Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>Baidu, Inc. reported a first quarter 2026 total revenue of RMB 32.1 billion, reflecting a 2% year-over-year increase in its core Baidu General Business to RMB 26.0 billion, marking a return to positive growth after prior declines.</li><li>The company’s AI-powered business has become its primary revenue driver, with revenues reaching RMB 13.6 billion—a 49% increase year-over-year—and representing 52% of Baidu General Business revenue for the first time.</li><li>Baidu's AI Cloud Infrastructure (Cloud Infra) experienced particularly rapid growth, achieving a 79% year-over-year increase, with GPU Cloud revenue within that segment accelerating to 184% growth.</li></ul>

Baidu, Inc. reported a first quarter 2026 total revenue of RMB 32.1 billion, reflecting a 2% year-over-year increase in its core Baidu General Business to RMB 26.0 billion, marking a return to positive growth after prior declines.The company’s AI-powered business has become its primary revenue driver, with revenues reaching RMB 13.6 billion—a 49% increase year-over-year—and representing 52% of Baidu General Business revenue for the first time.Baidu's AI Cloud Infrastructure (Cloud Infra) experienced particularly rapid growth, achieving a 79% year-over-year increase, with GPU Cloud revenue within that segment accelerating to 184% growth.

Baidu’s Full-Stack AI Bet: Kunlunxin Chips, ERNIE 5.1 & Cloud Growth!