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>UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.</li>
<li>Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift</li>
<li>First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid</li>
</ul>


UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.
Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift
First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid


Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

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>Broadcom Inc. reported a strong second quarter fiscal year 2026 performance with total revenue reaching a record $22.2 billion, marking a 48% year-over-year increase and surpassing company guidance.</li><li>This growth was heavily driven by the semiconductor segment, which generated $15 billion in revenue, up 79% year-over-year, primarily fueled by AI semiconductors that contributed $10.8 billion—a 143% increase year-over-year.</li><li>AI semiconductor bookings notably exceeded $30 billion, more than double the shipments during the quarter, and the company anticipates AI semiconductor revenue to reach $16 billion in Q3, reflecting over 200% growth year-over-year, and to exceed $56 billion for the full year, up approximately 180% from fiscal 2025.</li></ul>

Broadcom Inc. reported a strong second quarter fiscal year 2026 performance with total revenue reaching a record $22.2 billion, marking a 48% year-over-year increase and surpassing company guidance.This growth was heavily driven by the semiconductor segment, which generated $15 billion in revenue, up 79% year-over-year, primarily fueled by AI semiconductors that contributed $10.8 billion—a 143% increase year-over-year.AI semiconductor bookings notably exceeded $30 billion, more than double the shipments during the quarter, and the company anticipates AI semiconductor revenue to reach $16 billion in Q3, reflecting over 200% growth year-over-year, and to exceed $56 billion for the full year, up approximately 180% from fiscal 2025.

Broadcom’s $30 Billion AI Bookings Surge: Is Wall Street Still Underestimating This Giant?

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

<ul>
<li>Massive AI Revenue Growth: Total revenue reached a record $22.2 billion, up 48% year-on-year, driven by insatiable demand for AI semiconductors which hit a record $10.8 billion.</li>
<li>Long-Term Customer Commitments: Broadcom secured major AI compute and XPU partnerships with Google, Meta, OpenAI, and Anthropic, firmly underpinning their guidance of over $100 billion AI revenue for fiscal 2027.</li>
<li>The AI XPU Platform Launch: Broadcom is partnering with Apollo and Blackstone to deploy a 20-gigawatt AI platform through 2028, with Apollo currently launching the first $35 billion tranche.</li>
</ul>


Massive AI Revenue Growth: Total revenue reached a record $22.2 billion, up 48% year-on-year, driven by insatiable demand for AI semiconductors which hit a record $10.8 billion.
Long-Term Customer Commitments: Broadcom secured major AI compute and XPU partnerships with Google, Meta, OpenAI, and Anthropic, firmly underpinning their guidance of over $100 billion AI revenue for fiscal 2027.
The AI XPU Platform Launch: Broadcom is partnering with Apollo and Blackstone to deploy a 20-gigawatt AI platform through 2028, with Apollo currently launching the first $35 billion tranche.


Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>I don’t think that Broadcom guidance is the reason for the huge decline in stock price. It’s a few % away from expectations.</li>
<li>Financial engineering with Apollo, Blackstone to guarantee leasing TPU to Anthropic and OpenAI. It looks very large, at least $200bn, could be $400bn. Not clear what guarantees Broadcom will provide.</li>
<li>Or we’re having a little correction for the Semi sector, after a mad rally since early April.</li>
</ul>


I don’t think that Broadcom guidance is the reason for the huge decline in stock price. It’s a few % away from expectations.
Financial engineering with Apollo, Blackstone to guarantee leasing TPU to Anthropic and OpenAI. It looks very large, at least $200bn, could be $400bn. Not clear what guarantees Broadcom will provide.
Or we’re having a little correction for the Semi sector, after a mad rally since early April.


Broadcom: The Stock Is Falling -14% ! How Bad Was It? Not Really Bad But…

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

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Bulls remain firmly in control</li>
<li>We want to buy pullbacks to the 20-day MA or 21-day EMA on the SPX, QQQ, and IWM, however infrequent they may be (expecting ~1 test per month)</li>
<li>We highlight several attractive semiconductors to buy on any pullbacks: NVDA, TSM, AVGO, MU, AMD, INTC, TXN, ADI, MRVL, IFNNY, MPWR, NXPI, ASX, MCHP, STM, ON, UMC, LSCC, and SWKS</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Bulls remain firmly in control
We want to buy pullbacks to the 20-day MA or 21-day EMA on the SPX, QQQ, and IWM, however infrequent they may be (expecting ~1 test per month)
We highlight several attractive semiconductors to buy on any pullbacks: NVDA, TSM, AVGO, MU, AMD, INTC, TXN, ADI, MRVL, IFNNY, MPWR, NXPI, ASX, MCHP, STM, ON, UMC, LSCC, and SWKS


Downgrading Manufacturing to Market Weight; Semiconductor Buys: NVDA, TSM, AVGO, MU, AMD, and More

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

Broadcom’s $30 Billion AI Bookings Surge: Is Wall Street Still Underestimating This Giant?

Broadcom Inc. reported a strong second quarter fiscal year 2026 performance with total revenue reaching a record $22.2 billion, marking a 48%...

Baptista Research

Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

The AI XPU Platform Launch: Broadcom is partnering with Apollo and Blackstone to deploy a 20-gigawatt AI platform through 2028, with Apollo...

William Keating

Broadcom: The Stock Is Falling -14% ! How Bad Was It? Not Really Bad But…

Broadcom's stock decline may not be solely due to guidance; financial engineering with Apollo and Blackstone could play a role. The semiconductor...

Nicolas Baratte

Downgrading Manufacturing to Market Weight; Semiconductor Buys: NVDA, TSM, AVGO, MU, AMD, and More

Downgrading Manufacturing $XLI to Market Weight; Buy $SPX and $QQQ Pullbacks to 20-Day MA. Semiconductor buy ideas on pullbacks (remain overweight)...

Vermilion Research

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Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

Broadcom’s $30 Billion AI Bookings Surge: Is Wall Street Still Underestimating This Giant?

Broadcom Inc. reported a strong second quarter fiscal year 2026 performance with total revenue reaching a record $22.2 billion, marking a 48%...

Baptista Research

Broadcom Q2 FY2026. The $100 Billion AI Trajectory Remains On Track.

The AI XPU Platform Launch: Broadcom is partnering with Apollo and Blackstone to deploy a 20-gigawatt AI platform through 2028, with Apollo...

William Keating

Broadcom: The Stock Is Falling -14% ! How Bad Was It? Not Really Bad But…

​Broadcom's stock decline may not be solely due to guidance; financial engineering with Apollo and Blackstone could play a role. The semiconductor...

Nicolas Baratte

Downgrading Manufacturing to Market Weight; Semiconductor Buys: NVDA, TSM, AVGO, MU, AMD, and More

Downgrading Manufacturing $XLI to Market Weight; Buy $SPX and $QQQ Pullbacks to 20-Day MA. Semiconductor buy ideas on pullbacks (remain overweight)...

Vermilion Research

Broadcom's stock decline may not be solely due to guidance; financial engineering with Apollo and Blackstone could play a role. The semiconductor...