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>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...

Asia and Global Semiconductor and Tech Research

Andrew Lu

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
<strong>No more Moore's Law</strong>: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

Thematic (Sector/Industry)

<ul>
<li>Taiwan Dell said "AI GPU shortage issue has been resolved. The lead time has been cut from 40 weeks by the end of 2023 to 8-12 weeks or less now.</li>
<li>We see this news short term positive but medium term negative to AI GPU supply chain vendors but need more information to confirm if this is an inflection point.</li>
<li>1. Taiwan Dell got priority supply? 2. Earlier overbooking over? 3. Lead time cut by supply upside? 4. Cooling company said the same; 5. Will lead time continue to shrink?</li>
</ul>


Taiwan Dell said "AI GPU shortage issue has been resolved. The lead time has been cut from 40 weeks by the end of 2023 to 8-12 weeks or less now.
We see this news short term positive but medium term negative to AI GPU supply chain vendors but need more information to confirm if this is an inflection point.
1. Taiwan Dell got priority supply? 2. Earlier overbooking over? 3. Lead time cut by supply upside? 4. Cooling company said the same; 5. Will lead time continue to shrink?


Early Sign of AI GPU Market Inflection Point?

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 CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.</li>
<li>While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.</li>
<li>I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.</li>
</ul>


Nvidia CEO Jensen Huang has repeatedly emphasized that the data center is the new unit of compute.
While this concept seemed straightforward at first, the deeper implications became clearer after Nvidia's presentations at GTC and OFC 2024.
I only recently grasped exactly what is happening, and a simple reframing of the underlying principles that drove Moore’s Law makes the entire picture clearer.


The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

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

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

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

Early Sign of AI GPU Market Inflection Point?

Early Sign of AI GPU Market Inflection Point? We see this lead time cut news short term positive but long term negative to AI GPU supply chain...

Andrew Lu

The Data Center is the New Compute Unit: Nvidia's Vision for System-Level Scaling

Copper, Cooling, and Compute Density: The Pillars of Nvidia's Data Center Vision. Nvidia CEO Jensen Huang has repeatedly emphasized that the data...

Fabricated Knowledge

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