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 May Sales at Record High; Rumored A16 Pricing Underscores Strategic Moat in Advanced Nodes</li>
<li>Review of Client Roadmaps Shows TSMC Positioned as Indispensable Enabler of AI and Advanced Compute Products</li>
<li>We Maintain Our Structural Long Rating on TSMC; Inexpensive Despite Recent Rally</li>
</ul>


TSMC May Sales at Record High; Rumored A16 Pricing Underscores Strategic Moat in Advanced Nodes
Review of Client Roadmaps Shows TSMC Positioned as Indispensable Enabler of AI and Advanced Compute Products
We Maintain Our Structural Long Rating on TSMC; Inexpensive Despite Recent Rally


TSMC: Review of Client Roadmaps, Rumored A16 Pricing Underscores Strategic Moat in Advanced Nodes

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The offer provides a 2.7% gross spread with a 7.7% annualized return, supported by board approval, firm structure, and high market-implied probability of success near 92%.</li>
<li>Downside risk is significant if the deal breaks, but the structured offer, regulatory clarity, and low interloper risk support a small-to-moderate position in diversified event-driven portfolios.</li>
<li>Further upside depends on unexpected bid competition, ticking fees, or faster-than-expected settlement; otherwise, the return is modest but acceptable in stable arbitrage environments.</li>
</ul>


The offer provides a 2.7% gross spread with a 7.7% annualized return, supported by board approval, firm structure, and high market-implied probability of success near 92%.
Downside risk is significant if the deal breaks, but the structured offer, regulatory clarity, and low interloper risk support a small-to-moderate position in diversified event-driven portfolios.
Further upside depends on unexpected bid competition, ticking fees, or faster-than-expected settlement; otherwise, the return is modest but acceptable in stable arbitrage environments.


Qualcomm's Offer for Alphawave IP Group Plc

Technology / Semiconductor / Internet Research

Nicolas Baratte

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets. </li>
<li>AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm. </li>
<li>4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.</li>
</ul>


Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets. 
AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm. 
4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.


<ul>
<li>
Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty</li>
<li>
National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase</li>
<li>
Semiconductor Memory Q125 Review — Tariff &amp; Tech Transition Impacts, HBM Outlook</li>
</ul>



Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty

National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase

Semiconductor Memory Q125 Review —  Tariff &amp; Tech Transition Impacts, HBM Outlook


Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.</li>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  </li>
</ul>



United Microelectron Sp Adr (UMC US) is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.

Qualcomm Inc (QCOM US) and NVIDIA Corp (NVDA US) are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  

Samsung Electronics (005930 KS), for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  


UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

TSMC: Review of Client Roadmaps, Rumored A16 Pricing Underscores Strategic Moat in Advanced Nodes

TSMC's record high sales and strategic positioning in advanced nodes make it an indispensable enabler of AI and advanced compute products,...

Vincent Fernando, CFA

Qualcomm's Offer for Alphawave IP Group Plc

Qualcomm’s Alphawave offer implies a 2.7% spread, 7.7% IRR. Strategic fit, board support, and low risk make it attractive for arbitrageurs—modest...

Jesus Rodriguez Aguilar

Semiconductor Shopping Season Is Now

AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...

Nicolas Baratte

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC may beat 2Q25 guidance, but 3Q25 outlook appears flat; QCOM and NVDA allocating wafers at UMC, signaling end of product cycle; Samsung...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC: Review of Client Roadmaps, Rumored A16 Pricing Underscores Strategic Moat in Advanced Nodes

​TSMC's record high sales and strategic positioning in advanced nodes make it an indispensable enabler of AI and advanced compute products,...

Vincent Fernando, CFA

Qualcomm's Offer for Alphawave IP Group Plc

Qualcomm’s Alphawave offer implies a 2.7% spread, 7.7% IRR. Strategic fit, board support, and low risk make it attractive for arbitrageurs—modest...

Jesus Rodriguez Aguilar

Semiconductor Shopping Season Is Now

​AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...

Nicolas Baratte

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

​Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC may beat 2Q25 guidance, but 3Q25 outlook appears flat; QCOM and NVDA allocating wafers at UMC, signaling end of product cycle; Samsung...

Patrick Liao

TSMC's record high sales and strategic positioning in advanced nodes make it an indispensable enabler of AI and advanced compute products,...

AMD and Qualcomm make strategic acquisitions in chip design and AI technology, highlighting their focus on the future of AI and competition with...

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...