Baird IB Interview Questions

I've been following NVIDIA (~$3T market cap) because its data-center revenue tripled year-over-year driven by AI infrastructure demand, though I'm watching gross margin compression risk as custom ASIC competitors like Broadcom and Amazon's Trainium scale up.

Run a targeted auction with 3-5 well-capitalized buyers, prepare diligence materials upfront, structure for all-cash consideration, use R&W insurance to minimize escrows, and accept a modest price discount in exchange for speed and certainty of close.

Amazon acquiring Peloton Interactive makes strategic sense — it would add a connected-fitness hardware and subscription platform that could deepen Prime engagement, support Amazon's broader health and wellness ecosystem, and create cross-sell opportunities across commerce, content, and healthcare.

The big theme is policy uncertainty—tariff escalations and a Fed holding at ~4.25-4.50% have kept the 10-year near 4.5%, compressing valuations, widening credit spreads, and stalling M&A pipelines, though record PE dry powder suggests a deal rebound once clarity returns.

Equity Value equals share price times fully diluted shares outstanding; Enterprise Value equals Equity Value plus total debt, preferred stock, and minority interest, minus cash and cash equivalents.