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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.</li>
<li>~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.</li>
<li>There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.</li>
</ul>


PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.
~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.
There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.


PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.</li>
<li>Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.</li>
<li>Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.</li>
</ul>


Klarna is anticipated to file for a US IPO next week and go public next month looking to raise ~$1bn at a valuation of ~$15bn.
Klarna is expected to be added to one US index at the June 2025 review if its primary asset/revenue location is US and its listed shares are non-ADRs.
Klarna is expected to be added to one Global index at the December 2025 review if its listed shares are non-ADRs and passes the fcap threshold.


Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> is forecasted to be excluded from all the main US &amp; EU indices because of a sole US foreign listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> can be added to one Global index at the December 2025 review due to a non-ADR listing given it passes the fcap threshold and voting rights.</li>
<li>
<a href="https://www.smartkarma.com/entities/klarna-group-plc" target="_blank" data-smartkarma-citation="entities:44090:1" rel="noopener">Klarna Group (KLAR US)</a> is expected to be excluded from rasel due to a non-US nationality assignment based on the company's asset &amp; revenue geographical locations.</li>
</ul>



Klarna Group (KLAR US) is forecasted to be excluded from all the main US &amp; EU indices because of a sole US foreign listing.

Klarna Group (KLAR US) can be added to one Global index at the December 2025 review due to a non-ADR listing given it passes the fcap threshold and voting rights.

Klarna Group (KLAR US) is expected to be excluded from rasel due to a non-US nationality assignment based on the company's asset &amp; revenue geographical locations.


Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

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>Arm Holdings, a prominent player in the semiconductor industry, reported an optimistic set of results for the third quarter of fiscal year 2025, ending December 31, 2024.</li><li>The company achieved record revenue and a significant increase in royalty revenues, driven primarily by robust demand for AI technologies and the adoption of its latest Armv9 architecture and Compute Subsystem Solutions (CSS).</li><li>On the financial front, Arm's total revenue reached an all-time high of $983 million, marking a year-on-year increase of 19% and surpassing the high end of company guidance.</li></ul>

Arm Holdings, a prominent player in the semiconductor industry, reported an optimistic set of results for the third quarter of fiscal year 2025, ending December 31, 2024.The company achieved record revenue and a significant increase in royalty revenues, driven primarily by robust demand for AI technologies and the adoption of its latest Armv9 architecture and Compute Subsystem Solutions (CSS).On the financial front, Arm's total revenue reached an all-time high of $983 million, marking a year-on-year increase of 19% and surpassing the high end of company guidance.

ARM Holdings Plc.: Will Its Agentic AI Adoption & Transition To Chiplet-Based Architectures Make It A Formidable Player In Its Domain?

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ARM Holdings (ARM US)

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...

Nicolas Baratte

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

Following the IPO prospectus, KLAR faces exclusion from all major US indices including rasel due to a US foreign listing and a UK nationality...

Dimitris Ioannidis

ARM Holdings Plc.: Will Its Agentic AI Adoption & Transition To Chiplet-Based Architectures Make It A Formidable Player In Its Domain?

Arm Holdings, a prominent player in the semiconductor industry, reported an optimistic set of results for the third quarter of fiscal year 2025,...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue

​PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...

Nicolas Baratte

Klarna: IPO Next Month? US Foreign Listing Limits Index Inclusion

The $15bn Klarna IPO has been paused and is unlikely to proceed in April due to market turmoil caused by Trump tariffs and the escalating global...

Dimitris Ioannidis

Klarna (KLAR US): US Index Exclusion Over Asset & Revenue Geographic Locations

Following the IPO prospectus, KLAR faces exclusion from all major US indices including rasel due to a US foreign listing and a UK nationality...

Dimitris Ioannidis

ARM Holdings Plc.: Will Its Agentic AI Adoption & Transition To Chiplet-Based Architectures Make It A Formidable Player In Its Domain?

Arm Holdings, a prominent player in the semiconductor industry, reported an optimistic set of results for the third quarter of fiscal year 2025,...

Baptista Research

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

PC unit growth accelerates in 2025, driven by Apple and Lenovo, but dreams of a Windows 10 and AI PC upgrade pose risks of over-building and over...