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>The ultra-low-power chip is moving from co-processor to main processor in wearables; Ambiq says customers already adopt Apollo5 as the primary system processor. </li>
<li>Voice is the first generative AI workload that fits within a wearable's power budget, and on-device video analysis is a full silicon generation behind it. </li>
<li>Chips are now chosen on total system power including software and AI models, which is why edge silicon vendors increasingly ship their own developer stacks.</li>
</ul>


The ultra-low-power chip is moving from co-processor to main processor in wearables; Ambiq says customers already adopt Apollo5 as the primary system processor. 
Voice is the first generative AI workload that fits within a wearable's power budget, and on-device video analysis is a full silicon generation behind it. 
Chips are now chosen on total system power including software and AI models, which is why edge silicon vendors increasingly ship their own developer stacks.


TechChain Insights Q&A: Chip Designer Ambiq Seeing New Processor Paradigm Emerging in Wearables

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.</li>
<li>The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.</li>
<li>The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.</li>
</ul>


Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.


Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

<ul>
<li>
 Pulling forward demand, edge AI applications surge. 1Q26 revenue +59% YoY; 2Q26 guided to accelerate (~+75% YoY) as forward demand pulled into nearterm. 80%+ Ambiq units shipped run on-device AI.</li>
<li>
Breakeven pulled forward ~12 months. Ambiq's 2H25 secondary raise funded Apollo340 /  Atomiq110 product acceleration; CFO now sees non-GAAP breakeven moving from 2028 into  2H27-early 2028. US$204.5m cash, no debt.</li>
<li>
Diversification widening alongside TAM, shares surge. Top-3 concentration fell 86% → 71% YoY; Apollo340 and Atomiq120 products open new TAM. <a href="https://www.smartkarma.com/entities/ambiq-micro-inc" target="_blank" data-smartkarma-citation="entities:45451:1" rel="noopener">Ambiq Micro (AMBQ US)</a> shares surged +45% today.</li>
</ul>



 Pulling forward demand, edge AI applications surge. 1Q26 revenue +59% YoY; 2Q26 guided to accelerate (~+75% YoY) as forward demand pulled into nearterm. 80%+ Ambiq units shipped run on-device AI.

Breakeven pulled forward ~12 months. Ambiq's 2H25 secondary raise funded Apollo340 /  Atomiq110 product acceleration; CFO now sees non-GAAP breakeven moving from 2028 into  2H27-early 2028. US$204.5m cash, no debt.

Diversification widening alongside TAM, shares surge. Top-3 concentration fell 86% → 71% YoY; Apollo340 and Atomiq120 products open new TAM. Ambiq Micro (AMBQ US) shares surged +45% today.


Ambiq Micro (AMBQ US) 1Q26: Beat, Raise, and a Year Pulled Forward on the Edge AI Thesis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ambiq-micro-inc" target="_blank" data-smartkarma-citation="entities:45451:1" rel="noopener">Ambiq Micro (AMBQ US)</a> guides &gt;$100M revenue in 2026 (~40% growth), driven by existing  customer expansion, a new major wearables customer ramping to mass  production.</li>
<li>New Atomiq AI SoC (built w/ 12nm TSMC production) targets 2027 production, expanding Ambiq's addressable market into smart glasses, medical devices, and advanced edge AI.</li>
<li>Patented SPOT platform powers 290M+ devices; no competitor has yet replicated Ambiq's unique subthreshold low-power operations for semiconductors, creating deep moat reinforced by software ecosystem switching costs.</li>
</ul>



Ambiq Micro (AMBQ US) guides &gt;$100M revenue in 2026 (~40% growth), driven by existing  customer expansion, a new major wearables customer ramping to mass  production.
New Atomiq AI SoC (built w/ 12nm TSMC production) targets 2027 production, expanding Ambiq's addressable market into smart glasses, medical devices, and advanced edge AI.
Patented SPOT platform powers 290M+ devices; no competitor has yet replicated Ambiq's unique subthreshold low-power operations for semiconductors, creating deep moat reinforced by software ecosystem switching costs.


TechChain Insights Q&A: Ambiq Micro (AMBQ US) — Ultra-Low-Power Pioneer Betting Big on Edge AI

<ul>
<li>Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.</li>
<li>Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.</li>
<li>The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.</li>
</ul>


Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.
Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.
The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.


Figma Inc (FIG): Figma Fireworks Do Not Disappoint, Stock Closes 250% Above Issue

United States

Ambiq Micro, Inc. provides semiconductor technology solutions. The Company offers ultra-low power semiconductor platforms and solutions for battery-powered AI devices. Ambiq Micro serves customers in the United States, China, Taiwan, and Singapore.

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Ambiq Micro (AMBQ US)

TechChain Insights Q&A: Chip Designer Ambiq Seeing New Processor Paradigm Emerging in Wearables

Ultra-low-power chips like Apollo5 are becoming the main processors in wearables, with voice being the first AI workload that fits within a...

Vincent Fernando, CFA

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique