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

Equity Bottom-Up

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

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet</li>
<li>Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities </li>
<li>Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus </li>
</ul>


TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet
Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities 
Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus 


Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

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

Fermi LLC operates as an energy development company. The Company focuses on building electric grids that deliver redundant power at gigawatt scale to create next-generation artificial intelligence.

<ul>
<li>On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE</li>
<li>The company claimed to have a prospective first tenant who had already "put down" a $150 million prepayment</li>
<li>On December 12, Fermi issued a SEC filing clarifying that <em><strong>no</strong></em> money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share</li>
</ul>


On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE
The company claimed to have a prospective first tenant who had already "put down" a $150 million prepayment
On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share


VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

<ul>
<li>VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.</li>
<li>VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.</li>
<li>VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.</li>
</ul>


VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.
VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.
VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.


VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

<ul>
<li>Sales are growing again and the company has turned profitable with capacity utilization up and costs down. Guidance for 2H of FY Mar-26 looks conservative. </li>
<li>Sales of power devices is rising after a long period of weakness, supported by auto, industrial and data center related demand.</li>
<li>Projected valuations are once again reasonable. The share price should continue to trend upwards.</li>
</ul>


Sales are growing again and the company has turned profitable with capacity utilization up and costs down. Guidance for 2H of FY Mar-26 looks conservative. 
Sales of power devices is rising after a long period of weakness, supported by auto, industrial and data center related demand.
Projected valuations are once again reasonable. The share price should continue to trend upwards.


Rohm (6963 JP): Renewed Growth, Conservative Guidance & Reasonable Valuation

<ul>
<li>TSMC: +23% Premium; Has Broken Down from Historically High Level</li>
<li>ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread</li>
<li>CHT: -1.1% Discount; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +23% Premium; Has Broken Down from Historically High Level
ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread
CHT: -1.1% Discount; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

Insights on Tech Hardware and Semiconductors

Tech Hardware and Semiconductor Research
Insights on Tech Hardware and Semiconductors

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

Fermi America's Unfathomable Progress

On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their...

William Keating

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Rohm (6963 JP): Renewed Growth, Conservative Guidance & Reasonable Valuation

Rohm has pulled itself out of the red and appears to be low-balling 2H guidance. Power device sales for auto, industrial and data center use are...

Scott Foster

Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

​TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

Fermi America's Unfathomable Progress

On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their...

William Keating

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Rohm (6963 JP): Renewed Growth, Conservative Guidance & Reasonable Valuation

Rohm has pulled itself out of the red and appears to be low-balling 2H guidance. Power device sales for auto, industrial and data center use are...

Scott Foster

Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.