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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Memory revenue re-accelerated well ahead of its seasonal pace: the six memory names grew revenue +32% MoM after about +4% in June, roughly twice their pace in July last year.</li>
<li>Taiwan's assemblers look weaker than they are: nine of thirteen ODM, EMS and PC-brand names saw revenue fall sequentially, yet the group beat its own July 2025 decline.</li>
<li>
<a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a>'s revenue nearly quadrupled in two months and its filing reversed: after three months reporting mass-production declines, it reported growth, the only commentary change in our universe.</li>
</ul>


Memory revenue re-accelerated well ahead of its seasonal pace: the six memory names grew revenue +32% MoM after about +4% in June, roughly twice their pace in July last year.
Taiwan's assemblers look weaker than they are: nine of thirteen ODM, EMS and PC-brand names saw revenue fall sequentially, yet the group beat its own July 2025 decline.

Alchip Technologies (3661 TT)'s revenue nearly quadrupled in two months and its filing reversed: after three months reporting mass-production declines, it reported growth, the only commentary change in our universe.


Taiwan Supply Chain Signals: Memory Revenue Re-Accelerates While Custom AI Chip Revenue Ramps

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory vendors but more y/y deterioration for OLED/LCD driver, LCD panel, design service, equipment/materials, and foundry vendors.</li>
<li>GaAs RF and gaming GPU card vendors showed very impressive y/y sales growth of 54% and 63%, respectively. ABF substrate vendors showed the weakest sales decline of 34% among all. </li>
<li>Except A Data (+2.5% m/m) and Phison Electronics (+5.6% m/m) might see stronger share price to reflect stronger November sales, most of others see good/bad news in the price already.</li>
</ul>


More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory vendors but more y/y deterioration for OLED/LCD driver, LCD panel, design service, equipment/materials, and foundry vendors.
GaAs RF and gaming GPU card vendors showed very impressive y/y sales growth of 54% and 63%, respectively. ABF substrate vendors showed the weakest sales decline of 34% among all. 
Except A Data (+2.5% m/m) and Phison Electronics (+5.6% m/m) might see stronger share price to reflect stronger November sales, most of others see good/bad news in the price already.


Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

<ul>
<li>Micron, Apple and AMD committed a combined US$43bn-plus to the suppliers they depend on, moving the industry from ordering capacity to financing it and shifting build risk onto the buyers.</li>
<li>Memory economics reached record levels: Samsung's operating profit rose 19x, and Nanya's gross margin hit 79.5% on flat shipments, with prices doing all the work.</li>
<li>SK Hynix raised US$26.5bn for ADRs in the largest US listing by a foreign company, and the week's selloff reversed in two sessions as money returned to memory and compute.</li>
</ul>


Micron, Apple and AMD committed a combined US$43bn-plus to the suppliers they depend on, moving the industry from ordering capacity to financing it and shifting build risk onto the buyers.
Memory economics reached record levels: Samsung's operating profit rose 19x, and Nanya's gross margin hit 79.5% on flat shipments, with prices doing all the work.
SK Hynix raised US$26.5bn for ADRs in the largest US listing by a foreign company, and the week's selloff reversed in two sessions as money returned to memory and compute.


Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>AI servers need 8-10x the storage of standard servers, and with nearline hard-drive lead times past 52 weeks, hyperscalers are shifting to enterprise SSDs, the storage market's fastest-growing segment.</li>
<li>Silicon Motion's MonTitan platform — the SM8366 Gen5 flagship and Gen6 SM8466 — sells controllers, reference designs, and licensable firmware to NAND makers and drive builders, a merchant model.</li>
<li>Quarterly revenue has more than doubled in a year, from US$166.5m in 1Q25 to US$342.1m in 1Q26, with two customers ramping and five tier-one hyperscalers queued for 2H26.</li>
</ul>


AI servers need 8-10x the storage of standard servers, and with nearline hard-drive lead times past 52 weeks, hyperscalers are shifting to enterprise SSDs, the storage market's fastest-growing segment.
Silicon Motion's MonTitan platform — the SM8366 Gen5 flagship and Gen6 SM8466 — sells controllers, reference designs, and licensable firmware to NAND makers and drive builders, a merchant model.
Quarterly revenue has more than doubled in a year, from US$166.5m in 1Q25 to US$342.1m in 1Q26, with two customers ramping and five tier-one hyperscalers queued for 2H26.


TechChain Insights: Silicon Motion's Enterprise SSD Ramp Begins, Five Hyperscalers Queued

<ul>
<li>
 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.</li>
<li>
 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.</li>
<li>
 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.</li>
</ul>



 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.

 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.

 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.


Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Taiwan

Phison Electronics Corp. manufactures and markets USB (Universal Serial Bus) flash pen drives, card readers, adapters, flash memory controllers, and integrated circuits (ICs).

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Phison Electronics (8299 TT)

Taiwan Supply Chain Signals: Memory Revenue Re-Accelerates While Custom AI Chip Revenue Ramps

We analyze the latest monthly revenue data across Taiwan's technology supply chain. Four key signals emerge from the latest results.

Vincent Fernando, CFA

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales. More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory...

Andrew Lu

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Vincent Fernando, CFA

TechChain Insights: Silicon Motion's Enterprise SSD Ramp Begins, Five Hyperscalers Queued

Hyperscalers are turning to enterprise SSDs due to long lead times for hard drives, driving growth in the storage market as Silicon Motion's...

Vincent Fernando, CFA

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Supply Chain Signals: Memory Revenue Re-Accelerates While Custom AI Chip Revenue Ramps

We analyze the latest monthly revenue data across Taiwan's technology supply chain. Four key signals emerge from the latest results.

Vincent Fernando, CFA

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales

Stories Behind the Reported Nov 2023 Taiwan Semi/Tech Sales. More clear y/y improvement for 8/12" raw wafer, WiFi IC, GaAs RF/VCSEL, and memory...

Andrew Lu

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

​Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Vincent Fernando, CFA

TechChain Insights: Silicon Motion's Enterprise SSD Ramp Begins, Five Hyperscalers Queued

​Hyperscalers are turning to enterprise SSDs due to long lead times for hard drives, driving growth in the storage market as Silicon Motion's...

Vincent Fernando, CFA

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

​Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Tech giants like Micron, Apple, and AMD are investing billions in their suppliers, shifting industry dynamics and pushing memory economics to...

Hyperscalers are turning to enterprise SSDs due to long lead times for hard drives, driving growth in the storage market as Silicon Motion's...

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...