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>
 Key Player In Roll-Out of Nvidia's New Blackwell Solutions. Having followed Chenbro closely over the past year, we’ve seen it steadily increase its exposure to the AI infrastructure cycle.</li>
<li>
 Nvidia B200 and B300 Server Builds Are Ramping. Chenbro sees projects based on Nvidia’s B200 and B300 GPUs actively progressing, with B300 projects initiated and shipments starting in 2H25.</li>
<li>
 Non-Nvidia ASICs also growing as a contributor. The company also sees AI systems based on custom ASICs as a growing contributor to the business.</li>
</ul>



 Key Player In Roll-Out of Nvidia's New Blackwell Solutions. Having followed Chenbro closely over the past year, we’ve seen it steadily increase its exposure to the AI infrastructure cycle.

 Nvidia B200 and B300 Server Builds Are Ramping. Chenbro sees projects based on Nvidia’s B200 and B300 GPUs actively progressing, with B300 projects initiated and shipments starting in 2H25.

 Non-Nvidia ASICs also growing as a contributor. The company also sees AI systems based on custom ASICs as a growing contributor to the business.


TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>Our near-term bullish outlook will remain in place long as the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.</li>
<li>Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&amp;P Mid Caps (IJH) also breaking above key resistances</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
Our near-term bullish outlook will remain in place long as the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.
Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&amp;P Mid Caps (IJH) also breaking above key resistances


Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Samsung Said to Have Give Up Chasing TSMC at the Leading Edge of Chip Manufacturing</li>
<li>Xiaomi’s Tesla-Killer YU7 EV Surges in Orders -- TSMC Rides the Wave as Core Chip Supplier</li>
<li>TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)</li>
</ul>


Samsung Said to Have Give Up Chasing TSMC at the Leading Edge of Chip Manufacturing
Xiaomi’s Tesla-Killer YU7 EV Surges in Orders -- TSMC Rides the Wave as Core Chip Supplier
TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)


Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Samsung doesn’t provide guidance when it reports, but gives revenue an operating profit guidance ~2 weeks before reporting. But we have an officially non-official preview in Korean media. </li>
<li>2Q25 operating profit will be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. Consensus expects +1% QoQ. </li>
<li>Some positive news to counter balance this large disappointment – smartphone, HBM3E – I am skeptical any of these can lift profits in 2H25, revisit early 2026.</li>
</ul>


Samsung doesn’t provide guidance when it reports, but gives revenue an operating profit guidance ~2 weeks before reporting. But we have an officially non-official preview in Korean media. 
2Q25 operating profit will be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. Consensus expects +1% QoQ. 
Some positive news to counter balance this large disappointment – smartphone, HBM3E – I am skeptical any of these can lift profits in 2H25, revisit early 2026.


Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

<ul>
<li>Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside</li>
<li>No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either</li>
<li>Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists</li>
</ul>


Micron Results Beat Across the Board, AI Product Mix Drives Gross Margin Upside
No Evidence Yet of Hyperscaler Pullback, But No Significant Increase in Outlook Either
Conclusion: AI-Driven Strength Continues, But Divergence Across the Memory Supply Chain Persists


Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NVIDIA Corp (NVDA US)

TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...

Vincent Fernando, CFA

Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

Blue Sky Territory; Bullish Outlook Intact; $QQQ and $SPX Breaking to All-Time Highs; Russell 2000 $IWM and Mid Caps $IJH also breaking above...

Vermilion Research

Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...

Vincent Fernando, CFA

Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

Samsung's 2Q25 operating profit to decline by over 15% from Q1, Consensus expects +1%. Some positive news but skepticism about profit lift in 2H25.

Nicolas Baratte

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights: Chenbro Micom -- How Server Racks Are Evolving With Nvidia's B-Series & ASICs

​Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...

Vincent Fernando, CFA

Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

Blue Sky Territory; Bullish Outlook Intact; $QQQ and $SPX Breaking to All-Time Highs; Russell 2000 $IWM and Mid Caps $IJH also breaking above...

Vermilion Research

Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

​Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...

Vincent Fernando, CFA

Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

​Samsung's 2Q25 operating profit to decline by over 15% from Q1, Consensus expects +1%. Some positive news but skepticism about profit lift in 2H25.

Nicolas Baratte

Memory Monitor: Micron Reinforces AI Memory Tailwinds, But Broader Supply Chain Recovery Gradual

​Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.

Vincent Fernando, CFA

Chenbro plays a key role in Nvidia's new Blackwell solutions, with B200 and B300 server builds ramping up and non-Nvidia ASICs also on the rise in...

Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...

Samsung's 2Q25 operating profit to decline by over 15% from Q1, Consensus expects +1%. Some positive news but skepticism about profit lift in 2H25.

Micron's strong results driven by AI products, but memory supply chain divergence persists with no significant outlook increase.