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

Equity Bottom-Up

<ul>
<li>Apple CEO Tim Cook visited the White House announcing an additional $100 billion investment in the US over the next four years, on top of the $500 billion already committed.</li>
<li>He launched the American Manufacturing Program with nine initial members seven of which are already long terms partners and two of which have no direct relationship with Apple at all</li>
<li>Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple announcement. Overall, successful mission by Mr. Cook.</li>
</ul>


Apple CEO Tim Cook visited the White House announcing an additional $100 billion investment in the US over the next four years, on top of the $500 billion already committed.
He launched the American Manufacturing Program with nine initial members seven of which are already long terms partners and two of which have no direct relationship with Apple at all
Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple announcement. Overall, successful mission by Mr. Cook.


Apple. A Master Class On How To Win Friends & Influence People

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.

<ul><li>Apple delivered an impressive third-quarter performance in fiscal 2025, reporting a record $94 billion in revenue, up 10% year-over-year, and earnings per share of $1.57, marking a 12% increase.</li><li>This growth was fueled by robust double-digit revenue gains across several segments, particularly the iPhone, Mac, and Services.</li><li>The iPhone generated $44.6 billion in sales, a 13% jump, largely driven by strong global demand for the iPhone 16 series.</li></ul>

Apple delivered an impressive third-quarter performance in fiscal 2025, reporting a record $94 billion in revenue, up 10% year-over-year, and earnings per share of $1.57, marking a 12% increase.This growth was fueled by robust double-digit revenue gains across several segments, particularly the iPhone, Mac, and Services.The iPhone generated $44.6 billion in sales, a 13% jump, largely driven by strong global demand for the iPhone 16 series.

Apple’s Massive Fall Line-Up! 15 New Products Could Supercharge Its Stock in 2025 & Beyond!

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>3Q25 saw an acceleration in revenues (+10% YoY) and EPS (+12%), after a long period of stagnation (2022-23-24 at ~3% growth). 4Q guidance is 5% above Consensus. </li>
<li>Impact of US import tariffs is negligible. Services is the major growth driver and Apple has few answers on critical questions (Epic ruling, DoJ rulings against Google, AI roll out). </li>
<li>The stock is expensive, as always  (27x FY26 EPS, 25x FY27 EPS) for sub-10% growth. Some people love the buybacks, the brand and dominant market position.</li>
</ul>


3Q25 saw an acceleration in revenues (+10% YoY) and EPS (+12%), after a long period of stagnation (2022-23-24 at ~3% growth). 4Q guidance is 5% above Consensus. 
Impact of US import tariffs is negligible. Services is the major growth driver and Apple has few answers on critical questions (Epic ruling, DoJ rulings against Google, AI roll out). 
The stock is expensive, as always  (27x FY26 EPS, 25x FY27 EPS) for sub-10% growth. Some people love the buybacks, the brand and dominant market position.


Apple 3Q25 (Jun-25): Good 10% Beat, 4Q 5% Above Consensus. Great but Questions on Services Remain

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>AAPL has been an underperformer since its last earnings report which stands out against the backdrop of a stock that rarely misses earnings expectations.</li>
<li>We take a closer look at implied volatility and the earnings-day move priced by the options market.   </li>
<li>Volatility metrics and historical earnings reactions are analyzed to help frame expectations.  </li>
</ul>


AAPL has been an underperformer since its last earnings report which stands out against the backdrop of a stock that rarely misses earnings expectations.
We take a closer look at implied volatility and the earnings-day move priced by the options market.   
Volatility metrics and historical earnings reactions are analyzed to help frame expectations.  


AAPL Q3 Earnings: Misses Are Rare, But Performance a Red Flag

<ul>
<li>IDC and Counterpoint released their 2Q25 smartphone estimates. Smartphone units increased 1-2% YoY. Best performer: Samsung +8% YoY, but this didn’t help 2Q operating profits. Vivo +5%, Apple +2%.</li>
<li>The smartphone market is desperately flat – or in slow decline. Smartphone is 76% of revenues for Qualcomm, 57% for Mediatek, 50% Apple and Xiaomi, 35% Samsung, 31% TSMC. Problem?</li>
<li>For Semiconductor firms (QCOM, MTK, TSM), chips ASP increases 10-15% at each generation, between node migration (N3, N2) and increasing AI functionalities. For hardware vendors (Apple, Samsung, Xiaomi), it’s worse.</li>
</ul>


IDC and Counterpoint released their 2Q25 smartphone estimates. Smartphone units increased 1-2% YoY. Best performer: Samsung +8% YoY, but this didn’t help 2Q operating profits. Vivo +5%, Apple +2%.
The smartphone market is desperately flat – or in slow decline. Smartphone is 76% of revenues for Qualcomm, 57% for Mediatek, 50% Apple and Xiaomi, 35% Samsung, 31% TSMC. Problem?
For Semiconductor firms (QCOM, MTK, TSM), chips ASP increases 10-15% at each generation, between node migration (N3, N2) and increasing AI functionalities. For hardware vendors (Apple, Samsung, Xiaomi), it’s worse.


United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Apple. A Master Class On How To Win Friends & Influence People

Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple...

William Keating

Apple’s Massive Fall Line-Up! 15 New Products Could Supercharge Its Stock in 2025 & Beyond!

Apple delivered an impressive third-quarter performance in fiscal 2025, reporting a record $94 billion in revenue, up 10% year-over-year, and...

Baptista Research

Apple 3Q25 (Jun-25): Good 10% Beat, 4Q 5% Above Consensus. Great but Questions on Services Remain

Apple's revenue and EPS saw a significant uptick in 3Q25 after 3 years of stagnation, with services driving growth. No clarification on AI, Epic...

Nicolas Baratte

AAPL Q3 Earnings: Misses Are Rare, But Performance a Red Flag

Despite its history of clean earnings, AAPL enters this report with flat returns and mixed signals from the options market.

John Ley

Smartphone 2Q25: Boring Boring

2Q25 smartphone estimates show slight YoY increase in units, but market is flat or declining. Semiconductor firms see ASP increases, while...

Nicolas Baratte

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Market Cap (USDm)

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Dividend (Yield)

Apple. A Master Class On How To Win Friends & Influence People

Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple...

William Keating

Apple’s Massive Fall Line-Up! 15 New Products Could Supercharge Its Stock in 2025 & Beyond!

Apple delivered an impressive third-quarter performance in fiscal 2025, reporting a record $94 billion in revenue, up 10% year-over-year, and...

Baptista Research

Apple 3Q25 (Jun-25): Good 10% Beat, 4Q 5% Above Consensus. Great but Questions on Services Remain

​Apple's revenue and EPS saw a significant uptick in 3Q25 after 3 years of stagnation, with services driving growth. No clarification on AI, Epic...

Nicolas Baratte

AAPL Q3 Earnings: Misses Are Rare, But Performance a Red Flag

Despite its history of clean earnings, AAPL enters this report with flat returns and mixed signals from the options market.

John Ley

Smartphone 2Q25: Boring Boring

​2Q25 smartphone estimates show slight YoY increase in units, but market is flat or declining. Semiconductor firms see ASP increases, while...

Nicolas Baratte

Apple's revenue and EPS saw a significant uptick in 3Q25 after 3 years of stagnation, with services driving growth. No clarification on AI, Epic...

2Q25 smartphone estimates show slight YoY increase in units, but market is flat or declining. Semiconductor firms see ASP increases, while...