidia and Qualcomm AI PC chips launched mid 2025. Nvidia allocation of TSMC CoWoS remains at 60% in 2025, capacity...

Nicolas Baratte

Quiddity Leaderboard S&P 500 Dec 24: APP, APO, and TPL May Be ADDs, Watch SP600 DELs

The S&P500/400/600 Dec24 review will be announced in just over 10 days. There is an intra-review change in SP600 first, and perhaps a few more in...

Travis Lundy

Tech News This Week: TSMC, Samsung, Amazon / Nvidia, Super Micro, Smartphone ASP Increasing, AI PC

​TSMC faces export restrictions to China. Korea offers subsidies to chipmakers, but faces labor issue. Amazon ramps up AI chip production. Chip...

Nicolas Baratte

Super Micro Computer (SMCI) in Crisis? Auditor Resignation Sparks Major Concerns!

Super Micro Computer, Inc. (NASDAQ:SMCI), a once-rising star in the AI server and data center market, faces an escalating series of challenges...

Baptista Research

TSMC faces export restrictions to China. Korea offers subsidies to chipmakers, but faces labor issue. Amazon ramps up AI chip production. Chip...