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

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC Misses 4Q24 Expectations -- Gross Margin Dips with Flat QoQ Revenue</li>
<li>UMC Guides for 40% Reduction in Capex Budget -- We Believe Signals Strategic Shift to Less Capex Intensive Business Model</li>
<li>Intel 12nm Partnership Remains on Track and is Key Business Model for Future; UMC Sees Improvement in Consumer Electronics Industry Inventories</li>
</ul>


UMC Misses 4Q24 Expectations -- Gross Margin Dips with Flat QoQ Revenue
UMC Guides for 40% Reduction in Capex Budget -- We Believe Signals Strategic Shift to Less Capex Intensive Business Model
Intel 12nm Partnership Remains on Track and is Key Business Model for Future; UMC Sees Improvement in Consumer Electronics Industry Inventories


United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

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>AI related demand accounted for ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025</li>
<li>5 year growth CAGR of 20%, at the top end of the previously guided 15-20% range</li>
<li>On track for $100 billion revenue in 2025, and most likely, $200 billion by 2030</li>
</ul>


AI related demand accounted for ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025
5 year growth CAGR of 20%, at the top end of the previously guided 15-20% range
On track for $100 billion revenue in 2025, and most likely, $200 billion by 2030


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, a Beijing-based autonomous mobile robots (AMRs) unicorn with focus on smart logistics, filed to go public in Hong Kong.</li>
<li>The AI &amp; robotics company was backed by Warburg Pincus, GGV Capital, D1 Capital Partners, Intel Capital, Vertex Ventures, and Gaorong Capital, among others.</li>
<li>Beijing Geekplus IPO comes after another robotics unicorn, a leading manufacturer of collaborative robots Shenzhen Dobot, raised ~HK$681M in its HK IPO in December.</li>
</ul>


Geek+, a Beijing-based autonomous mobile robots (AMRs) unicorn with focus on smart logistics, filed to go public in Hong Kong.
The AI &amp; robotics company was backed by Warburg Pincus, GGV Capital, D1 Capital Partners, Intel Capital, Vertex Ventures, and Gaorong Capital, among others.
Beijing Geekplus IPO comes after another robotics unicorn, a leading manufacturer of collaborative robots Shenzhen Dobot, raised ~HK$681M in its HK IPO in December.


Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>There is a great opportunity for someone joining an advanced semiconductor manufacturing camp because there could be fewer players in the field.  </li>
<li>For a long time, TSMC production staff have won better bonuses in the company, meaning they might be able to overcome the difficulties in production.  </li>
<li>Rapidus might need another 5 years or more to become profitable if everything runs smoothly for 2nm technology. </li>
</ul>


There is a great opportunity for someone joining an advanced semiconductor manufacturing camp because there could be fewer players in the field.  
For a long time, TSMC production staff have won better bonuses in the company, meaning they might be able to overcome the difficulties in production.  
Rapidus might need another 5 years or more to become profitable if everything runs smoothly for 2nm technology. 


TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say.

<ul>
<li>Project Digits is a supercomputer on everybody's desk for $3000. Seems crazy but feels like 1977 Ken Olson moment "no reason anyone would want a computer in their home"</li>
<li>Lack of data center revenue growth predictions likely spooked investors and triggered a ~10% pullback. Just buy the dip, you know you want to...</li>
<li>Micron and MediaTek both jumped on news of their further involvement in NVIDIA's AI acceleration hardware supply chain. </li>
</ul>


Project Digits is a supercomputer on everybody's desk for $3000. Seems crazy but feels like 1977 Ken Olson moment "no reason anyone would want a computer in their home"
Lack of data center revenue growth predictions likely spooked investors and triggered a ~10% pullback. Just buy the dip, you know you want to...
Micron and MediaTek both jumped on news of their further involvement in NVIDIA's AI acceleration hardware supply chain. 


NVIDIA @ CES 2025. Forget The AIPC, We've Got A Supercomputer PC!

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)

United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...

Vincent Fernando, CFA

TSMC. The Juggernaut Accelerates!

AI related demand ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025. 5 year growth CAGR 20%, >$100 billion...

William Keating

Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

Beijing-based Geek+, a leader in the global AMR market, applying advanced robotics and AI technologies to warehouse and factory operations, will go...

Andrei Zakharov

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say.

Joining an advanced semi manufacturing camp could be a lucrative opportunity with fewer competitors, as Rapidus works on licensing IBM's 2nm GAA...

Patrick Liao

NVIDIA @ CES 2025. Forget The AIPC, We've Got A Supercomputer PC!

Project Digits aims to put a supercomputer on everybody's desk for $3000. Seems crazy but feels like a 1977 Ken Olson moment "no reason anyone...

William Keating

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52-week Range

Market Cap (USDm)

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United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

​UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...

Vincent Fernando, CFA

TSMC. The Juggernaut Accelerates!

AI related demand ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025. 5 year growth CAGR 20%, >$100 billion...

William Keating

Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

Beijing-based Geek+, a leader in the global AMR market, applying advanced robotics and AI technologies to warehouse and factory operations, will go...

Andrei Zakharov

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say.

​Joining an advanced semi manufacturing camp could be a lucrative opportunity with fewer competitors, as Rapidus works on licensing IBM's 2nm GAA...

Patrick Liao

NVIDIA @ CES 2025. Forget The AIPC, We've Got A Supercomputer PC!

Project Digits aims to put a supercomputer on everybody's desk for $3000. Seems crazy but feels like a 1977 Ken Olson moment "no reason anyone...

William Keating

UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...

Joining an advanced semi manufacturing camp could be a lucrative opportunity with fewer competitors, as Rapidus works on licensing IBM's 2nm GAA...