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>Apple Announces New AI Features at WDC; Shares Surge to New All-Time Highs</li>
<li>Top Movers: Major Computex Exhibitors See Share Prices Fall Despite Strong Presence</li>
<li>Computex 2024: Chip Companies Notably Competing to Win PC Makers</li>
</ul>


Apple Announces New AI Features at WDC; Shares Surge to New All-Time Highs
Top Movers: Major Computex Exhibitors See Share Prices Fall Despite Strong Presence
Computex 2024: Chip Companies Notably Competing to Win PC Makers


Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<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> is planning to launch its 2nm in 2025.   </li>
<li>TSMC is expected to acquire one High-NA EUV machine this year for R&amp;D purposes, but it will not be used for commercial production.</li>
<li>TSMC is expected to increase the cost of its Chip-on-Wafer-on-Substrate (CoWoS) package by around 15% in 2H24.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) is planning to launch its 2nm in 2025.   
TSMC is expected to acquire one High-NA EUV machine this year for R&amp;D purposes, but it will not be used for commercial production.
TSMC is expected to increase the cost of its Chip-on-Wafer-on-Substrate (CoWoS) package by around 15% in 2H24.


TSMC (2330.TT; TSM.US): ASML's High-NA EUV Machine Will Not Be Required Until 2027 at TSMC.

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC looks set for a significant recovery in top-line growth in 2024F, driven by continued faster-than-expected demand for its 3nm volume production leading to significantly improved overall ASP.</li>
<li>This should be supported by a concurrent improvement in the inventory cycle at major clients, helping recover TSMC’s utilisation back to historic norms.</li>
<li>Lower capital intensity, improving internal inventory levels, and accelerating top-line growth should all combine to drive record levels of Free Cash Flow generation during 2024F.</li>
</ul>


TSMC looks set for a significant recovery in top-line growth in 2024F, driven by continued faster-than-expected demand for its 3nm volume production leading to significantly improved overall ASP.
This should be supported by a concurrent improvement in the inventory cycle at major clients, helping recover TSMC’s utilisation back to historic norms.
Lower capital intensity, improving internal inventory levels, and accelerating top-line growth should all combine to drive record levels of Free Cash Flow generation during 2024F.


2024 High Conviction: TSMC (2330 TT) Is Perfectly Poised for Revenue and FCF Growth Acceleration

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

<ul>
<li>Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity related to Intel’s Fab 34</li>
<li>This deal follows a similar mid-2022 deal with Brookfield to co-invest in two new leading edge fabs in Arizona at a cost of up to $30 billion</li>
<li>Why make the deal with Fab 34 in Ireland instead of the Ohio fab under construction?</li>
</ul>


Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity related to Intel’s Fab 34
This deal follows a similar mid-2022 deal with Brookfield to co-invest in two new leading edge fabs in Arizona at a cost of up to $30 billion
Why make the deal with Fab 34 in Ireland instead of the Ohio fab under construction?


Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Paul Karazuba is the vice president of marketing at Expedera, an NPU IP startup in Silicon Valley.</li><li>NPU, or neural processing unit, is a key topic of discussion in the podcast, with its unique ability to process at a much lower wattage compared to CPU and GPU cores.</li><li>The necessity for dedicated NPU cores in running AI workloads, to allow CPU and GPU cores to focus on other tasks, is highlighted by both Paul and Austin.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Paul Karazuba is the vice president of marketing at Expedera, an NPU IP startup in Silicon Valley.NPU, or neural processing unit, is a key topic of discussion in the podcast, with its unique ability to process at a much lower wattage compared to CPU and GPU cores.The necessity for dedicated NPU cores in running AI workloads, to allow CPU and GPU cores to focus on other tasks, is highlighted by both Paul and Austin.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): ASML's High-NA EUV Machine Will Not Be Required Until 2027 at TSMC.

Taiwan Semiconductor (TSMC) plans to launch 2nm chip in 2025, investing in R&D and increasing CoWoS package cost by 15% in 2H24.

Patrick Liao

2024 High Conviction: TSMC (2330 TT) Is Perfectly Poised for Revenue and FCF Growth Acceleration

Given that we have reached the peak of the Capex cycle, along with normalisation in its internal working capital, and with revenue growth set to...

Wium Malan, CFA

Intel's Latest SCIP With Apollo. Yikes!

Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity...

William Keating

Episode 70!!! NPUs!!!!!!!!

In this podcast, Paul Karazuba discusses the importance of NPUs in chip design for efficient processing of AI workloads in battery-powered devices.

The Circuit

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

​Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): ASML's High-NA EUV Machine Will Not Be Required Until 2027 at TSMC.

​Taiwan Semiconductor (TSMC) plans to launch 2nm chip in 2025, investing in R&D and increasing CoWoS package cost by 15% in 2H24.

Patrick Liao

2024 High Conviction: TSMC (2330 TT) Is Perfectly Poised for Revenue and FCF Growth Acceleration

Given that we have reached the peak of the Capex cycle, along with normalisation in its internal working capital, and with revenue growth set to...

Wium Malan, CFA

Intel's Latest SCIP With Apollo. Yikes!

Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity...

William Keating

Episode 70!!! NPUs!!!!!!!!

In this podcast, Paul Karazuba discusses the importance of NPUs in chip design for efficient processing of AI workloads in battery-powered devices.

The Circuit

Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...

Taiwan Semiconductor (TSMC) plans to launch 2nm chip in 2025, investing in R&D and increasing CoWoS package cost by 15% in 2H24.