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

Zhen Ding Technology Holding / Equity Bottom-Up

Zhen Ding Technology Holding Ltd is a manufacturer of printed circuit board. The Company design, development, manufacture and sale of printed circuit board.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhen-ding-technology-holding-ltd" target="_blank" data-smartkarma-citation="entities:16830:1" rel="noopener">Zhen Ding Technology Holding (4958 TT)</a> is leveraging its full-stack PCB and IC substrate portfolio to position itself as a critical enabler of AI hardware across cloud, channel, and edge applications. </li>
<li>AI-Linked hardware is expected to account for over 70% of Zhen Ding’s revenue in 2025, up sharply from 45% in 2024 and just 8% in 2023.</li>
<li>Zhen Ding shares remain substantially below their 52-week highs; we see the company well-placed in terms of long-term drivers. Well placed for an upcoming AI robotics boom.</li>
</ul>



Zhen Ding Technology Holding (4958 TT) is leveraging its full-stack PCB and IC substrate portfolio to position itself as a critical enabler of AI hardware across cloud, channel, and edge applications. 
AI-Linked hardware is expected to account for over 70% of Zhen Ding’s revenue in 2025, up sharply from 45% in 2024 and just 8% in 2023.
Zhen Ding shares remain substantially below their 52-week highs; we see the company well-placed in terms of long-term drivers. Well placed for an upcoming AI robotics boom.


TechChain Insights: Zhen Ding - How Next Generation PCBs/Substrates Will Be Critical for AI Devices

Taiwan Semiconductor (TSMC) - 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.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>US Eyes New AI Chip Restrictions on Malaysia and Thailand</li>
<li>Chip and AI Boom Driving Taiwan's Offshore Wind Expansion -- Local Stocks to Watch</li>
<li>China Set to Become World’s Largest Semiconductor Foundry Hub by 2030 -- But One Needs to Consider Leading Edge Capacity vs. Mature Capacity</li>
</ul>


US Eyes New AI Chip Restrictions on Malaysia and Thailand
Chip and AI Boom Driving Taiwan's Offshore Wind Expansion -- Local Stocks to Watch
China Set to Become World’s Largest Semiconductor Foundry Hub by 2030 -- But One Needs to Consider Leading Edge Capacity vs. Mature Capacity


Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

<ul>
<li>TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday</li>
<li>UMC: +4.7% Premium; One of the Highest Levels in History -- Short</li>
<li>ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday
UMC: +4.7% Premium; One of the Highest Levels in History -- Short
ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short


Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

United Microelectronics Corp / Equity Bottom-Up

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

<ul>
<li>UMC’s renewed push into 6nm, paired with Intel’s strategic overhaul under new CEO Lip-Bu Tan, raises the likelihood of an Intel equity stake in UMC.</li>
<li>We maintain our Structural Long view on UMC and reiterate our original thesis: a deeper partnership via a stake from Intel would be transformative.</li>
<li>At 12.5x trailing PER with a net cash position, UMC remains attractively valued as a strategic asset -- especially if can essentially have its own 'Group' advanced fabs with Intel.</li>
</ul>


UMC’s renewed push into 6nm, paired with Intel’s strategic overhaul under new CEO Lip-Bu Tan, raises the likelihood of an Intel equity stake in UMC.
We maintain our Structural Long view on UMC and reiterate our original thesis: a deeper partnership via a stake from Intel would be transformative.
At 12.5x trailing PER with a net cash position, UMC remains attractively valued as a strategic asset -- especially if can essentially have its own 'Group' advanced fabs with Intel.


Our Thesis: Intel Should Take a Stake in UMC -- New Signals Reinforce the Case

Chenbro Micom Co., Ltd. produces computer, server, and workstation cases, rack mount chassis, as well as other accessories.

<ul>
<li>
 Key Player In Roll-Out of Nvidia's New Blackwell Solutions. Having followed Chenbro closely over the past year, we’ve seen it steadily increase its exposure to the AI infrastructure cycle.</li>
<li>
 Nvidia B200 and B300 Server Builds Are Ramping. Chenbro sees projects based on Nvidia’s B200 and B300 GPUs actively progressing, with B300 projects initiated and shipments starting in 2H25.</li>
<li>
 Non-Nvidia ASICs also growing as a contributor. The company also sees AI systems based on custom ASICs as a growing contributor to the business.</li>
</ul>



 Key Player In Roll-Out of Nvidia's New Blackwell Solutions. Having followed Chenbro closely over the past year, we’ve seen it steadily increase its exposure to the AI infrastructure cycle.

 Nvidia B200 and B300 Server Builds Are Ramping. Chenbro sees projects based on Nvidia’s B200 and B300 GPUs actively progressing, with B300 projects initiated and shipments starting in 2H25.

 Non-Nvidia ASICs also growing as a contributor. The company also sees AI systems based on custom ASICs as a growing contributor to the business.


TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

Zero One
Independent Investment Research

TechChain Insights: Zhen Ding - How Next Generation PCBs/Substrates Will Be Critical for AI Devices

Zhen Ding is poised to become a key leader in the backbone of AI hardware with a strong portfolio with strong growth expected in the coming years.

Vincent Fernando, CFA

Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

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

Vincent Fernando, CFA

Our Thesis: Intel Should Take a Stake in UMC -- New Signals Reinforce the Case

UMC's partnership with Intel, including a possible equity stake, could be transformative and strategically valuable for both companies. Latest...

Vincent Fernando, CFA

TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...

Vincent Fernando, CFA

TechChain Insights: Zhen Ding - How Next Generation PCBs/Substrates Will Be Critical for AI Devices

​Zhen Ding is poised to become a key leader in the backbone of AI hardware with a strong portfolio with strong growth expected in the coming years.

Vincent Fernando, CFA

Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

​US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

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

Vincent Fernando, CFA

Our Thesis: Intel Should Take a Stake in UMC -- New Signals Reinforce the Case

​UMC's partnership with Intel, including a possible equity stake, could be transformative and strategically valuable for both companies. Latest...

Vincent Fernando, CFA

TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

​Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...

Vincent Fernando, CFA

Zhen Ding is poised to become a key leader in the backbone of AI hardware with a strong portfolio with strong growth expected in the coming years.

US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...

UMC's partnership with Intel, including a possible equity stake, could be transformative and strategically valuable for both companies. Latest...

Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...