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 is no longer just an AI infrastructure story.</li><li>It is now a test of whether explosive demand can overpower a credibility shock.</li><li>The company entered 2026 with extraordinary momentum, reporting record quarterly revenue, raising full-year sales guidance to at least $40 billion, and positioning itself as a broader data center infrastructure provider rather than a simple server assembler.</li></ul>

Super Micro Computer is no longer just an AI infrastructure story.It is now a test of whether explosive demand can overpower a credibility shock.The company entered 2026 with extraordinary momentum, reporting record quarterly revenue, raising full-year sales guidance to at least $40 billion, and positioning itself as a broader data center infrastructure provider rather than a simple server assembler.

Super Micro Computer’s (SMCI) AI Boom Just Hit A TRUST Wall!

<ul><li>Super Micro Computer, Inc. shared its strong financial performance for Q2 and the first half of fiscal year 2026, with clear indications of growth, while also addressing challenges in margins due to various operational costs.</li><li>The company reported a record revenue of TWD 12.7 billion, equivalent to a substantial 123% year-over-year growth.</li><li>This performance is primarily driven by accelerated AI infrastructure demand across key customer segments and the deployment of the company's Rack Scale AI solutions.</li></ul>

Super Micro Computer, Inc. shared its strong financial performance for Q2 and the first half of fiscal year 2026, with clear indications of growth, while also addressing challenges in margins due to various operational costs.The company reported a record revenue of TWD 12.7 billion, equivalent to a substantial 123% year-over-year growth.This performance is primarily driven by accelerated AI infrastructure demand across key customer segments and the deployment of the company's Rack Scale AI solutions.

Super Micro Computer’s (SMCI) AI-Fueled Data Center Boom—Can DCBBS Sustain Margin Expansion at Scale?

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>We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.</li>
<li>DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.</li>
<li>YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.
DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.
YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.


This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

<ul><li>Super Micro Computer has endured one of the most turbulent years in recent tech market memory.</li><li>Once celebrated as a high-flyer in the AI infrastructure boom, the company has spent much of 2025 trying to restore credibility and regain investor confidence.</li><li>After peaking above $120 in early 2024, SMCI shares are now trading over 70% below those highs.</li></ul>

Super Micro Computer has endured one of the most turbulent years in recent tech market memory.Once celebrated as a high-flyer in the AI infrastructure boom, the company has spent much of 2025 trying to restore credibility and regain investor confidence.After peaking above $120 in early 2024, SMCI shares are now trading over 70% below those highs.

Super Micro's $13 Billion Gamble: Will It Pay Off or Implode?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

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’s (SMCI) AI Boom Just Hit A TRUST Wall!

Super Micro Computer is no longer just an AI infrastructure story. It is now a test of whether explosive demand can overpower a credibility...

Baptista Research

Super Micro Computer’s (SMCI) AI-Fueled Data Center Boom—Can DCBBS Sustain Margin Expansion at Scale?

Super Micro Computer, Inc. shared its strong financial performance for Q2 and the first half of fiscal year 2026, with clear indications of...

Baptista Research

This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

This week in AI: Ox Alpha appears on OpenRouter; Stripe buys OpenRouter for over USD 7bn; OpenAI pauses Astra RL; YMTC files Shanghai IPO.

Ke Yan, CFA, FRM

Super Micro's $13 Billion Gamble: Will It Pay Off or Implode?

Super Micro Computer has endured one of the most turbulent years in recent tech market memory. Once celebrated as a high-flyer in the AI...

Baptista Research

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

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