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 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

Investing, Fraud and Fun with Language Models, Bedrock AI

Bedrock AI

Investing, Fraud and Fun with Language Models

Bedrock AI is a web-based equity research portal. Our software extracts red flags from SEC filings that are predictive of downside risk. Explore real-time analysis of annual and quarterly statements, 8-Ks, prospectuses, SEC comment letters and more for over 7,000 tickers. Analysis is served without human intervention. Quantamental investing is transforming the way investors see the world.

<ul><li>William Companies $WMB believes more Republican control can resolve permitting issues, which would benefit the power industry and the energy infrastructure business.</li><li>A favorable tax outcome will also be “a very huge positive to [its] guidance in the immediate term”. </li><li>Energy Transfer $ET said the Trump administration will bring “a breath of fresh air.” Nov 06: Q3'24</li></ul>

William Companies $WMB believes more Republican control can resolve permitting issues, which would benefit the power industry and the energy infrastructure business.A favorable tax outcome will also be “a very huge positive to [its] guidance in the immediate term”. Energy Transfer $ET said the Trump administration will bring “a breath of fresh air.” Nov 06: Q3'24

Most executives upbeat after Trump election

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>High beta stocks with potential catalysts like ondacapital's CORZ investment case are discussed as opportunities</li><li>The rush for AI compute power and demand for power and data center capacity by Cloud providers are driving investment in certain stocks</li><li>Bitcoin miners like CORZ, WULF, and IREN are transitioning towards AI/HPC to capitalize on the demand, with significant upside potential for WULF and IREN</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

High beta stocks with potential catalysts like ondacapital's CORZ investment case are discussed as opportunitiesThe rush for AI compute power and demand for power and data center capacity by Cloud providers are driving investment in certain stocksBitcoin miners like CORZ, WULF, and IREN are transitioning towards AI/HPC to capitalize on the demand, with significant upside potential for WULF and IRENThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Terawulf Inc (WULF) - Sunday, Jun 16, 2024

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.</li><li>First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).</li><li>This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.</li></ul>

This is my quarterly piece, where I round up all of my favorite ideas (more explicitly) and explain some semiconductor jargon. This is a meta piece of content.First and foremost, I’ll start with performance. SMH returned 14% this quarter, among the best quarters in history for the semiconductor universe (again).This quarter's leader was AOSL, who is rumored to have won a socket at Nvidia.

Fabricated Knowledge Q2 2024 Quarterly Review

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’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

Most executives upbeat after Trump election

William Companies $WMB believes more Republican control can resolve permitting issues, which would benefit the power industry and the energy...

Bedrock AI

Terawulf Inc (WULF) - Sunday, Jun 16, 2024

Bitcoin miners like CORZ, WULF, and IREN are transitioning towards AI/HPC to capitalize on the demand, with significant upside potential for WULF...

Value Investors Club (VIC)

Fabricated Knowledge Q2 2024 Quarterly Review

Here's everything that happened this quarter, and some thoughts and ideas. This is my quarterly piece, where I round up all of my favorite ideas...

Fabricated Knowledge

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