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>Strong Revenue Growth Signals Robust Demand in PC and Server Markets for Asustek and Acer</li>
<li>Asus Management Continues to Describe Multi-Year PC Growth Cycle Ahead; 3Q24 Will Be Start of 'New Product Lifecycle'</li>
<li>Visit to Guang Hua Digital Plaza to Review New PC Models First-Hand. Remain Structurally Long PC Makers; Acer, Asus, Dell.</li>
</ul>


Strong Revenue Growth Signals Robust Demand in PC and Server Markets for Asustek and Acer
Asus Management Continues to Describe Multi-Year PC Growth Cycle Ahead; 3Q24 Will Be Start of 'New Product Lifecycle'
Visit to Guang Hua Digital Plaza to Review New PC Models First-Hand. Remain Structurally Long PC Makers; Acer, Asus, Dell.


Asustek & Acer Key Takeaways: Strong July Revenue Growth and 'New Product Life Cycle' Starting 3Q24

<ul>
<li>Given market concerns that AI is overhyped and not yet delivering sufficient value, we analyze Microsoft's Copilot disclosures and examine signs of AI services traction among corporate clients.</li>
<li>Signs indicate that Copilot is gaining substantial traction with corporate clients, adding value to software development, business operations, and healthcare documentation functions.</li>
<li>The number of organizations paying for MSFT's AI services is expanding rapidly. We view this as a promising indicator of increased AI adoption and substantial value creation.</li>
</ul>


Given market concerns that AI is overhyped and not yet delivering sufficient value, we analyze Microsoft's Copilot disclosures and examine signs of AI services traction among corporate clients.
Signs indicate that Copilot is gaining substantial traction with corporate clients, adding value to software development, business operations, and healthcare documentation functions.
The number of organizations paying for MSFT's AI services is expanding rapidly. We view this as a promising indicator of increased AI adoption and substantial value creation.


PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Apollo Global Management  / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.


Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>South Korean battery makers stand to benefit from Tesla's production issues with 46800 cells, boosting profitability in May 2024.</li><li>STMicro and Panasonic Cycle Tech team up to introduce AI technology in e-bikes, making safety enhancements more affordable and accessible.</li><li>Axelera AI secures US$68 million for global expansion in AI, recognizing computing as the new currency and focusing on growth in the tech industry.</li></ul>

South Korean battery makers stand to benefit from Tesla's production issues with 46800 cells, boosting profitability in May 2024.STMicro and Panasonic Cycle Tech team up to introduce AI technology in e-bikes, making safety enhancements more affordable and accessible.Axelera AI secures US$68 million for global expansion in AI, recognizing computing as the new currency and focusing on growth in the tech industry.

Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024

TYC Brother Industrial / Equity Bottom-Up

<ul><li>TYC Brother Industrial is set to dominate the NEV market with a US plant scheduled to be operational by the first quarter of 2025.</li><li>Despite sanctions, a Russian company has introduced the MP21 SBC to rival the Raspberry Pi 5, showcasing the competitiveness of the technology market.</li><li>Cerebras and Dell have joined forces to challenge Nvidia in the AI market, highlighting the growth of AI accelerator technology for servers. Taiwan's carbon market is advancing with new initiatives and regulations, while the UK collaborates with Taiwan to lead in semiconductors at Semi-Impact forum. India is ramping up cobalt supply efforts to meet growing demand.</li></ul>

TYC Brother Industrial is set to dominate the NEV market with a US plant scheduled to be operational by the first quarter of 2025.Despite sanctions, a Russian company has introduced the MP21 SBC to rival the Raspberry Pi 5, showcasing the competitiveness of the technology market.Cerebras and Dell have joined forces to challenge Nvidia in the AI market, highlighting the growth of AI accelerator technology for servers. Taiwan's carbon market is advancing with new initiatives and regulations, while the UK collaborates with Taiwan to lead in semiconductors at Semi-Impact forum. India is ramping up cobalt supply efforts to meet growing demand.

Tech Supply Chain Tracker (21-Jun-2024): TYC Brother Industrial excels in NEVs; US plant ready by 1Q25.

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)

Asustek & Acer Key Takeaways: Strong July Revenue Growth and 'New Product Life Cycle' Starting 3Q24

Strong revenue growth in PC and server markets for Asustek and Acer signals robust demand, with Asus management forecasting a multi-year growth...

Vincent Fernando, CFA

PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

MSFT's latest Copilot disclosures reveal growing traction with corporates, indicating increased AI adoption and value creation in software...

Vincent Fernando, CFA

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024

May 2024 notebook shipment update, Tesla's production issues benefit South Korean battery makers, AI technology in e-bikes, Axelera AI secures $68M...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (21-Jun-2024): TYC Brother Industrial excels in NEVs; US plant ready by 1Q25.

TYC Brother Industrial excels in NEV market; Russian company competes with Raspberry Pi 5; Cerebras teams up with Dell in AI market; Taiwan's...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asustek & Acer Key Takeaways: Strong July Revenue Growth and 'New Product Life Cycle' Starting 3Q24

​Strong revenue growth in PC and server markets for Asustek and Acer signals robust demand, with Asus management forecasting a multi-year growth...

Vincent Fernando, CFA

PC Monitor: Promising Uptake of Microsoft Copilot and AI Services; Remain Structurally Long

MSFT's latest Copilot disclosures reveal growing traction with corporates, indicating increased AI adoption and value creation in software...

Vincent Fernando, CFA

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024

May 2024 notebook shipment update, Tesla's production issues benefit South Korean battery makers, AI technology in e-bikes, Axelera AI secures $68M...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (21-Jun-2024): TYC Brother Industrial excels in NEVs; US plant ready by 1Q25.

TYC Brother Industrial excels in NEV market; Russian company competes with Raspberry Pi 5; Cerebras teams up with Dell in AI market; Taiwan's...

Tech Supply Chain Tracker

Strong revenue growth in PC and server markets for Asustek and Acer signals robust demand, with Asus management forecasting a multi-year growth...