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>
<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

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Software led a broad May rally, but the largest names did most of the heavy lifting. </li><li>The WTR AI Index rose 14.9% M/M, outpacing the S&amp;P 500 (+5.1%), Russell 2000 (+4.3%), and Nasdaq (+10.5%), with every sector up double digits.</li><li>After barely participating in April’s advance (+2.6%) even as Semiconductors ran +34%, Software (20% of the index) led all sectors at +28.0%, ahead of Internet &amp; Data Services (+13.8%), Other Tech (+13.0%), Semiconductor (+12.8%), and Other Industries (+12.8%). </li></ul>

Software led a broad May rally, but the largest names did most of the heavy lifting. The WTR AI Index rose 14.9% M/M, outpacing the S&amp;P 500 (+5.1%), Russell 2000 (+4.3%), and Nasdaq (+10.5%), with every sector up double digits.After barely participating in April’s advance (+2.6%) even as Semiconductors ran +34%, Software (20% of the index) led all sectors at +28.0%, ahead of Internet &amp; Data Services (+13.8%), Other Tech (+13.0%), Semiconductor (+12.8%), and Other Industries (+12.8%). 

AI Flow Index : Sailing a Sea of Companies in AI - Jun 1, 2026

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>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

<ul>
<li>Ambiq Micro priced 4.0 million shares at $24.00.  The  share count was upsized 17.6% and the pricing was at the upper-half of the range. </li>
<li>The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance. </li>
<li>A conservative valuation and a small deal size assisted in this IPO being wildly successful.</li>
</ul>


Ambiq Micro priced 4.0 million shares at $24.00.  The  share count was upsized 17.6% and the pricing was at the upper-half of the range. 
The performance of Ambiq Micro is one that squarely places them among the best for the year in terms of opening performance. 
A conservative valuation and a small deal size assisted in this IPO being wildly successful.


Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

<ul>
<li>The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. </li>
<li>While order flow has come in steady for this IPO, some of our sources are taking a 'wait-and-see' approach. </li>
<li>The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.</li>
</ul>


The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. 
While order flow has come in steady for this IPO, some of our sources are taking a 'wait-and-see' approach. 
The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.


Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

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: Ambiq Micro (AMBQ US) — Ultra-Low-Power Pioneer Betting Big on Edge AI

Ambiq Micro expects >$100M revenue in 2026, driven by customer expansion and new AI SoC targeting smart glasses and medical devices, with unique...

Vincent Fernando, CFA

AI Flow Index : Sailing a Sea of Companies in AI - Jun 1, 2026

The WTR AI Index rose 14.9% M/M, outpacing the S&P 500 (+5.1%), Russell 2000 (+4.3%), and Nasdaq (+10.5%), with every sector up double digits.

Water Tower Research

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

Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

IPO Boutique

Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

IPO Boutique

Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

​Ambiq Micro expects >$100M revenue in 2026, driven by customer expansion and new AI SoC targeting smart glasses and medical devices, with unique...

Vincent Fernando, CFA

AI Flow Index : Sailing a Sea of Companies in AI - Jun 1, 2026

The WTR AI Index rose 14.9% M/M, outpacing the S&P 500 (+5.1%), Russell 2000 (+4.3%), and Nasdaq (+10.5%), with every sector up double digits.

Water Tower Research

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

​Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

IPO Boutique

Ambiq Micro, Inc. (AMBQ): Semi-Conductor Surges, Upsized IPO Jumps 58% at Open

​Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

IPO Boutique

Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

​Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...

IPO Boutique

Ambiq Micro expects >$100M revenue in 2026, driven by customer expansion and new AI SoC targeting smart glasses and medical devices, with unique...

Figma's IPO soars with a 157.6% gain at first trade, showcasing strong investor interest and potential to ignite the IPO market.

Ambiq Micro's successful IPO saw 4.0 million shares priced at $24.00, upsized by 17.6% and at the upper end of the range, leading to strong...

Company forecasts growth slow-down after moving business from China, IPO order flow steady but sources cautious, manageable cash raise but...