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>As of the end of the fourth quarter for Marvell Technology Inc.</li><li>in fiscal year 2024, the company has delivered a revenue of $1.43 billion—a 1% growth above their midpoint guidance.</li><li>On a non-GAAP basis, Marvell has seen a substantial 330 basis point increase in gross margin, completed their previously outlined OpEx reduction plan, and delivered earnings per share of $0.46.</li></ul>

As of the end of the fourth quarter for Marvell Technology Inc.in fiscal year 2024, the company has delivered a revenue of $1.43 billion—a 1% growth above their midpoint guidance.On a non-GAAP basis, Marvell has seen a substantial 330 basis point increase in gross margin, completed their previously outlined OpEx reduction plan, and delivered earnings per share of $0.46.

Marvell Technology Group: Growth In Data Centre & AI Demand Brings This One Into The Limelight! - Key Drivers

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?

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>Google, Microsoft, and Facebook reported earnings.</li><li>Let’s discuss their capex plans and what that means for our new data center champion, Nvidia.</li><li>I think it’s pretty straightforward that Nvidia has revenue beats for the foreseeable future.</li></ul>

Google, Microsoft, and Facebook reported earnings.Let’s discuss their capex plans and what that means for our new data center champion, Nvidia.I think it’s pretty straightforward that Nvidia has revenue beats for the foreseeable future.

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Taiwan Tech Stocks Rally, But Lag Nvidia's Massive Rally; Prepare for Nvidia, Dell, HP Results Next Week</li>
<li>Hon Hai &amp; Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound </li>
<li>TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering? Why It Is Significant</li>
</ul>


Taiwan Tech Stocks Rally, But Lag Nvidia's Massive Rally; Prepare for Nvidia, Dell, HP Results Next Week
Hon Hai &amp; Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound 
TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering? Why It Is Significant


Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

<ul><li>Marvell Technology managed to surpass Wall Street's revenue and earnings expectations, achieving a commendable revenue of $1.42 billion, marking a 6% sequential growth above the midpoint of the provided guidance.</li><li>The data center end market witnessed revenue of $556 million in the third quarter, surpassing expectations, mainly driven by robust AI revenue.</li><li>Despite the anticipated decline in enterprise on-premise revenue, Marvell's diverse product portfolio, including PAM4 optical products and Teralynx Ethernet switches, contributed to the broad-based growth.</li></ul>

Marvell Technology managed to surpass Wall Street's revenue and earnings expectations, achieving a commendable revenue of $1.42 billion, marking a 6% sequential growth above the midpoint of the provided guidance.The data center end market witnessed revenue of $556 million in the third quarter, surpassing expectations, mainly driven by robust AI revenue.Despite the anticipated decline in enterprise on-premise revenue, Marvell's diverse product portfolio, including PAM4 optical products and Teralynx Ethernet switches, contributed to the broad-based growth.

Marvell Technology Inc.: AI and Cloud Growth - Are They the New Tech Leaders? - Major Drivers

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Marvell Technology Group: Growth In Data Centre & AI Demand Brings This One Into The Limelight! - Key Drivers

As of the end of the fourth quarter for Marvell Technology Inc. in fiscal year 2024, the company has delivered a revenue of $1.43 billion—a 1%...

Baptista Research

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

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Google, Microsoft, and Facebook reported earnings. Let’s discuss their capex plans and what that means for our new data center champion, Nvidia. I...

Fabricated Knowledge

Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Vincent Fernando, CFA

Marvell Technology Inc.: AI and Cloud Growth - Are They the New Tech Leaders? - Major Drivers

Marvell Technology managed to surpass Wall Street's revenue and earnings expectations, achieving a commendable revenue of $1.42 billion, marking a...

Baptista Research

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52-week Range

Market Cap (USDm)

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Marvell Technology Group: Growth In Data Centre & AI Demand Brings This One Into The Limelight! - Key Drivers

As of the end of the fourth quarter for Marvell Technology Inc. in fiscal year 2024, the company has delivered a revenue of $1.43 billion—a 1%...

Baptista Research

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

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Google, Microsoft, and Facebook reported earnings. Let’s discuss their capex plans and what that means for our new data center champion, Nvidia. I...

Fabricated Knowledge

Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

​Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Vincent Fernando, CFA

Marvell Technology Inc.: AI and Cloud Growth - Are They the New Tech Leaders? - Major Drivers

Marvell Technology managed to surpass Wall Street's revenue and earnings expectations, achieving a commendable revenue of $1.42 billion, marking a...

Baptista Research

Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...