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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s Grip Tightens: 2Q25 Market Share Hits New Heights; September Revenue Implies Even More Taken</li>
<li>TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure. </li>
<li>PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here? </li>
</ul>


TSMC’s Grip Tightens: 2Q25 Market Share Hits New Heights; September Revenue Implies Even More Taken
TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure. 
PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here? 


Taiwan Tech Weekly: TSMC's Market Share Keeps Rising; Semi Revenues Show AI the Only Pillar; AI PCs

<ul>
<li>As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost</li>
<li>Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. </li>
<li>HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning </li>
</ul>


As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost
Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. 
HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning 


Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

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

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>OpenAI agrees to deploy 6 gigawatts of AMD GPUs based on a multi-year, multi-generation agreement. The deal could be worth upwards of $100 billion to AMD through 2030</li>
<li>AMD issued OpenAI a warrant for up to 160 million shares of AMD common stock, structured to vest as specific milestones are achieved, including AMD share price appreciation to $600</li>
<li>Could a strategic partnership with Intel now also be on the cards? After all, OpenAI needs CPUs as well as GPUs, especially as they ramp into enterprise. Just saying...</li>
</ul>


OpenAI agrees to deploy 6 gigawatts of AMD GPUs based on a multi-year, multi-generation agreement. The deal could be worth upwards of $100 billion to AMD through 2030
AMD issued OpenAI a warrant for up to 160 million shares of AMD common stock, structured to vest as specific milestones are achieved, including AMD share price appreciation to $600
Could a strategic partnership with Intel now also be on the cards? After all, OpenAI needs CPUs as well as GPUs, especially as they ramp into enterprise. Just saying...


OpenAI, AMD Enter Into Strategic Partnership. Guys, This Is Getting Ridiculous!

Thematic (Sector/Industry)

<ul>
<li>If all of the publicly announced sovereign AI initiatives come to pass, they could account for upwards of $1 trillion in AI infrastructure spending through 2030</li>
<li>For now, "sovereign" AI means mostly means made in the USA. However, there a growing demand for "sovereign" AI from China, particularly among countries disillusioned by the US trade wars</li>
<li>In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little? Let's see... </li>
</ul>


If all of the publicly announced sovereign AI initiatives come to pass, they could account for upwards of $1 trillion in AI infrastructure spending through 2030
For now, "sovereign" AI means mostly means made in the USA. However, there a growing demand for "sovereign" AI from China, particularly among countries disillusioned by the US trade wars
In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little? Let's see... 


Sovereign AI. National Strategic Imperative, FOMO Or Both?

<ul>
<li>OpenAI, Samsung &amp; SK Hynix Lock In Memory Pact — Taiwan Next Stop</li>
<li>MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients</li>
<li>TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node </li>
</ul>


OpenAI, Samsung &amp; SK Hynix Lock In Memory Pact — Taiwan Next Stop
MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients
TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node 


Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

OpenAI, AMD Enter Into Strategic Partnership. Guys, This Is Getting Ridiculous!

Could a strategic partnership with Intel now also be on the cards? After all, OpenAI needs CPUs as well as GPUs, especially as they ramp into...

William Keating

Sovereign AI. National Strategic Imperative, FOMO Or Both?

In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little?...

William Keating

Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

OpenAI, Samsung, and SK Hynix are forming alliances in the memory industry, while MediaTek faces delays in its ASIC ambitions and TSMC's N2 node is...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC's Market Share Keeps Rising; Semi Revenues Show AI the Only Pillar; AI PCs

​TSMC dominates market share, while Dell sees promising growth in PC monitor sales. US stocks plummet under selling pressure.

Vincent Fernando, CFA

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

​Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

OpenAI, AMD Enter Into Strategic Partnership. Guys, This Is Getting Ridiculous!

Could a strategic partnership with Intel now also be on the cards? After all, OpenAI needs CPUs as well as GPUs, especially as they ramp into...

William Keating

Sovereign AI. National Strategic Imperative, FOMO Or Both?

In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little?...

William Keating

Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

OpenAI, Samsung, and SK Hynix are forming alliances in the memory industry, while MediaTek faces delays in its ASIC ambitions and TSMC's N2 node is...

Vincent Fernando, CFA

TSMC dominates market share, while Dell sees promising growth in PC monitor sales. US stocks plummet under selling pressure.

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.