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

<ul>
<li>Computex showed how Micron has successfully leap-frogged SK Hynix and Samsung in HBM DRAM for AI Servers.</li>
<li>Now, older 'boring' DRAM prices could surge as HBM DRAM production is voraciously consuming memory fab capacity.</li>
<li>Why Nanya Tech shares could surge higher -- A DRAM memory trade for those who don't want to chase steep 52-week highs in Micron and SK Hynix.</li>
</ul>


Computex showed how Micron has successfully leap-frogged SK Hynix and Samsung in HBM DRAM for AI Servers.
Now, older 'boring' DRAM prices could surge as HBM DRAM production is voraciously consuming memory fab capacity.
Why Nanya Tech shares could surge higher -- A DRAM memory trade for those who don't want to chase steep 52-week highs in Micron and SK Hynix.


Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

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

Thematic (Sector/Industry)

<ul>
<li>Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY</li>
<li>ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment</li>
<li>First quarter ASP increases for DRAM &amp; NAND for Micron, SK Hynix &amp; Samsung were almost identical. That's quite a coincidence..</li>
</ul>


Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY
ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment
First quarter ASP increases for DRAM &amp; NAND for Micron, SK Hynix &amp; Samsung were almost identical. That's quite a coincidence..


Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

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.

<ul><li>Western Digital performed exceptionally well in the third quarter of the fiscal year 2024, with revenue of $3.5 billion, a non-GAAP gross margin of 29.3%, and non-GAAP earnings per share of $0.63, surpassing market expectations.</li><li>The company's performance was bolstered by a diversified portfolio spanning multiple end markets, coupled with structural changes to its businesses enhancing its earning potential and ability to minimize business cycles.</li><li>It was also able to leverage a constrained supply environment for higher earnings per share.</li></ul>

Western Digital performed exceptionally well in the third quarter of the fiscal year 2024, with revenue of $3.5 billion, a non-GAAP gross margin of 29.3%, and non-GAAP earnings per share of $0.63, surpassing market expectations.The company's performance was bolstered by a diversified portfolio spanning multiple end markets, coupled with structural changes to its businesses enhancing its earning potential and ability to minimize business cycles.It was also able to leverage a constrained supply environment for higher earnings per share.

Western Digital Corporation: A Growing Customer Base in Enterprise SSD Space & 5 Major Growth Drivers

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>SK hynix earnings were announced, with a 10% Q/Q revenue increase driving a 734% increase in operating profit</li>
<li>Although the company cited AI demand as the basis for this, its DRAM revenues, which are very AI dependent, increase very little</li>
<li>NAND SSD demand increased significantly, with a 30% increase in revenues, largely attributable to price increases</li>
</ul>


SK hynix earnings were announced, with a 10% Q/Q revenue increase driving a 734% increase in operating profit
Although the company cited AI demand as the basis for this, its DRAM revenues, which are very AI dependent, increase very little
NAND SSD demand increased significantly, with a 30% increase in revenues, largely attributable to price increases


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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed</li>
<li>What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? </li>
<li>ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)</li>
</ul>


Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed
What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? 
ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)


Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

United States

Western Digital Corporation is a global provider of solutions for the collection, storage, management, protection and use of digital content, including audio and video. The Company's products include hard drives, solid-state drives, and home entertainment and networking products.

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Western Digital (WDC US)

Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...

Vincent Fernando, CFA

Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY. Q124 ASP increases for Micron,...

William Keating

Western Digital Corporation: A Growing Customer Base in Enterprise SSD Space & 5 Major Growth Drivers

Western Digital performed exceptionally well in the third quarter of the fiscal year 2024, with revenue of $3.5 billion, a non-GAAP gross margin...

Baptista Research

SK Hynix: AI Is Still the Main Driver

Today's SK hynix earnings show the continued strength of AI demand, but not in HBM as most industry observers expected. This time NAND flash is...

Jim Handy

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

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Memory Monitor: Computex Showed Micron Leapfrog SK Hynix and Samsung; 'Boring' DRAM Could Now Hot Up

​Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...

Vincent Fernando, CFA

Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases

Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY. Q124 ASP increases for Micron,...

William Keating

Western Digital Corporation: A Growing Customer Base in Enterprise SSD Space & 5 Major Growth Drivers

Western Digital performed exceptionally well in the third quarter of the fiscal year 2024, with revenue of $3.5 billion, a non-GAAP gross margin...

Baptista Research

SK Hynix: AI Is Still the Main Driver

Today's SK hynix earnings show the continued strength of AI demand, but not in HBM as most industry observers expected. This time NAND flash is...

Jim Handy

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

​Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

Micron's HBM DRAM shined alongside Nvidia at Computex. But now the HBM DRAM craze could drive a surge in traditional DRAM prices. Nanya Tech would...

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...