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>
 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.</li>
<li>
 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.</li>
<li>
 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.</li>
</ul>



 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.

 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.

 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.


Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

<ul>
<li>COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.</li>
<li>The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.</li>
<li>Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.</li>
</ul>


COMPUTEX and GTC Taipei drove TSMC and the TAIEX to records, before a US$1.3tn AI selloff in the U.S. sent Taiwan index futures down a record 6.65%.
The trigger was expectations, not fundamentals: Broadcom beat but held rather than raised its long-term AI target, and a hot US jobs report killed Fed rate-cut hopes.
Yet demand kept accelerating through the rout: Winbond, Foxconn and Aspeed posted record sales, and Apollo and Blackstone closed US$35bn to buy AI chips for Anthropic.


Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hon Hai Precision, Taiwan Cement, Catcher Technology, Fubon Financial, China Steel, TSMC, Nan Ya Plastics.</li>
</ul>


We analysed the earning revision of component stocks of MS-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hon Hai Precision, Taiwan Cement, Catcher Technology, Fubon Financial, China Steel, TSMC, Nan Ya Plastics.


MS-Taiwan Index Earning Revision (May): Hon Hai Precision, Taiwan Cement, Catcher Technology, TSMC

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength uptrend, we reiterate our overweight EM recommendation. Energy and Health Care stocks are outperforming and remain attractive. Technology is consolidating and we would use recent weakness as a buying opportunity. Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength uptrend, we reiterate our overweight EM recommendation. Energy and Health Care stocks are outperforming and remain attractive. Technology is consolidating and we would use recent weakness as a buying opportunity. Today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

EM Strategy: Overweight Technology, Energy, and Health Care.

<ul>
<li>
Memory signals -- Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%)  cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated,  Q3 unwind risk.</li>
<li>
AI server signals -- Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD  revenue growth +52%.</li>
<li>
Bifurcation signals -- AI server vs. non-AI server performance bifurcation widens... Display/Optics subsector revenue −2.7% YoY (first  chain-level negative).</li>
</ul>



Memory signals -- Memory revenue +309% YoY, still climbing month-to-month. Acer (+68%)  cites memory price hikes inducing PC pull-forward demand; Q2 PC revenue inflated,  Q3 unwind risk.

AI server signals -- Demand sustained for four straight months at dedicated server assemblers. Quanta +121%, Wistron +112%, Inventec +37%, Hon Hai +30%; 4-month YTD  revenue growth +52%.

Bifurcation signals -- AI server vs. non-AI server performance bifurcation widens... Display/Optics subsector revenue −2.7% YoY (first  chain-level negative).


Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

Taiwan

ASPEED Technology Inc. is a fabless IC-design house that specializes in server management, PC/AV extensions solution, desktop virtualization and security enhancement. The Company's products range from silicon chips, IPs to software products that enable sophisticated SOC- centric multimedia, praphics and new work applications.

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Aspeed Technology (5274 TT)

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

MS-Taiwan Index Earning Revision (May): Hon Hai Precision, Taiwan Cement, Catcher Technology, TSMC

We analyzed MS-Taiwan's consensus for May 2026 and highlighted changes of EPS in Hon Hai Precision, Taiwan Cement, Catcher Technology, Fubon...

Ke Yan, CFA, FRM

EM Strategy: Overweight Technology, Energy, and Health Care.

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength...

Vermilion Research

Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust

​Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

Vincent Fernando, CFA

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

​COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Vincent Fernando, CFA

MS-Taiwan Index Earning Revision (May): Hon Hai Precision, Taiwan Cement, Catcher Technology, TSMC

We analyzed MS-Taiwan's consensus for May 2026 and highlighted changes of EPS in Hon Hai Precision, Taiwan Cement, Catcher Technology, Fubon...

Ke Yan, CFA, FRM

EM Strategy: Overweight Technology, Energy, and Health Care.

EM equities remain long-term leadership despite giving up some ground over the last month to developed markets. Given the intact relative strength...

Vermilion Research

Taiwan April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

​Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.

Vincent Fernando, CFA

Memory prices stalled, PC pull-forward unwinding early, AI server demand remains strong but not boosting all sectors. We analyze the Taiwan AI...

COMPUTEX and GTC Taipei drove TSMC & TAIEX to records, but a US$1.3tn U.S. AI selloff caused Taiwan index futures to drop 6.65%. Nevertheless,...

Memory subsector revenue surges 309% YoY, driven by price hikes; AI server demand remains strong, while non-AI server performance falters.