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 just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.</li>
<li>Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.</li>
<li>Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.</li>
</ul>


TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.
Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.
Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.


TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers' demands. TSMC has never gone against this principle.  </li>
<li>On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.</li>
<li>Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.</li>
</ul>


TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers' demands. TSMC has never gone against this principle.  
On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.
Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.


TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

<ul>
<li>TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas</li>
<li>TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.</li>
<li>Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News </li>
</ul>


TSMC's Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas
TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News 


Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

<ul>
<li>On March 4th, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> announced that the company will further increase its investment up to $100 billion in the US.</li>
<li>The restructured case of <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has elicited different opinions, but a few companies may consider trying out Intel Foundry Service.</li>
<li>Currently, we find these developments acceptable, although we view them as the result of political interference, and time will tell.</li>
</ul>


On March 4th, Taiwan Semiconductor (TSMC) - ADR (TSM US) announced that the company will further increase its investment up to $100 billion in the US.
The restructured case of Intel Corp (INTC US) has elicited different opinions, but a few companies may consider trying out Intel Foundry Service.
Currently, we find these developments acceptable, although we view them as the result of political interference, and time will tell.


TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC plans to invest $100 billion in the US to build three new fabs, two new advanced packaging facilities and establish an R&amp;D centre, all in Arizona</li>
<li>During the press conference at the White House, Mr Wei received fulsome praise from President Trump and was careful to thank him for his vision and support on multiple occasions</li>
<li>The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to have done the trick, at least for now.</li>
</ul>


TSMC plans to invest $100 billion in the US to build three new fabs, two new advanced packaging facilities and establish an R&amp;D centre, all in Arizona
During the press conference at the White House, Mr Wei received fulsome praise from President Trump and was careful to thank him for his vision and support on multiple occasions
The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to have done the trick, at least for now.


TSMC To Invest A Further $100 Billion In Arizona

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)

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

Patrick Liao

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

TSMC will invest further up to $100 billion in the US, Intel Corp's restructured case draws mixed opinions, potential for companies to try Intel...

Patrick Liao

TSMC To Invest A Further $100 Billion In Arizona

The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to...

William Keating

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TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

​TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

​TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

Patrick Liao

Taiwan Tech Weekly: TSMC's Expansion Visualized; Implications of New U.S. Investment; New HBM Memory

​TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

TSMC will invest further up to $100 billion in the US, Intel Corp's restructured case draws mixed opinions, potential for companies to try Intel...

Patrick Liao

TSMC To Invest A Further $100 Billion In Arizona

The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to...

William Keating

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

TSMC plans additional $100bn for the U.S., but Taiwan will remain one generation ahead of overseas manufacturing; Nanya targeting new custom High...