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>ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.</li>
<li>AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.</li>
<li>Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ's upcoming results end-August.</li>
</ul>


ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.
AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.
Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ's upcoming results end-August.


PC Monitor: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. </li>
<li>2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.</li>
<li>On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.</li>
</ul>


Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. 
2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.
On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.


PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

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>Dell Technologies Inc.'s fiscal year 2026 first quarter financial results provide a mixed but generally positive view of the company's current performance and future prospects.</li><li>The company reported revenue of $23.4 billion, a growth of 5% year-over-year.</li><li>This increase was driven by robust performance across its core markets, particularly in Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG), each growing by 8%.</li></ul>

Dell Technologies Inc.'s fiscal year 2026 first quarter financial results provide a mixed but generally positive view of the company's current performance and future prospects.The company reported revenue of $23.4 billion, a growth of 5% year-over-year.This increase was driven by robust performance across its core markets, particularly in Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG), each growing by 8%.

Dell Technologies: AI Server Integration & Backlog Growth As A Pivotal Growth Lever!

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

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> in June but there are capping changes for the Select Sector indices and the Equal Weight Index.</li>
<li>The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund (XLC US)</a> and <a href="https://www.smartkarma.com/entities/energy-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27537:1" rel="noopener">Energy Select Sector SPDR Fund (XLE US)</a>. </li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet</a>, <a href="https://www.smartkarma.com/entities/chevron-corp" target="_blank" data-smartkarma-citation="entities:11091:1" rel="noopener">Chevron Corp</a>, <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa</a>, <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone</a>, <a href="https://www.smartkarma.com/entities/live-nation-entertainment-inc" target="_blank" data-smartkarma-citation="entities:6893:1" rel="noopener">Live Nation Entertainment</a>, <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta</a>, <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/tko-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:40463:1" rel="noopener">TKO Group Holdings</a>, <a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies</a> and <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group</a>.</li>
</ul>


There are no constituent changes for the S&amp;P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US). 
The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.


Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

<ul>
<li>
HP Results Show Commercial PC Growth is Resilient, AI PC Penetration Expanding</li>
<li>
Key Industry Outlook Perspective -- HP's ZGX AI Station with NVIDIA Chips Marks the True Arrival of AI PCs... Locally Run LLMs Signal a Step-Change for PC Capabilities</li>
<li>
Remain Structurally Long PC Makers on AI PC Upgrade Cycle -- Emergence of New NVIDIA Blackwell-Powered Workstations Clarifying the Path for AI PCs to Deliver Step-Change Improvements in Value</li>
</ul>



HP Results Show Commercial PC Growth is Resilient, AI PC Penetration Expanding

Key Industry Outlook Perspective -- HP's ZGX AI Station with NVIDIA Chips Marks the True Arrival of AI PCs... Locally Run LLMs Signal a Step-Change for PC Capabilities

Remain Structurally Long PC Makers on AI PC Upgrade Cycle -- Emergence of New NVIDIA Blackwell-Powered Workstations Clarifying the Path for AI PCs to Deliver Step-Change Improvements in Value


PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches

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: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

Vincent Fernando, CFA

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...

Nicolas Baratte

Dell Technologies: AI Server Integration & Backlog Growth As A Pivotal Growth Lever!

Dell Technologies Inc.'s fiscal year 2026 first quarter financial results provide a mixed but generally positive view of the company's current...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches

HP's commercial PC growth remains strong, with AI PC penetration expanding through NVIDIA chips like the ZGX AI Station, signaling a step-change...

Vincent Fernando, CFA

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PC Monitor: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

​ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

Vincent Fernando, CFA

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

​Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...

Nicolas Baratte

Dell Technologies: AI Server Integration & Backlog Growth As A Pivotal Growth Lever!

Dell Technologies Inc.'s fiscal year 2026 first quarter financial results provide a mixed but generally positive view of the company's current...

Baptista Research

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches

​HP's commercial PC growth remains strong, with AI PC penetration expanding through NVIDIA chips like the ZGX AI Station, signaling a step-change...

Vincent Fernando, CFA

ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...

HP's commercial PC growth remains strong, with AI PC penetration expanding through NVIDIA chips like the ZGX AI Station, signaling a step-change...