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

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Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.</li>
<li>
 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.</li>
<li>
UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.</li>
</ul>



Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.

 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.

UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.


Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

<ul>
<li>
TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. </li>
<li>
AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. </li>
<li>
Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.</li>
</ul>



TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. 

AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. 

Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.


Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>1Q15 Smartphone units up 1.5-3% YoY but given accelerated imports to US and Chinese consumer subsidies, end-demand was probably flat YoY. TSMC 1Q25 revenues suggest that Smartphone chips declined YoY.</li>
<li>We should expect a correction in 2H25 and overall flat 2025 YoY.</li>
<li>The only positive is that chips are getting bigger (AI cores) and more expensive (3nm) and hence positive to Mediatek and Qualcomm, but not to phone Brands Apple included.</li>
</ul>


1Q15 Smartphone units up 1.5-3% YoY but given accelerated imports to US and Chinese consumer subsidies, end-demand was probably flat YoY. TSMC 1Q25 revenues suggest that Smartphone chips declined YoY.
We should expect a correction in 2H25 and overall flat 2025 YoY.
The only positive is that chips are getting bigger (AI cores) and more expensive (3nm) and hence positive to Mediatek and Qualcomm, but not to phone Brands Apple included.


Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>GDP /: China’s first-quarter GDP jumps 5.4% ahead of tariff storm</li><li>Hong Kong /: Trade war clouds Hong Kong’s future as China’s global gateway</li><li>Banks /In Depth: Chinese banks chase opportunities overseas amid struggles at home</li></ul>

GDP /: China’s first-quarter GDP jumps 5.4% ahead of tariff stormHong Kong /: Trade war clouds Hong Kong’s future as China’s global gatewayBanks /In Depth: Chinese banks chase opportunities overseas amid struggles at home

CX Daily: China’s First-Quarter GDP Jumps 5.4% Ahead of Tariff Storm 

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> has lost nearly 30% of its value since its mid-January peak—half of that decline occurred by early March, prior to Trump’s tariff announcement. </li>
<li>
The stock is very oversold, although it bounced off its lows last week, and reached 903 this Monday. This insight will analyze how far this rebound can go.
</li>
<li>Earnings will be reported on April 17. Our model suggests the stock has room to move in either direction—the results will be the catalyst. Check out our targets.
</li>
</ul>



Taiwan Semiconductor (TSMC) (2330 TT) has lost nearly 30% of its value since its mid-January peak—half of that decline occurred by early March, prior to Trump’s tariff announcement. 

The stock is very oversold, although it bounced off its lows last week, and reached 903 this Monday. This insight will analyze how far this rebound can go.

Earnings will be reported on April 17. Our model suggests the stock has room to move in either direction—the results will be the catalyst. Check out our targets.



TSMC (2330.TT) Tactical Outlook Before 1Q25 Earnings Release

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...

Nicolas Baratte

CX Daily: China’s First-Quarter GDP Jumps 5.4% Ahead of Tariff Storm

GDP /: China’s first-quarter GDP jumps 5.4% ahead of tariff storm Hong Kong /: Trade war clouds Hong Kong’s future as China’s global gateway Banks...

Caixin Global

TSMC (2330.TT) Tactical Outlook Before 1Q25 Earnings Release

TSMC has dropped 30% since mid-January, rebounding recently but still VERY oversold. Earnings report on April 17 will act as a catalyst for the...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

​Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

​TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

​1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...

Nicolas Baratte

CX Daily: China’s First-Quarter GDP Jumps 5.4% Ahead of Tariff Storm

GDP /: China’s first-quarter GDP jumps 5.4% ahead of tariff storm Hong Kong /: Trade war clouds Hong Kong’s future as China’s global gateway Banks...

Caixin Global

TSMC (2330.TT) Tactical Outlook Before 1Q25 Earnings Release

​TSMC has dropped 30% since mid-January, rebounding recently but still VERY oversold. Earnings report on April 17 will act as a catalyst for the...

Nico Rosti

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...

TSMC has dropped 30% since mid-January, rebounding recently but still VERY oversold. Earnings report on April 17 will act as a catalyst for the...