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>Alphabet Inc. reported strong financial results for the third quarter of 2024, reflecting continued growth and solid performance across its multiple business segments.</li><li>During the earnings call, key executives, including CEO Sundar Pichai, outlined several areas of progress and strategic initiatives driving the company's success.A primary highlight from the call was Alphabet's robust advancement in artificial intelligence (AI), which CEO Sundar Pichai emphasized as a critical factor in the company's current and future growth.</li><li>The company's AI strategy includes significant investments in infrastructure, deep technical research, and expanding the global reach of its AI-driven products and services.</li></ul>

Alphabet Inc. reported strong financial results for the third quarter of 2024, reflecting continued growth and solid performance across its multiple business segments.During the earnings call, key executives, including CEO Sundar Pichai, outlined several areas of progress and strategic initiatives driving the company's success.A primary highlight from the call was Alphabet's robust advancement in artificial intelligence (AI), which CEO Sundar Pichai emphasized as a critical factor in the company's current and future growth.The company's AI strategy includes significant investments in infrastructure, deep technical research, and expanding the global reach of its AI-driven products and services.

Alphabet’s Antitrust Struggles and AI Expansion: Will Google Remain on Top?

<ul><li>Alphabet Inc. witnessed a notable second quarter, proving its strong stance in the market with increased momentum in Search and substantial progress in Cloud, largely centered around its use of artificial intelligence (AI).</li><li>The company's quarter was highlighted by tremendous results in Search with the platform having another booming quarter.</li><li>The AI initiatives seem to be driving new growth contributing positively to these results.</li></ul>

Alphabet Inc. witnessed a notable second quarter, proving its strong stance in the market with increased momentum in Search and substantial progress in Cloud, largely centered around its use of artificial intelligence (AI).The company's quarter was highlighted by tremendous results in Search with the platform having another booming quarter.The AI initiatives seem to be driving new growth contributing positively to these results.

Alphabet Inc.: Is There A Silver Lining In Its AI Innovations? - Major Drivers

<ul><li>Alphabet, Google's parent company, has been buzzing all over Reddit and other platforms as the companyis on the brink of its largest acquisition ever, a $23 billion deal for cloud-based cybersecurity firm Wiz.</li><li>This acquisition, if completed, will significantly bolster Alphabet’s cybersecurity capabilities and enhance its Google Cloud services.</li><li>The potential benefits include strengthening its market position in cybersecurity and offering more integrated services to its cloud customers.</li></ul>

Alphabet, Google's parent company, has been buzzing all over Reddit and other platforms as the companyis on the brink of its largest acquisition ever, a $23 billion deal for cloud-based cybersecurity firm Wiz.This acquisition, if completed, will significantly bolster Alphabet’s cybersecurity capabilities and enhance its Google Cloud services.The potential benefits include strengthening its market position in cybersecurity and offering more integrated services to its cloud customers.

Alphabet's $23 Billion Bet On Wiz: What It Means for the Future of Google Cloud

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>"It is so much cheaper to do simulations than real experiments, so much more flexible in testing...we can even do things which cannot be done in any lab… So it’s inevitable this trend will continue for some time." - Richard Hamming, <a href="https://www.amazon.com/Art-Doing-Science-Engineering-Learning/dp/1732265178" target="_blank" rel="noopener">The Art of Doing Science and Engineering</a>.</li>
<li>Richard Hamming said this to the President of Bell Labs in the 1950s. And I think this insight rings more accurate than ever. Simulations of reality are much more flexible and cheaper than observing and interacting with reality.</li>
<li>I will assert that LLMs and “AI” are effectively the logical conclusion of this trend. A large language model is trained on the largest amount of data possible, often the entire crawlable Internet<a href="https://kili-technology.com/large-language-models-llms/9-open-sourced-datasets-for-training-large-language-models" target="_blank" rel="noopener">, all the books ever written, and so much more</a>.</li>
</ul>


"It is so much cheaper to do simulations than real experiments, so much more flexible in testing...we can even do things which cannot be done in any lab… So it’s inevitable this trend will continue for some time." - Richard Hamming, The Art of Doing Science and Engineering.
Richard Hamming said this to the President of Bell Labs in the 1950s. And I think this insight rings more accurate than ever. Simulations of reality are much more flexible and cheaper than observing and interacting with reality.
I will assert that LLMs and “AI” are effectively the logical conclusion of this trend. A large language model is trained on the largest amount of data possible, often the entire crawlable Internet, all the books ever written, and so much more.


Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.</li>
<li>TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.</li>
<li>We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.</li>
</ul>


Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.
TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.
We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.


From Nvidia Results to See Supply Chain Stories?

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

Alphabet’s Antitrust Struggles and AI Expansion: Will Google Remain on Top?

Alphabet Inc. reported strong financial results for the third quarter of 2024, reflecting continued growth and solid performance across its...

Baptista Research

Alphabet Inc.: Is There A Silver Lining In Its AI Innovations? - Major Drivers

Alphabet Inc. witnessed a notable second quarter, proving its strong stance in the market with increased momentum in Search and substantial...

Baptista Research

Alphabet's $23 Billion Bet On Wiz: What It Means for the Future of Google Cloud

Alphabet, Google's parent company, has been buzzing all over Reddit and other platforms as the companyis on the brink of its largest acquisition...

Baptista Research

Jensen's World: Compressing Reality

Nvidia is pursuing a strategy of broadening its software distribution on one of the largest installed bases in the world.

Fabricated Knowledge

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

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