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>Advanced Micro Devices, Inc. recently reported its financial results for the second quarter of 2025.</li><li>The company's performance was marked by significant achievements as well as notable challenges.</li><li>Overall, AMD's revenue reached a record $7.7 billion, which exceeded its forecasted midpoint, representing a 32% increase compared to the previous year.</li></ul>

Advanced Micro Devices, Inc. recently reported its financial results for the second quarter of 2025.The company's performance was marked by significant achievements as well as notable challenges.Overall, AMD's revenue reached a record $7.7 billion, which exceeded its forecasted midpoint, representing a 32% increase compared to the previous year.

Advanced Micro Devices (AMD): Is Its Game-Changing MI300 Series & AI Ecosystem Push Enough To Come Even Close To NVIDIA?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25</li>
<li>AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.</li>
<li>AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.</li>
</ul>


AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.


AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

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>AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation</li>
<li>AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore</li>
<li>Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who's next?</li>
</ul>


AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation
AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore
Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who's next?


AMD Ups The Ante With A Flurry Of Smaller Acquisitions

<ul>
<li>AMD snagged Sam Altman as a guest speaker and advocate for the company's next generation MI450 accelerator product </li>
<li>Oracle announced their intention to create a zetascale AI cluster based on AMD’s MI355X GPUs</li>
<li>Marvell announced its custom Ultra Accelerator Link (UALink) scale-up offering. Astera Labs will be next in line.</li>
</ul>


AMD snagged Sam Altman as a guest speaker and advocate for the company's next generation MI450 accelerator product 
Oracle announced their intention to create a zetascale AI cluster based on AMD’s MI355X GPUs
Marvell announced its custom Ultra Accelerator Link (UALink) scale-up offering. Astera Labs will be next in line.


<ul>
<li>Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets. </li>
<li>AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm. </li>
<li>4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.</li>
</ul>


Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets. 
AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm. 
4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.


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 (AMD): Is Its Game-Changing MI300 Series & AI Ecosystem Push Enough To Come Even Close To NVIDIA?

Advanced Micro Devices, Inc. recently reported its financial results for the second quarter of 2025. The company's performance was marked by...

Baptista Research

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

AMD Ups The Ante With A Flurry Of Smaller Acquisitions

Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who's next?

William Keating

AMD Advancing AI 2025: Key Takeaways

Sam Altman likes the MI450. Oracle plans an exascale AI supercomputer based on Instinct. Marvell announces first UALink products. Step by step,...

William Keating

Semiconductor Shopping Season Is Now

AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Advanced Micro Devices (AMD): Is Its Game-Changing MI300 Series & AI Ecosystem Push Enough To Come Even Close To NVIDIA?

Advanced Micro Devices, Inc. recently reported its financial results for the second quarter of 2025. The company's performance was marked by...

Baptista Research

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

​AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

AMD Ups The Ante With A Flurry Of Smaller Acquisitions

Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who's next?

William Keating

AMD Advancing AI 2025: Key Takeaways

Sam Altman likes the MI450. Oracle plans an exascale AI supercomputer based on Instinct. Marvell announces first UALink products. Step by step,...

William Keating

Semiconductor Shopping Season Is Now

​AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...

Nicolas Baratte

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...