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>TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.</li>
<li>Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.</li>
<li>Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.</li>
</ul>


TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.
Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.
Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.


TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

<ul>
<li>Trump Adminstration Gearing Up to Further Restrict China's Access to Chip Technology -- Could Restrict Servicing of Existing Equipment</li>
<li>Foxconn and Honda: Could This Be a New Alliance in EV Manufacturing?</li>
<li>TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes... </li>
</ul>


Trump Adminstration Gearing Up to Further Restrict China's Access to Chip Technology -- Could Restrict Servicing of Existing Equipment
Foxconn and Honda: Could This Be a New Alliance in EV Manufacturing?
TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes... 


Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

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>Q424 revenues for the top 5 WFE players amounted to $28.7 billion, up 10% QoQ and up 21.7% YoY and an all time record high quarterly revenue for the segment</li>
<li>For the full year 2024, revenues amounted to $99.74 billion, up 7% sequentially, and slightly exceeding our forecasted 5% growth.</li>
<li>WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering anticipated AI &amp; technology transition related increases </li>
</ul>


Q424 revenues for the top 5 WFE players amounted to $28.7 billion, up 10% QoQ and up 21.7% YoY and an all time record high quarterly revenue for the segment
For the full year 2024, revenues amounted to $99.74 billion, up 7% sequentially, and slightly exceeding our forecasted 5% growth.
WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering anticipated AI &amp; technology transition related increases 


Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect?

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>ASML CEO suggests Trump's tariffs could give US tech industry an advantage, potentially benefiting India's tech sector as well.</li><li>Tongfu begins trial assembly of HBM2, signaling potential growth in India's tech industry in response to changing tariff policies.</li><li>India lowers tariffs in response to Trump's tariff policy, indicating a willingness to adapt and potentially increase trade opportunities.</li></ul>

ASML CEO suggests Trump's tariffs could give US tech industry an advantage, potentially benefiting India's tech sector as well.Tongfu begins trial assembly of HBM2, signaling potential growth in India's tech industry in response to changing tariff policies.India lowers tariffs in response to Trump's tariff policy, indicating a willingness to adapt and potentially increase trade opportunities.

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

<ul>
<li>Rapidus Corporation -- The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.</li>
<li>How Rapidus Compares to TSMC -- Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.</li>
<li>Maintain Structural Long rating for TSMC -- Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.</li>
</ul>


Rapidus Corporation -- The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.
How Rapidus Compares to TSMC -- Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.
Maintain Structural Long rating for TSMC -- Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.


Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

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ASML Holding NV (ASML US)

TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...

Vincent Fernando, CFA

Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect?

Semi WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering...

William Keating

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

ASML CEO believes US tariffs could benefit India's tech industry, Tongfu begins HBM2 trial as India reduces tariffs in response to Trump's policy.

Tech Supply Chain Tracker

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...

Vincent Fernando, CFA

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52-week Range

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TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

​TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

​Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...

Vincent Fernando, CFA

Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where's The AI Effect?

Semi WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering...

William Keating

Tech Supply Chain Tracker (11-Feb-2025): Can Trump's tariffs benefit India's tech?

ASML CEO believes US tariffs could benefit India's tech industry, Tongfu begins HBM2 trial as India reduces tariffs in response to Trump's policy.

Tech Supply Chain Tracker

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

​Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...

Vincent Fernando, CFA

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...

Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...