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>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

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>
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.</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>Marvell reported earnings recently, and I wanted to mention that at least before I continued onwards because that is a good context-setting event for the industry day.</li><li>Revenue exceeded expectations, but the mix beneath the results was illustrative.</li><li>Datacenter revenue grew 20% QoQ, cloud over 30% QoQ; while networking was strong, they guided for a 40% QoQ decline, consistent with networking OEM results.</li></ul>

Marvell reported earnings recently, and I wanted to mention that at least before I continued onwards because that is a good context-setting event for the industry day.Revenue exceeded expectations, but the mix beneath the results was illustrative.Datacenter revenue grew 20% QoQ, cloud over 30% QoQ; while networking was strong, they guided for a 40% QoQ decline, consistent with networking OEM results.

<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

<ul><li>Marvell Technology delivered a positive result and managed an all-around beat in the last quarter, producing $1.34 billion in revenue.</li><li>Revenue in their data center end market was $460 million, up 6% sequentially and significantly more than their forecast of a flat outlook.</li><li>Notably, revenue from cloud AI and common cloud infrastructure both increased sequentially, with AI expanding more quickly.</li></ul>

Marvell Technology delivered a positive result and managed an all-around beat in the last quarter, producing $1.34 billion in revenue.Revenue in their data center end market was $460 million, up 6% sequentially and significantly more than their forecast of a flat outlook.Notably, revenue from cloud AI and common cloud infrastructure both increased sequentially, with AI expanding more quickly.

Marvell Technology: Will The Launch Of COLORZ 800 Have A Significant Impact On Future Revenues? - 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 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

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

Marvell Industry Analyst Day

I went to this year’s Marvell Industry Analyst Day, and the topic de jour was AI. Compared to last year , this year’s industry day just discussed AI.

Fabricated Knowledge

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

Marvell Technology: Will The Launch Of COLORZ 800 Have A Significant Impact On Future Revenues? - Major Drivers

Marvell Technology delivered a positive result and managed an all-around beat in the last quarter, producing $1.34 billion in revenue. Revenue in...

Baptista Research

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