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

Equity Bottom-Up

<ul>
<li>SNPS reported Q2FY26 revenues of $2.276 billion, above prior guidance; quarterly GAAP earnings per diluted share (EPS) of $0.09, and non-GAAP EPS of $3.35</li>
<li>SNPS raised expectations for FY26 revenue to $9.665 billion, driven by strong performance across the business. Share price crashed ~9% the following day.</li>
<li>On the same day as the earnings call, SNPS entered into a cooperation agreement with Elliott,  including the appointment of Jesse Cohn to its board as an independent director. Yikes!</li>
</ul>


SNPS reported Q2FY26 revenues of $2.276 billion, above prior guidance; quarterly GAAP earnings per diluted share (EPS) of $0.09, and non-GAAP EPS of $3.35
SNPS raised expectations for FY26 revenue to $9.665 billion, driven by strong performance across the business. Share price crashed ~9% the following day.
On the same day as the earnings call, SNPS entered into a cooperation agreement with Elliott,  including the appointment of Jesse Cohn to its board as an independent director. Yikes!


Synopsys Q2 FY26. Beat, Raise, Crash & Hello There Elliott

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>The March market correction on Iran War was short lived and the rebound was furious – and illustrates the belief that both parties (US, Iran) desperately need a settlement . </li>
<li>There are interesting disconnects between Semi (up a lot) and Software (down a lot). Intrinsically it does not make sense: the business model of AI entire ecosystem is Application Software. </li>
<li>SOXX is expensive. Hyperscalers have recovered by 20-25% in April. Software remains depressed. Some firms will be hit by AI competitors but have a look at Cadence, Synopsis, Service Now. </li>
</ul>


The March market correction on Iran War was short lived and the rebound was furious – and illustrates the belief that both parties (US, Iran) desperately need a settlement . 
There are interesting disconnects between Semi (up a lot) and Software (down a lot). Intrinsically it does not make sense: the business model of AI entire ecosystem is Application Software. 
SOXX is expensive. Hyperscalers have recovered by 20-25% in April. Software remains depressed. Some firms will be hit by AI competitors but have a look at Cadence, Synopsis, Service Now. 


Now that S&P and Nasdaq Are Back to Positive Territory, What to Do (In Tech)?

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>ChipAgents is moving agentic EDA into production, with Andes Tech reporting major cycle-time reductions and ChipAgents reaching 120+ semiconductor customers after roughly 6x ARR growth in H12026.</li>
<li>EDA-Maxxing depends on agents creating more paid design activity through additional projects and deeper exploration than they eliminate through fewer expensive tool runs.</li>
<li>Cadence and Synopsys have early monetisation advantages, but investors still need evidence that higher agent-driven tool usage translates into larger EDA budgets and incremental revenue.</li>
</ul>


ChipAgents is moving agentic EDA into production, with Andes Tech reporting major cycle-time reductions and ChipAgents reaching 120+ semiconductor customers after roughly 6x ARR growth in H12026.
EDA-Maxxing depends on agents creating more paid design activity through additional projects and deeper exploration than they eliminate through fewer expensive tool runs.
Cadence and Synopsys have early monetisation advantages, but investors still need evidence that higher agent-driven tool usage translates into larger EDA budgets and incremental revenue.


[EDA-Maxxing] AI Agents Are Designing Faster; Will EDA Spending Follow?

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.

<ul><li>Synopsys is not the kind of company that usually attracts mainstream attention.</li><li>It operates deep inside the semiconductor value chain, selling the software, hardware-assisted verification tools, and design IP that many of the world’s largest chipmakers, hyperscalers, and technology firms rely on to build increasingly complex silicon.</li><li>That quiet positioning is exactly what makes Elliott Investment Management’s stake so interesting.</li></ul>

Synopsys is not the kind of company that usually attracts mainstream attention.It operates deep inside the semiconductor value chain, selling the software, hardware-assisted verification tools, and design IP that many of the world’s largest chipmakers, hyperscalers, and technology firms rely on to build increasingly complex silicon.That quiet positioning is exactly what makes Elliott Investment Management’s stake so interesting.

Synopsys Faces Elliott: The Hidden AI Profit War Just Began

<ul>
<li>SNPS &amp; CDNS currently trade at the same levels they were at three years and two years ago respectively. </li>
<li>Both companies were namechecked twice by Jensen Huang last week as example of companies whose products are needed now more than ever. NVIDIA recently invested $2 billion in SNPS</li>
<li>The WSJ is now reporting that Elliott has taken a multi-billion dollar stake in SNPS. We all know what that means!</li>
</ul>


SNPS &amp; CDNS currently trade at the same levels they were at three years and two years ago respectively. 
Both companies were namechecked twice by Jensen Huang last week as example of companies whose products are needed now more than ever. NVIDIA recently invested $2 billion in SNPS
The WSJ is now reporting that Elliott has taken a multi-billion dollar stake in SNPS. We all know what that means!


SNPS, CDNS. Babies Out With SaaSpocalypse Bathwater Or Fair Game?

United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

Synopsys Q2 FY26. Beat, Raise, Crash & Hello There Elliott

On the same day as the earnings call, SNPS entered into a cooperation agreement with Elliott, including the appointment of Jesse Cohn to its board...

William Keating

Now that S&P and Nasdaq Are Back to Positive Territory, What to Do (In Tech)?

Disconnect between Semi and Software sectors, despite AI ecosystem reliance on Application Software. SOXX expensive, some firms like Cadence,...

Nicolas Baratte

[EDA-Maxxing] AI Agents Are Designing Faster; Will EDA Spending Follow?

AI agents are making chip design faster, but will they make EDA more valuable? We examine whether agentic workflows expand paid demand for Cadence...

Mint Finance

Synopsys Faces Elliott: The Hidden AI Profit War Just Began

Synopsys is not the kind of company that usually attracts mainstream attention. It operates deep inside the semiconductor value chain, selling the...

Baptista Research

SNPS, CDNS. Babies Out With SaaSpocalypse Bathwater Or Fair Game?

Following on from NVIDIA's $2 billion investment in SNPS in December 2025, the WSJ is now reporting that Elliott has taken a multi-billion dollar...

William Keating

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