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>TeraWulf has moved deeper into large-scale AI and high-performance computing infrastructure with the acquisition of the Muskie Data Campus from Industrial Equity Partners, adding a potential 1+ gigawatt Eastern Kentucky development site to its expanding portfolio.</li><li>The transaction follows a first quarter in which TeraWulf’s business model showed a clearer shift away from Bitcoin mining and toward contracted HPC leasing, with Lake Mariner already generating meaningful lease revenue and additional buildings scheduled for delivery through 2026.</li><li>Muskie also arrives alongside the company’s broader Kentucky push, including the 480 MW Justified Data campus in Hancock County, where management has emphasized near-term power availability, customer negotiations, and disciplined capital deployment.</li></ul>

TeraWulf has moved deeper into large-scale AI and high-performance computing infrastructure with the acquisition of the Muskie Data Campus from Industrial Equity Partners, adding a potential 1+ gigawatt Eastern Kentucky development site to its expanding portfolio.The transaction follows a first quarter in which TeraWulf’s business model showed a clearer shift away from Bitcoin mining and toward contracted HPC leasing, with Lake Mariner already generating meaningful lease revenue and additional buildings scheduled for delivery through 2026.Muskie also arrives alongside the company’s broader Kentucky push, including the 480 MW Justified Data campus in Hancock County, where management has emphasized near-term power availability, customer negotiations, and disciplined capital deployment.

TeraWulf Buyout Of Muskie Campus Could Supercharge Its HPC Pipeline!

Credit

<ul><li>TeraWulf's recent earnings call provided insight into the company's strategic transition toward becoming a scaled power-backed AI infrastructure platform, effectively integrating both power generation capabilities and a focus on high-performance computing (HPC) lease revenue.</li><li>During 2025, TeraWulf demonstrated substantial operational progress, characterized by strategic acquisitions, new site agreements, and significant partnerships, such as their deal with Fluidstack, supported by Google's credit.</li><li>On the positive side, TeraWulf acquired full control of Beowulf Electricity & Data, eliminating related party complexities and reinforcing their power generation expertise.</li></ul>

TeraWulf's recent earnings call provided insight into the company's strategic transition toward becoming a scaled power-backed AI infrastructure platform, effectively integrating both power generation capabilities and a focus on high-performance computing (HPC) lease revenue.During 2025, TeraWulf demonstrated substantial operational progress, characterized by strategic acquisitions, new site agreements, and significant partnerships, such as their deal with Fluidstack, supported by Google's credit.On the positive side, TeraWulf acquired full control of Beowulf Electricity & Data, eliminating related party complexities and reinforcing their power generation expertise.

TeraWulf: A 450 Megawatt AI Infrastructure Bet Anchored By Fluidstack And Google Credit

<ul><li>TeraWulf's third-quarter 2025 earnings call reflects both noteworthy achievements and areas of concern, contributing to a balanced investment thesis.</li><li>This period has been pivotal, with the company signing a landmark 360-megawatt IT load agreement at its Lake Mariner campus, in collaboration with Fluidstack and backed by Google.</li><li>This 10-year contract is anticipated to generate substantial annual revenue and operating income, underscoring the strategic shift towards high-performance computing (HPC) and establishing TeraWulf as a leader in this transition.</li></ul>

TeraWulf's third-quarter 2025 earnings call reflects both noteworthy achievements and areas of concern, contributing to a balanced investment thesis.This period has been pivotal, with the company signing a landmark 360-megawatt IT load agreement at its Lake Mariner campus, in collaboration with Fluidstack and backed by Google.This 10-year contract is anticipated to generate substantial annual revenue and operating income, underscoring the strategic shift towards high-performance computing (HPC) and establishing TeraWulf as a leader in this transition.

TeraWulf: How Far Can Its High-Impact Google-Backed Partnerships Push Its Market Climb?

<ul><li>TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of the largest bond deals relative to market capitalization in 2025.</li><li>The capital will finance the rapid buildout of its Lake Mariner data center in upstate New York, which is now tied to a landmark hyperscale hosting deal with Fluidstack, underpinned by Alphabet’s Google.</li><li>The bond offering, representing more than half of TeraWulf’s $5.7 billion market cap, comes on the heels of transformative transactions that position the company at the center of next-gen AI infrastructure.</li></ul>

TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of the largest bond deals relative to market capitalization in 2025.The capital will finance the rapid buildout of its Lake Mariner data center in upstate New York, which is now tied to a landmark hyperscale hosting deal with Fluidstack, underpinned by Alphabet’s Google.The bond offering, representing more than half of TeraWulf’s $5.7 billion market cap, comes on the heels of transformative transactions that position the company at the center of next-gen AI infrastructure.

TeraWulf’s Boldest Bet Yet: $3.2 Billion, Google, and the Future of AI Compute!

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>We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).</li>
<li>Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold</li>
<li>The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS</li>
</ul>


We downgraded our near-term outlook on SPX and QQQ to neutral last week (11/19/25), after being bullish since 4/22/25, while we maintained our intermediate-term bullish outlook (as of 5/14/25).
Crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ held last week, and we are back to being near-term bullish as long as these supports continue to hold
The latest pullback offers an attractive entry point into all the speculative growth areas that we were pounding the table on since May, WITH A STOP AT LAST WEEKS LOWS


Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

United States

TeraWulf, Inc. was formed to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States. TeraWulf will generate domestically produced bitcoin powered by nuclear, hydro and solar energy.

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TeraWulf (WULF US)

TeraWulf Buyout Of Muskie Campus Could Supercharge Its HPC Pipeline!

TeraWulf has moved deeper into large-scale AI and high-performance computing infrastructure with the acquisition of the Muskie Data Campus from...

Baptista Research

TeraWulf: A 450 Megawatt AI Infrastructure Bet Anchored By Fluidstack And Google Credit

TeraWulf's recent earnings call provided insight into the company's strategic transition toward becoming a scaled power-backed AI infrastructure...

Baptista Research

TeraWulf: How Far Can Its High-Impact Google-Backed Partnerships Push Its Market Climb?

TeraWulf's third-quarter 2025 earnings call reflects both noteworthy achievements and areas of concern, contributing to a balanced investment...

Baptista Research

TeraWulf’s Boldest Bet Yet: $3.2 Billion, Google, and the Future of AI Compute!

TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of...

Baptista Research

Back to Near-Term Bullish on SPX and Nasdaq 100; Supports Held at SPX 6480-6520 and QQQ $580-583

Back to Near-Term Bullish on $SPX and Nasdaq 100 $NDX; Crucial Supports Held at 6480-6520 on SPX and $580-$583 on $QQQ, we are near-term bullish as...

Vermilion Research

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