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

<ul>
<li>The unit of sale in AI infrastructure is moving from the server box to the rack; Chenbro targets rack and cooling products above 10% of revenue within five years. </li>
<li>AI rack assembly is heading to Southeast Asia: Chenbro's newly approved Vietnam plant takes volume, while a Dallas site near-shores sensitive US cloud provider programs from 2H27. </li>
<li>AI capex is lifting general purpose servers too, and the industry's main constraint to higher revenue is capacity, not demand, right now.</li>
</ul>


The unit of sale in AI infrastructure is moving from the server box to the rack; Chenbro targets rack and cooling products above 10% of revenue within five years. 
AI rack assembly is heading to Southeast Asia: Chenbro's newly approved Vietnam plant takes volume, while a Dallas site near-shores sensitive US cloud provider programs from 2H27. 
AI capex is lifting general purpose servers too, and the industry's main constraint to higher revenue is capacity, not demand, right now.


TechChain Insights Q&A: What Server Rack Specialist Chenbro Sees in the AI Buildout

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to 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

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.</li>
<li>Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next</li>
</ul>


We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.
Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next


Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

<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

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The index changes for the T50, T100, and TDIV indices were confirmed after market close on Friday 6th March 2026.</li>
<li>There will be five ADDs/DELs for T50, five ADDs/six DELs for T100, and one DEL for TDIV.</li>
<li>All of these are exactly in line with our final expectations. The announced reserve lists for T50/T100 were also perfectly in line with rankings presented in our base date Leaderboard.</li>
</ul>


The index changes for the T50, T100, and TDIV indices were confirmed after market close on Friday 6th March 2026.
There will be five ADDs/DELs for T50, five ADDs/six DELs for T100, and one DEL for TDIV.
All of these are exactly in line with our final expectations. The announced reserve lists for T50/T100 were also perfectly in line with rankings presented in our base date Leaderboard.


Quiddity T50/100/TDIV Mar26 Results: 100% Hit Rate; US$1.7bn+ Total One-Way Flows

Taiwan

Chenbro Micom Co., Ltd. produces computer, server, and workstation cases, rack mount chassis, as well as other accessories.

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

Chenbro Micom (8210 TT)

TechChain Insights Q&A: What Server Rack Specialist Chenbro Sees in the AI Buildout

AI infrastructure sales shifting from server box to rack as cooling systems become key. Chenbro also noted capacity, not demand, as limiting...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

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

Quiddity T50/100/TDIV Mar26 Results: 100% Hit Rate; US$1.7bn+ Total One-Way Flows

Yulon Finance (9941 TT) is confirmed as a TDIV DEL because it is a T100 DEL which makes it ineligible for the TDIV index. There could be more than...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights Q&A: What Server Rack Specialist Chenbro Sees in the AI Buildout

​AI infrastructure sales shifting from server box to rack as cooling systems become key. Chenbro also noted capacity, not demand, as limiting...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

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

Quiddity T50/100/TDIV Mar26 Results: 100% Hit Rate; US$1.7bn+ Total One-Way Flows

Yulon Finance (9941 TT) is confirmed as a TDIV DEL because it is a T100 DEL which makes it ineligible for the TDIV index. There could be more than...

Janaghan Jeyakumar, CFA

AI infrastructure sales shifting from server box to rack as cooling systems become key. Chenbro also noted capacity, not demand, as limiting...

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

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