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

Advanced Micro Devices / Equity Bottom-Up

<ul><li>In the first quarter of 2024, Advanced Micro Devices (AMD), under the chairmanship and CEO-ship of Dr.</li><li>Lisa Su, achieved multiple milestones.</li><li>Revenue rose to $5.5 billion, showing both quarter over-quarter and year-over-year growth, while the company’s gross margin expanded by more than 2 percentage points; they also saw enhanced profitability with Data Center and Client segment sales each growing by over 80% year-over-year.</li></ul>

In the first quarter of 2024, Advanced Micro Devices (AMD), under the chairmanship and CEO-ship of Dr.Lisa Su, achieved multiple milestones.Revenue rose to $5.5 billion, showing both quarter over-quarter and year-over-year growth, while the company’s gross margin expanded by more than 2 percentage points; they also saw enhanced profitability with Data Center and Client segment sales each growing by over 80% year-over-year.

Advanced Micro Devices Inc. (AMD):  Growth Opportunities in Data Center CPU & Artificial Intelligence (AI) - Major Drivers

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>Q124 revenues of $5.5 billion, $100 million above the guided midpoint, down 11% QoQ but up 2% YoY.</li>
<li>Looking ahead, AMD forecasted the current quarter revenues of $5.7 billion, up 3.6% sequentially.</li>
<li>Share price down 7% in AH and down 35% from its recent 52 week high. We could see it retest the $100 level in the coming months</li>
</ul>


Q124 revenues of $5.5 billion, $100 million above the guided midpoint, down 11% QoQ but up 2% YoY.
Looking ahead, AMD forecasted the current quarter revenues of $5.7 billion, up 3.6% sequentially.
Share price down 7% in AH and down 35% from its recent 52 week high. We could see it retest the $100 level in the coming months


Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Nvidia reports/guides a better than expected 3Q/4Q23 sales, margin, and EPS on stronger AI GPU sales growth of nearly 3x.</li>
<li>Nvidia reports a healthy 3.04 MOI, down 5% q/q and down 37% y/y and contributes nicely to account for 9% of TSMC sales.</li>
<li>In spite of concerns on good news priced in, seasonal weaker 1Q24, and MI300X/ASIC alternative AI solutions, we expect more raise to come in 2024-2025E.</li>
</ul>


Nvidia reports/guides a better than expected 3Q/4Q23 sales, margin, and EPS on stronger AI GPU sales growth of nearly 3x.
Nvidia reports a healthy 3.04 MOI, down 5% q/q and down 37% y/y and contributes nicely to account for 9% of TSMC sales.
In spite of concerns on good news priced in, seasonal weaker 1Q24, and MI300X/ASIC alternative AI solutions, we expect more raise to come in 2024-2025E.


As Expected from Our Earlier BOM/CoWoS Analysis, Consensus to Raise Nvidia Estimates Inevitably

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.

<ul><li>Nvidia, in characteristic fashion, murdered EPS estimates.</li><li>Revenue was $2 billion ahead of the guide, and the guide was another $4 billion ahead of consensus for the next quarter.</li><li>Going into the print, many people were concerned that positioning was bad, i.e., everyone was bullish and expectations were too high. Well, they did not disappoint.</li></ul>

Nvidia, in characteristic fashion, murdered EPS estimates.Revenue was $2 billion ahead of the guide, and the guide was another $4 billion ahead of consensus for the next quarter.Going into the print, many people were concerned that positioning was bad, i.e., everyone was bullish and expectations were too high. Well, they did not disappoint.

<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...

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

Advanced Micro Devices Inc. (AMD): Growth Opportunities in Data Center CPU & Artificial Intelligence (AI) - Major Drivers

In the first quarter of 2024, Advanced Micro Devices (AMD), under the chairmanship and CEO-ship of Dr. Lisa Su, achieved multiple...

Baptista Research

AMD. It's A Marathon, Not A Sprint

Q124 revenues of $5.5 billion, -11% QoQ , +2% YoY. Q224 forecast $5.7 billion, +3.6% QoQ. Shares down 7% AH, down 35% from 52 week high. One senes...

William Keating

As Expected from Our Earlier BOM/CoWoS Analysis, Consensus to Raise Nvidia Estimates Inevitably

As Expected from Our Earlier BOM/CoWoS Analysis, Consensus to Raise Nvidia Estimates Inevitably. However, investors see good news priced in in a...

Andrew Lu

Nvidia: Better than Dreamed

Think about how good Nvidia's earnings are. It's even better than that. Think about it again. It's better still. It's that good. Jokes aside,...

Fabricated Knowledge

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

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