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>Uber is not building the car, the sensor stack, or the factory line.</li><li>Yet it keeps showing up in every serious robotaxi conversation.</li><li>That is the real story behind its latest tie-up with Rivian.</li></ul>

Uber is not building the car, the sensor stack, or the factory line.Yet it keeps showing up in every serious robotaxi conversation.That is the real story behind its latest tie-up with Rivian.

Is The Uber And Rivian Deal About Rides, Or The REAL Narrative Edge?

<ul><li>Uber Technologies, Inc. delivered a strong financial performance for the fourth quarter and full year 2025, demonstrating sustained growth and strategic momentum.</li><li>The company's gross bookings grew by 22% year-on-year to $15 billion.</li><li>This marks its fifth consecutive year of annual gross bookings growth exceeding 20%.</li></ul>

Uber Technologies, Inc. delivered a strong financial performance for the fourth quarter and full year 2025, demonstrating sustained growth and strategic momentum.The company's gross bookings grew by 22% year-on-year to $15 billion.This marks its fifth consecutive year of annual gross bookings growth exceeding 20%.

Uber Technologies: Moving Beyond Big Cities & Quietly Scaling Suburban & Rural Markets To Up The Ante!

<ul><li>Uber Technologies, Inc. recently reported its third-quarter 2025 earnings, highlighting solid growth in its operations, both in Mobility and Delivery sectors.</li><li>The company recorded a marked increase in trips by 22%, the fastest growth since 2023, driven predominantly by enhancements in innovation and execution strategies.</li><li>As a result of strong audience engagement and operational efficiency, gross bookings grew by 21% while maintaining relatively stable pricing.</li></ul>

Uber Technologies, Inc. recently reported its third-quarter 2025 earnings, highlighting solid growth in its operations, both in Mobility and Delivery sectors.The company recorded a marked increase in trips by 22%, the fastest growth since 2023, driven predominantly by enhancements in innovation and execution strategies.As a result of strong audience engagement and operational efficiency, gross bookings grew by 21% while maintaining relatively stable pricing.

Uber Technologies Pushes a Powerful Growth Flywheel Driven by AI

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

Thematic (Sector/Industry)

<ul>
<li>So if you’re not actually able to draw a direct line to how much useful features and functionality you’re shipping to your users, that trade becomes harder to justify.</li>
<li>It’s actually not our engineers that are driving the token consumption. It’s a lot of the non-engineers that are doing some of those behaviors like converting PDFs into PowerPoint slides</li>
<li>Microsoft Has reportedly begun canceling most of its direct Claude Code licenses, according to The Verge, instead moving engineers toward using GitHub Copilot CLI.</li>
</ul>


So if you’re not actually able to draw a direct line to how much useful features and functionality you’re shipping to your users, that trade becomes harder to justify.
It’s actually not our engineers that are driving the token consumption. It’s a lot of the non-engineers that are doing some of those behaviors like converting PDFs into PowerPoint slides
Microsoft Has reportedly begun canceling most of its direct Claude Code licenses, according to The Verge, instead moving engineers toward using GitHub Copilot CLI.


From Token Maxxing To Token Rationing In Just Three Months. What's Going On?

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Comex Copper premium to LME widens again as tariff deadline looms</li>
<li>What the massive equity issuance tells us about the state of the markets</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Comex Copper premium to LME widens again as tariff deadline looms
What the massive equity issuance tells us about the state of the markets


United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Is The Uber And Rivian Deal About Rides, Or The REAL Narrative Edge?

Uber is not building the car, the sensor stack, or the factory line. Yet it keeps showing up in every serious robotaxi conversation. That is the...

Baptista Research

Uber Technologies: Moving Beyond Big Cities & Quietly Scaling Suburban & Rural Markets To Up The Ante!

Uber Technologies, Inc. delivered a strong financial performance for the fourth quarter and full year 2025, demonstrating sustained growth and...

Baptista Research

Uber Technologies Pushes a Powerful Growth Flywheel Driven by AI

Uber Technologies, Inc. recently reported its third-quarter 2025 earnings, highlighting solid growth in its operations, both in Mobility and...

Baptista Research

From Token Maxxing To Token Rationing In Just Three Months. What's Going On?

It’s actually not our engineers that are driving the token consumption. It’s a lot of the non-engineers that are doing some of those behaviors like...

William Keating

Overview #63 – Feeding the Ducks

A review of recent events/data impacting our investment themes and outlook. We look at the rise in Comex copper premiums, a closer look at the...

Rikki Malik

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