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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>AMD committed up to US$5bn to Anthropic against an order for up to 2 gigawatts of MI450 accelerators, the first training-scale commitment to a rack that is not NVIDIA's.</li>
<li>NVIDIA prepaid Amkor US$1.5bn to expand Arizona packaging and planned US$5bn to US$10bn of dark fiber, paying cash upfront for what it does not manufacture.</li>
<li>Korea's supply answer to a 2027 shortage is dated 2030: Samsung plans four new fabs, and SK Hynix reapproved a 7.1 trillion won expansion.</li>
</ul>


AMD committed up to US$5bn to Anthropic against an order for up to 2 gigawatts of MI450 accelerators, the first training-scale commitment to a rack that is not NVIDIA's.
NVIDIA prepaid Amkor US$1.5bn to expand Arizona packaging and planned US$5bn to US$10bn of dark fiber, paying cash upfront for what it does not manufacture.
Korea's supply answer to a 2027 shortage is dated 2030: Samsung plans four new fabs, and SK Hynix reapproved a 7.1 trillion won expansion.


Taiwan Tech Weekly: AMD Wins First Training Chip Order Outside NVIDIA; NVDA Prepays Amkor's Capex

<ul>
<li>
AI's compute build re-accelerated broadly in June: chain revenue growth stepped up to +61% YoY across server ODMs and infrastructure, with even ASUS's rebound crediting AI servers rather than PCs.</li>
<li>
Memory's price surge settled to an ordinary pace: sequential revenue growth cooled to +7% MoM from April's +32%, though company commentary says prices keep rising and cycle has not turned.</li>
<li>
AI demand is now tightening component supply at the consumer end: a casing maker blamed shortages for weak notebook shipments, and consumer PCs still lag the AI cohort.</li>
</ul>



AI's compute build re-accelerated broadly in June: chain revenue growth stepped up to +61% YoY across server ODMs and infrastructure, with even ASUS's rebound crediting AI servers rather than PCs.

Memory's price surge settled to an ordinary pace: sequential revenue growth cooled to +7% MoM from April's +32%, though company commentary says prices keep rising and cycle has not turned.

AI demand is now tightening component supply at the consumer end: a casing maker blamed shortages for weak notebook shipments, and consumer PCs still lag the AI cohort.


AI Supply Chain Revenue Signals: The Memory Surge Settles While AI Server Demand Broadens

Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Thematic (Sector/Industry)

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Despite 33.7% revenue growth, TSMC faces a definitive margin squeeze in H2 2026 as the 2nm ramp and overseas fab expansions overwhelm recent aggressive price hikes.</li>
<li>CoWoS yield bottlenecks compound the existing capacity constraints, making the sudden embrace of Intel's EMIB-driven "flexibility" a convenient smokescreen for underlying performance issues.</li>
<li>Management continues to deflect long-term quantitative guidance, and the recently finalised price hikes taking effect in 2027 will arrive too late to rescue near-term profitability contraction.</li>
</ul>


Despite 33.7% revenue growth, TSMC faces a definitive margin squeeze in H2 2026 as the 2nm ramp and overseas fab expansions overwhelm recent aggressive price hikes.
CoWoS yield bottlenecks compound the existing capacity constraints, making the sudden embrace of Intel's EMIB-driven "flexibility" a convenient smokescreen for underlying performance issues.
Management continues to deflect long-term quantitative guidance, and the recently finalised price hikes taking effect in 2027 will arrive too late to rescue near-term profitability contraction.


Decoding TSMC's Transition from Offence to Defence

<ul>
<li>Intel last week moved most of its Nova Lake compute tiles back to its own 18A process from TSMC, and won packaging designs at Google and AWS.</li>
<li>TSMC last week raised its full-year revenue growth guide past 40% for the second time this year, while guiding near-term margin lower as its 2nm ramp scales.</li>
<li>In memory, HBM4 shipments, record wafer price hikes and multi-year contracts pointed to a still-tight supply side across the DRAM stack.</li>
</ul>


Intel last week moved most of its Nova Lake compute tiles back to its own 18A process from TSMC, and won packaging designs at Google and AWS.
TSMC last week raised its full-year revenue growth guide past 40% for the second time this year, while guiding near-term margin lower as its 2nm ramp scales.
In memory, HBM4 shipments, record wafer price hikes and multi-year contracts pointed to a still-tight supply side across the DRAM stack.


Taiwan Tech Weekly: Intel Pulls Chip Orders Back From TSMC to Its Own Leading-Edge Fab

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Taiwan Tech Weekly: AMD Wins First Training Chip Order Outside NVIDIA; NVDA Prepays Amkor's Capex

AMD commits $5bn to Anthropic for it to buy AI training accelerators, NVIDIA prepaying for Arizona packaging, Samsung and SK Hynix plan expansions...

Vincent Fernando, CFA

AI Supply Chain Revenue Signals: The Memory Surge Settles While AI Server Demand Broadens

AI server demand surged in June, driving revenue growth, while memory prices stabilized and AI demand tightened consumer component supply.

Vincent Fernando, CFA

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Decoding TSMC's Transition from Offence to Defence

TSMC's revenue growth is overshadowed by margin squeeze due to capacity constraints and delayed price hikes, with Intel's EMIB technology serving...

Mint Finance

Taiwan Tech Weekly: Intel Pulls Chip Orders Back From TSMC to Its Own Leading-Edge Fab

TSMC raises revenue growth guide, Intel shifts back to own process, tight supply in memory market and server components.

Vincent Fernando, CFA

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Taiwan Tech Weekly: AMD Wins First Training Chip Order Outside NVIDIA; NVDA Prepays Amkor's Capex

​AMD commits $5bn to Anthropic for it to buy AI training accelerators, NVIDIA prepaying for Arizona packaging, Samsung and SK Hynix plan expansions...

Vincent Fernando, CFA

AI Supply Chain Revenue Signals: The Memory Surge Settles While AI Server Demand Broadens

​AI server demand surged in June, driving revenue growth, while memory prices stabilized and AI demand tightened consumer component supply.

Vincent Fernando, CFA

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Decoding TSMC's Transition from Offence to Defence

​TSMC's revenue growth is overshadowed by margin squeeze due to capacity constraints and delayed price hikes, with Intel's EMIB technology serving...

Mint Finance

Taiwan Tech Weekly: Intel Pulls Chip Orders Back From TSMC to Its Own Leading-Edge Fab

​TSMC raises revenue growth guide, Intel shifts back to own process, tight supply in memory market and server components.

Vincent Fernando, CFA

AMD commits $5bn to Anthropic for it to buy AI training accelerators, NVIDIA prepaying for Arizona packaging, Samsung and SK Hynix plan expansions...

AI server demand surged in June, driving revenue growth, while memory prices stabilized and AI demand tightened consumer component supply.

TSMC's revenue growth is overshadowed by margin squeeze due to capacity constraints and delayed price hikes, with Intel's EMIB technology serving...

TSMC raises revenue growth guide, Intel shifts back to own process, tight supply in memory market and server components.