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>Is TSMC Leaving Samsung in the Dust with its New 3nm Process Technology?</li>
<li>Our Pick Himax a Top Loser... Apple Lens Supplier, Yageo Peer, and Taiwan AI Chip Designer Top Winners</li>
<li>Positive Sign for Apple Revenue -- Hon Hai November Revenue Higher Than Expected, Guides for Better December</li>
</ul>


Is TSMC Leaving Samsung in the Dust with its New 3nm Process Technology?
Our Pick Himax a Top Loser... Apple Lens Supplier, Yageo Peer, and Taiwan AI Chip Designer Top Winners
Positive Sign for Apple Revenue -- Hon Hai November Revenue Higher Than Expected, Guides for Better December


Taiwan Tech Weekly: TSMC Extending Lead Vs. Samsung with 3nm Tech; Hon Hai Result Positive for Apple

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

Thematic (Sector/Industry)

<ul>
<li>9.4% semi revenue decline in 2023 seems about right to us</li>
<li>Forecast of13.1% semi revenue increase in 2024, seems on the high side</li>
<li>Forecast assumes a ~45% YoY increase in memory revenue. Sanjay will be delighted to hear the good news!</li>
</ul>


9.4% semi revenue decline in 2023 seems about right to us
Forecast of13.1% semi revenue increase in 2024, seems on the high side
Forecast assumes a ~45% YoY increase in memory revenue. Sanjay will be delighted to hear the good news!


WSTS Forecasts Semi Revenue Increase of 13.1% In 2024. Seriously?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.</li><li>They reported stellar non-GAAP revenues of $8.7 billion and non-GAAP earnings per share of $2.02.</li><li>As they embrace the era of generative AI, on-device Gen AI progresses in tandem with cloud-based Gen AI, promising novel use cases.</li></ul>

Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street.They reported stellar non-GAAP revenues of $8.7 billion and non-GAAP earnings per share of $2.02.As they embrace the era of generative AI, on-device Gen AI progresses in tandem with cloud-based Gen AI, promising novel use cases.

Qualcomm Incorporated: Generative AI On The Next Wave Of Flagship Smartphones! - Major Drivers

<ul>
<li>Taiwan AI Plays Top Losers Recently, Dell Results Coming Today U.S. Time to Provide Color for PCs and Servers</li>
<li>Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped</li>
<li>Nanya, Yageo Top Gainers; We Rate the Stocks Outperform and Structural Long Respectively</li>
</ul>


Taiwan AI Plays Top Losers Recently, Dell Results Coming Today U.S. Time to Provide Color for PCs and Servers
Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped
Nanya, Yageo Top Gainers; We Rate the Stocks Outperform and Structural Long Respectively


Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>SEMI reports Oct front/back end equipment billings decline of 14% and 18% y/y, respectively, which was improved from 18% and 24% y/y decline in September, implying early signs of recovery.</li>
<li>WSTS/SIA earlier reported September sales of US$44.89bn, up 1.9% m/m and down only 4% y/y (vs. 16% decline in June), suggesting semi sales y/y improvement and pass the cycle trough.</li>
<li>We are positive on SOX INDEX likely to break new high of over 4,000 in six months and expect PC/smartphone/training AI semi and DRAM semi/equipment vendors to outperform in short.</li>
</ul>


SEMI reports Oct front/back end equipment billings decline of 14% and 18% y/y, respectively, which was improved from 18% and 24% y/y decline in September, implying early signs of recovery.
WSTS/SIA earlier reported September sales of US$44.89bn, up 1.9% m/m and down only 4% y/y (vs. 16% decline in June), suggesting semi sales y/y improvement and pass the cycle trough.
We are positive on SOX INDEX likely to break new high of over 4,000 in six months and expect PC/smartphone/training AI semi and DRAM semi/equipment vendors to outperform in short.


What Oct US SEMI Equipment and Sep SIA/WSTS Global Sales Tell Us?

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)

Taiwan Tech Weekly: TSMC Extending Lead Vs. Samsung with 3nm Tech; Hon Hai Result Positive for Apple

TSMC appears to be beating Samsung repeatedly when it comes to winning clients to produce leading-edge 3-nm chips. TSMC has repeatedly been chosen...

Vincent Fernando, CFA

WSTS Forecasts Semi Revenue Increase of 13.1% In 2024. Seriously?

WSTS forecast for 13.1% semi growth in 2024 assumes a ~45% YoY increase in memory revenue. This is an unlikely scenario and not at all the vibe we...

William Keating

Qualcomm Incorporated: Generative AI On The Next Wave Of Flagship Smartphones! - Major Drivers

Qualcomm Incorporated managed to exceed the revenue expectations as well as the earnings expectations of Wall Street. They reported stellar...

Baptista Research

Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways

Nanya and Yageo have been top gainers recently with Yageo achieving new 52-week highs; We rate the stocks as Outperform and Structural Long...

Vincent Fernando, CFA

What Oct US SEMI Equipment and Sep SIA/WSTS Global Sales Tell Us?

What Oct US SEMI Equipment and Sep SIA/WSTS Global Sales Tell Us? Telling us early signs of semi equipment and global semi sales recovery and we...

Andrew Lu

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