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>OpenAI, Samsung &amp; SK Hynix Lock In Memory Pact — Taiwan Next Stop</li>
<li>MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients</li>
<li>TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node </li>
</ul>


OpenAI, Samsung &amp; SK Hynix Lock In Memory Pact — Taiwan Next Stop
MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients
TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node 


Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

Taiwan Tech Focused Senior Analyst

Patrick Liao

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>’s GPUs and AI chips have been tested at <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a> facilities for the past three years.  </li>
<li>The recent upward momentum in the share price has been driven by strong fundamentals.</li>
<li>
<a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd-407e849c-0357-479b-94a1-a43aee0a32e4" target="_blank" data-smartkarma-citation="entities:739:1" rel="noopener">ASE Technology Holding (ASX US)</a>/SPIL is trying to enter the burn-in testing space, but its equipment still lacks full certification from <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.  </li>
</ul>



NVIDIA Corp (NVDA US)’s GPUs and AI chips have been tested at King Yuan Electronics Co, Ltd. (2449 TT) facilities for the past three years.  
The recent upward momentum in the share price has been driven by strong fundamentals.

ASE Technology Holding (ASX US)/SPIL is trying to enter the burn-in testing space, but its equipment still lacks full certification from NVIDIA Corp (NVDA US).  


KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> surprised the market with its announcement of a $5 billion investment in <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>.</li>
<li>The market seems to read this as the beginning of a deeper Intel–NVIDIA partnership in AI chips.</li>
<li>We also note that Japan’s push to establish its own foundry industry through Rapidus deserves continued attention, as it could reshape the competitive map in the years ahead.</li>
</ul>



NVIDIA Corp (NVDA US) surprised the market with its announcement of a $5 billion investment in Intel Corp (INTC US).
The market seems to read this as the beginning of a deeper Intel–NVIDIA partnership in AI chips.
We also note that Japan’s push to establish its own foundry industry through Rapidus deserves continued attention, as it could reshape the competitive map in the years ahead.


Intel (INTC.US): NVIDIA’s $5B Intel Stake — A Shift in Tech’s Competitive Landscape?

<ul>
<li>Why does <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s current CFO state “Intel will use TSMC basically forever”? </li>
<li>From <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>’s perspective, they have always maintained a “no competition with customers” principle.  </li>
<li>Another question remains: who will adopt Intel’s 14A technology in 2027-28?  </li>
</ul>


Why does Intel Corp (INTC US)’s current CFO state “Intel will use TSMC basically forever”? 
From Taiwan Semiconductor (TSMC) - ADR (TSM US)’s perspective, they have always maintained a “no competition with customers” principle.  
Another question remains: who will adopt Intel’s 14A technology in 2027-28?  


Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in September but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is the largest impact passive sell. </li>
<li>There will be more flows in a lot of these stocks from <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> at the close on Friday.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. Taiwan Semiconductor (TSMC) - ADR (TSM US) is the largest impact passive sell. 
There will be more flows in a lot of these stocks from Technology Select Sector SPDR (XLK US) at the close on Friday.


MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

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: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

OpenAI, Samsung, and SK Hynix are forming alliances in the memory industry, while MediaTek faces delays in its ASIC ambitions and TSMC's N2 node is...

Vincent Fernando, CFA

Intel (INTC.US): NVIDIA’s $5B Intel Stake — A Shift in Tech’s Competitive Landscape?

NVIDIA surprises market with $5 billion investment in Intel, sparking speculation of deeper partnership in AI chips. Japan's Rapidus initiative...

Patrick Liao

Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.

Patrick Liao

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

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Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

OpenAI, Samsung, and SK Hynix are forming alliances in the memory industry, while MediaTek faces delays in its ASIC ambitions and TSMC's N2 node is...

Vincent Fernando, CFA

KYEC (2449.TT): The Recent Upward Momentum in the Share Price Has Been Driven by Strong Fundamentals

​NVDA GPUs and AI chips tested at KYEC for 3 years; share price rise driven by strong fundamentals. ASEH/SPIL trying to enter burn-in testing...

Patrick Liao

Intel (INTC.US): NVIDIA’s $5B Intel Stake — A Shift in Tech’s Competitive Landscape?

​NVIDIA surprises market with $5 billion investment in Intel, sparking speculation of deeper partnership in AI chips. Japan's Rapidus initiative...

Patrick Liao

Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

​Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.

Patrick Liao

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

NVDA GPUs and AI chips tested at KYEC for 3 years; share price rise driven by strong fundamentals. ASEH/SPIL trying to enter burn-in testing...

NVIDIA surprises market with $5 billion investment in Intel, sparking speculation of deeper partnership in AI chips. Japan's Rapidus initiative...

Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.