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>GB10 Brings Nvidia AI Performance From Data Center to the Desktop</li>
<li>GB10 PCs Will Be "True" AI PCs, Their Capabilities Will Be More Evident</li>
<li>From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer</li>
</ul>


GB10 Brings Nvidia AI Performance From Data Center to the Desktop
GB10 PCs Will Be "True" AI PCs, Their Capabilities Will Be More Evident
From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer


PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.</li>
<li>With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.</li>
<li>If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.</li>
</ul>


Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.
With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.
If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.


The Intel-Nvidia Deal Could Outflank AMD Entirely

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Key points (machine generated)<ul><li>Dell's ISG recorded $38.4 billion in FY2023 but faced a 12% revenue decline to $33.9 billion in FY2024 due to macroeconomic challenges.</li><li>In FY2025, ISG rebounded with a 29% revenue increase to $43.6 billion, fueled by demand for AI-optimized servers and storage solutions.</li><li>ISG is integral to Dell's AI infrastructure strategy, collaborating with partners like NVIDIA and Nokia to enhance AI offerings and maintain low-teens operating margins.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Dell's ISG recorded $38.4 billion in FY2023 but faced a 12% revenue decline to $33.9 billion in FY2024 due to macroeconomic challenges.In FY2025, ISG rebounded with a 29% revenue increase to $43.6 billion, fueled by demand for AI-optimized servers and storage solutions.ISG is integral to Dell's AI infrastructure strategy, collaborating with partners like NVIDIA and Nokia to enhance AI offerings and maintain low-teens operating margins.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Dell Technologies Inc (DELL) - Wednesday, Jun 4, 2025

<ul>
<li>Nvidia's operating cash fell to $15.4B from $27.4B last quarter, even as net income climbed to $26.4B.</li>
<li>Receivables jumped to $5.7B with Days Sales Outstanding at 54 days, while accrued liabilities flipped to a $4B drag.</li>
<li>The balance sheet shows a company pushing more product out than cash is coming in; the predicament arising from Nvidia's revenue booking model.</li>
</ul>


Nvidia's operating cash fell to $15.4B from $27.4B last quarter, even as net income climbed to $26.4B.
Receivables jumped to $5.7B with Days Sales Outstanding at 54 days, while accrued liabilities flipped to a $4B drag.
The balance sheet shows a company pushing more product out than cash is coming in; the predicament arising from Nvidia's revenue booking model.


Working Capital Strain: Why Nvidia’s Cash Flow Isn’t Keeping Up with Its Profits

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC’s Tale of Two Fabs: Arizona’s Surprise Upside vs. Kumamoto’s Challenges</li>
<li>A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC</li>
<li>SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem </li>
</ul>


TSMC’s Tale of Two Fabs: Arizona’s Surprise Upside vs. Kumamoto’s Challenges
A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC
SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem 


Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Vincent Fernando, CFA

The Intel-Nvidia Deal Could Outflank AMD Entirely

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

Dell Technologies Inc (DELL) - Wednesday, Jun 4, 2025

Dell's ISG saw record revenues of $38.4B in FY2023, a 12% decline to $33.9B in FY2024, but rebounded with a 29% surge to $43.6B in

Value Investors Club (VIC)

Working Capital Strain: Why Nvidia’s Cash Flow Isn’t Keeping Up with Its Profits

Nvidia's cash reserves dropped significantly despite increased net income; the company's revenue booking model that pushes out more product than...

Mint Finance

Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...

Vincent Fernando, CFA

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52-week Range

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PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

​Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Vincent Fernando, CFA

The Intel-Nvidia Deal Could Outflank AMD Entirely

​Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Mint Finance

Dell Technologies Inc (DELL) - Wednesday, Jun 4, 2025

Dell's ISG saw record revenues of $38.4B in FY2023, a 12% decline to $33.9B in FY2024, but rebounded with a 29% surge to $43.6B in

Value Investors Club (VIC)

Working Capital Strain: Why Nvidia’s Cash Flow Isn’t Keeping Up with Its Profits

​Nvidia's cash reserves dropped significantly despite increased net income; the company's revenue booking model that pushes out more product than...

Mint Finance

Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

​TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...

Vincent Fernando, CFA

Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Nvidia and Intel's alliance could marginalise AMD sooner than expected due to tighter OEM budgets and potential cost reductions in system-level...

Nvidia's cash reserves dropped significantly despite increased net income; the company's revenue booking model that pushes out more product than...

TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...