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>In a shocking turn of events, Intel Corporation, a long-standing leader in the semiconductor industry, witnessed one of its worst days on Wall Street, losing over a quarter of its market value in a single trading session.</li><li>The drastic drop followed the company’s announcement of a $1.6 billion net loss for the second quarter of 2024, a stark contrast to the $1.47 billion profit reported in the same period the previous year.</li><li>Intel’s share price plummeted by 27%, marking its steepest decline since 1974, as the company grappled with disappointing earnings, a bleak forecast, and a massive restructuring plan.</li></ul>

In a shocking turn of events, Intel Corporation, a long-standing leader in the semiconductor industry, witnessed one of its worst days on Wall Street, losing over a quarter of its market value in a single trading session.The drastic drop followed the company’s announcement of a $1.6 billion net loss for the second quarter of 2024, a stark contrast to the $1.47 billion profit reported in the same period the previous year.Intel’s share price plummeted by 27%, marking its steepest decline since 1974, as the company grappled with disappointing earnings, a bleak forecast, and a massive restructuring plan.

Intel's Market Meltdown: Analyzing the Struggles of a Semiconductor Leader

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

<ul>
<li>Q224 revenues of $12.8 billion, in line with their updated May outlook, ~flat QoQ and down 1% YoY.</li>
<li>Gross margin (non-GAAP) was 38.7%, down 1.1 points YoY but down a whopping 4.8 points from the April outlook.</li>
<li>Shares tanked &gt;24% in after hours trading. What's really going on at Intel? </li>
</ul>


Q224 revenues of $12.8 billion, in line with their updated May outlook, ~flat QoQ and down 1% YoY.
Gross margin (non-GAAP) was 38.7%, down 1.1 points YoY but down a whopping 4.8 points from the April outlook.
Shares tanked &gt;24% in after hours trading. What's really going on at Intel? 


Intel Q224 Meltdown. Don't Say We Didn't Warn You...

<ul>
<li>Intel's 2023 10K includes two new risk sections relating to its foundry plans and Smart Capital approach to funding them. </li>
<li>It labels its foundry plan as "Highly Risky" and rates its chances of success as "highly uncertain"</li>
<li>They also helpfully warn that they have "limited experience" with the third party foundry business, just FYI</li>
</ul>


Intel's 2023 10K includes two new risk sections relating to its foundry plans and Smart Capital approach to funding them. 
It labels its foundry plan as "Highly Risky" and rates its chances of success as "highly uncertain"
They also helpfully warn that they have "limited experience" with the third party foundry business, just FYI


Intel Warns That Its Foundry Strategy Is "Highly Risky" & Its Success Is "Highly Uncertain"

<ul>
<li>Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity related to Intel’s Fab 34</li>
<li>This deal follows a similar mid-2022 deal with Brookfield to co-invest in two new leading edge fabs in Arizona at a cost of up to $30 billion</li>
<li>Why make the deal with Fab 34 in Ireland instead of the Ohio fab under construction?</li>
</ul>


Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity related to Intel’s Fab 34
This deal follows a similar mid-2022 deal with Brookfield to co-invest in two new leading edge fabs in Arizona at a cost of up to $30 billion
Why make the deal with Fab 34 in Ireland instead of the Ohio fab under construction?


<ul>
<li>Q124 revenue was $12.7 billion, down 17.5% QoQ but up 9% YoY.</li>
<li>Q224 revenue forecast of just $13 billion &amp; vague promise of full year YoY growth disappoints</li>
<li>Capacity constraints on wafer level assembly limited Meteor Lake shipments. So much for a maniacal focus on execution.</li>
</ul>


Q124 revenue was $12.7 billion, down 17.5% QoQ but up 9% YoY.
Q224 revenue forecast of just $13 billion &amp; vague promise of full year YoY growth disappoints
Capacity constraints on wafer level assembly limited Meteor Lake shipments. So much for a maniacal focus on execution.


United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Intel's Market Meltdown: Analyzing the Struggles of a Semiconductor Leader

In a shocking turn of events, Intel Corporation, a long-standing leader in the semiconductor industry, witnessed one of its worst days on Wall...

Baptista Research

Intel Q224 Meltdown. Don't Say We Didn't Warn You...

Q224 revenues $12.8 billion, in line, ~flat QoQ & down 1% YoY. GM of 38.7%, -1.1 points YoY but 4.8 points below forecast. >15% of workforce cut...

William Keating

Intel Warns That Its Foundry Strategy Is "Highly Risky" & Its Success Is "Highly Uncertain"

In its 2023 10K, Intel labels its foundry plan as "Highly Risky" and rates its chances of success as "Highly Uncertain". The company also admits to...

William Keating

Intel's Latest SCIP With Apollo. Yikes!

Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity...

William Keating

Intel. Just Check Back In Again In 2026

Q124 revenue $12.7 billion, -17.5% QoQ but +9% YoY. Q224 forecast of $13 billion, vague promise of full year YoY growth & capacity constraints on...

William Keating

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