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>We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC's Expansion into Nodes 2nm and Below</li>
<li>Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment... also at 100% for SBU Segment</li>
<li>Takeaways -- Kinik as a Concentrated Play on Advanced Node Transitions... Also, We Believe Signs Remain Positive for TSMC's Recent Activity Momentum</li>
</ul>


We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC's Expansion into Nodes 2nm and Below
Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment... also at 100% for SBU Segment
Takeaways -- Kinik as a Concentrated Play on Advanced Node Transitions... Also, We Believe Signs Remain Positive for TSMC's Recent Activity Momentum


TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Intel Tapes Out New PC Chips on TSMC 2nm -- Dual-Node Nova Lake Strategy Shows Dependence on TSMC... and Value of UMC for INTC in the Long-Term</li>
<li>DRAM Memory Outlook -- Nanya Results See Non-AI DRAM Demand Rebound; DDR4 Shortage Tightens, Expects Continued Strength in 2H25</li>
<li>PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year </li>
</ul>


Intel Tapes Out New PC Chips on TSMC 2nm -- Dual-Node Nova Lake Strategy Shows Dependence on TSMC... and Value of UMC for INTC in the Long-Term
DRAM Memory Outlook -- Nanya Results See Non-AI DRAM Demand Rebound; DDR4 Shortage Tightens, Expects Continued Strength in 2H25
PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year 


Taiwan Tech Weekly: Intel Tapes Out New Chips at TSMC - What It Means; PC Demand Growth in Focus

Zhen Ding Technology Holding / Equity Bottom-Up

<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

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Power GaN coming oversupply, an illustration. The fear is a repeat of the SiC situation (large capacity built in China, Wolfspeed filling for bankruptcy protection) </li>
<li>Samsung delays A14 to focus on 3-2nm. Samsung and Intel have the same problem: yields are too low to attract customers.  </li>
<li>Chinese GPU are coming – or IPO are coming? Moore Threads and MetaX approved to list in Shanghai. Tiny revenues, lots of R&amp;D. Biren Technology expected to file in HK.</li>
</ul>


Power GaN coming oversupply, an illustration. The fear is a repeat of the SiC situation (large capacity built in China, Wolfspeed filling for bankruptcy protection) 
Samsung delays A14 to focus on 3-2nm. Samsung and Intel have the same problem: yields are too low to attract customers.  
Chinese GPU are coming – or IPO are coming? Moore Threads and MetaX approved to list in Shanghai. Tiny revenues, lots of R&amp;D. Biren Technology expected to file in HK.


Semi News: Power GaN, Samsung and Intel’s Foundry Margins (And Wafer Price), Chinese GPU IPO

United Microelectronics Corp / Equity Bottom-Up

<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

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)

TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

Vincent Fernando, CFA

Taiwan Tech Weekly: Intel Tapes Out New Chips at TSMC - What It Means; PC Demand Growth in Focus

Intel relies on TSMC for new PC chips, Nanya sees rebound in non-AI DRAM demand, PC unit growth expected to continue in 2025.

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

Semi News: Power GaN, Samsung and Intel’s Foundry Margins (And Wafer Price), Chinese GPU IPO

Potential oversupply of Power GaN, similar to SiC situation. Samsung delays A14 to focus on 3-2nm due to low yields. Chinese GPU companies...

Nicolas Baratte

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights: Kinik - The Hidden Enabler Behind TSMC’s Sub-2nm Push

​Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

Vincent Fernando, CFA

Taiwan Tech Weekly: Intel Tapes Out New Chips at TSMC - What It Means; PC Demand Growth in Focus

​Intel relies on TSMC for new PC chips, Nanya sees rebound in non-AI DRAM demand, PC unit growth expected to continue in 2025.

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

Semi News: Power GaN, Samsung and Intel’s Foundry Margins (And Wafer Price), Chinese GPU IPO

​Potential oversupply of Power GaN, similar to SiC situation. Samsung delays A14 to focus on 3-2nm due to low yields. Chinese GPU companies...

Nicolas Baratte

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

Insight from Kinik suggests positive momentum for TSMC's expansion into nodes 2nm and below, with Kinik running at max capacity for key business...

Intel relies on TSMC for new PC chips, Nanya sees rebound in non-AI DRAM demand, PC unit growth expected to continue in 2025.

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.

Potential oversupply of Power GaN, similar to SiC situation. Samsung delays A14 to focus on 3-2nm due to low yields. Chinese GPU companies...

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