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>Dell has outperformed Acer and other Taiwan PC names Asus and MSI by a wide margin. Close Long Dell vs. Short Acer. Dell's value gap has dissipated.</li>
<li>Latest indications from Dell and HP highlight that the AI PC's will drive upgrades from customers, but the PC recovery remains soft. AI PC impact only in 2025E.</li>
<li>Dell and HPQ's recent results provide positive color for upcoming Asus, Acer, and MSI results. Trade: Long Asus into its upcoming earnings results.</li>
</ul>


Dell has outperformed Acer and other Taiwan PC names Asus and MSI by a wide margin. Close Long Dell vs. Short Acer. Dell's value gap has dissipated.
Latest indications from Dell and HP highlight that the AI PC's will drive upgrades from customers, but the PC recovery remains soft. AI PC impact only in 2025E.
Dell and HPQ's recent results provide positive color for upcoming Asus, Acer, and MSI results. Trade: Long Asus into its upcoming earnings results.


PC Monitor: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

<ul>
<li>MSFT's new AI features for Windows will need computers with at least 16GB of DRAM to run effectively. MSFT is asking manufacturers for this as a minimum for AI models.</li>
<li>MSFT announced Copilot Pro for individuals and small businesses last week. The desire to use generative AI and the minimum required DRAM will drive accelerated PC upgrades.</li>
<li>We note relative strength in 16GB DRAM prices; In Memory space, we continue to see relative value in SK Hynix, however, Nanya has the opportunity to Outperform in Taiwan.</li>
</ul>


MSFT's new AI features for Windows will need computers with at least 16GB of DRAM to run effectively. MSFT is asking manufacturers for this as a minimum for AI models.
MSFT announced Copilot Pro for individuals and small businesses last week. The desire to use generative AI and the minimum required DRAM will drive accelerated PC upgrades.
We note relative strength in 16GB DRAM prices; In Memory space, we continue to see relative value in SK Hynix, however, Nanya has the opportunity to Outperform in Taiwan.


Memory Monitor: Microsoft Copilot Will Supercharge Demand for DRAM; SK Hynix, Nanya Tech, Micron

<ul>
<li>Asustek reported results on November 13th that beat analyst expectations thanks to a major margin rebound. The stock soared post results.</li>
<li>Asus plans to be the first company globally to release an AI PC, leveraging extensive AI R&amp;D across different devices as well as its leading market share in gaming PCs.</li>
<li>However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains preferred over Acer.</li>
</ul>


Asustek reported results on November 13th that beat analyst expectations thanks to a major margin rebound. The stock soared post results.
Asus plans to be the first company globally to release an AI PC, leveraging extensive AI R&amp;D across different devices as well as its leading market share in gaming PCs.
However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains preferred over Acer.


How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

<ul>
<li>Intel's results last week beat expectations by a wide margin, with margins recovering better than expected by the Street and guided to keep improving through 4Q23E.</li>
<li>New Meteor Lake chips for PCs, branded as 'Intel Core Ultra' will officially launch December 14th and are expected to drive demand for new AI-optimized PCs in 2024E.</li>
<li>Intel said that the PC industry completed its inventory digestion in 1H23, drove sequential demand growth in 3Q23, and this is expected to continue into 4Q23E.</li>
</ul>


Intel's results last week beat expectations by a wide margin, with margins recovering better than expected by the Street and guided to keep improving through 4Q23E.
New Meteor Lake chips for PCs, branded as 'Intel Core Ultra' will officially launch December 14th and are expected to drive demand for new AI-optimized PCs in 2024E.
Intel said that the PC industry completed its inventory digestion in 1H23, drove sequential demand growth in 3Q23, and this is expected to continue into 4Q23E.


PC Monitor: Inventories Healthy & Intel Expects Over 100 Million AI PCs In Two Years

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. reported a strong start to its fiscal year 2027, delivering record revenue of $43.8 billion, an 88% increase year-over-year, and diluted earnings per share (EPS) of $4.86, which grew 214%.</li><li>This performance was underpinned by robust demand across all business segments, driven particularly by AI infrastructure and continued growth in traditional servers, storage, and commercial PCs. The company’s integrated solutions and broad portfolio, including innovations in AI compute, storage, and networking, contributed to both top-line growth and margin expansion.</li><li>AI server revenue and orders significantly outpaced expectations, with $16.1 billion recognized in revenue during the quarter and an order backlog of $51.3 billion, up sequentially.</li></ul>

Dell Technologies Inc. reported a strong start to its fiscal year 2027, delivering record revenue of $43.8 billion, an 88% increase year-over-year, and diluted earnings per share (EPS) of $4.86, which grew 214%.This performance was underpinned by robust demand across all business segments, driven particularly by AI infrastructure and continued growth in traditional servers, storage, and commercial PCs. The company’s integrated solutions and broad portfolio, including innovations in AI compute, storage, and networking, contributed to both top-line growth and margin expansion.AI server revenue and orders significantly outpaced expectations, with $16.1 billion recognized in revenue during the quarter and an order backlog of $51.3 billion, up sequentially.

Dell Technologies’ Record $43.8 Billion Quarter: The AI Demand Surge Explained!

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: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...

Vincent Fernando, CFA

Memory Monitor: Microsoft Copilot Will Supercharge Demand for DRAM; SK Hynix, Nanya Tech, Micron

Microsoft's new AI features for Windows require a minimum of 16GB of DRAM, prompting accelerated PC upgrades and a pulling forward of the demand...

Vincent Fernando, CFA

How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains...

Vincent Fernando, CFA

PC Monitor: Inventories Healthy & Intel Expects Over 100 Million AI PCs In Two Years

New Meteor Lake chips launching in December are anticipated to boost demand for AI-optimized PCs in 2024. The PC industry's inventory digestion is...

Vincent Fernando, CFA

Dell Technologies’ Record $43.8 Billion Quarter: The AI Demand Surge Explained!

Dell Technologies Inc. reported a strong start to its fiscal year 2027, delivering record revenue of $43.8 billion, an 88% increase...

Baptista Research

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52-week Range

Market Cap (USDm)

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PC Monitor: Long Dell Vs. Short Acer Update; Dell & HPQ Results Indicate Opportunity in Asus

​Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...

Vincent Fernando, CFA

Memory Monitor: Microsoft Copilot Will Supercharge Demand for DRAM; SK Hynix, Nanya Tech, Micron

​Microsoft's new AI features for Windows require a minimum of 16GB of DRAM, prompting accelerated PC upgrades and a pulling forward of the demand...

Vincent Fernando, CFA

How Asustek Plans to Take the Lead Globally in AI PCs; Gaming PCs First Key Battleground

However, gaming PC competitor MSI is already moving fast; Shows how gaming PCs are likely to be the first AI PC battleground. Long Asustek, remains...

Vincent Fernando, CFA

PC Monitor: Inventories Healthy & Intel Expects Over 100 Million AI PCs In Two Years

New Meteor Lake chips launching in December are anticipated to boost demand for AI-optimized PCs in 2024. The PC industry's inventory digestion is...

Vincent Fernando, CFA

Dell Technologies’ Record $43.8 Billion Quarter: The AI Demand Surge Explained!

Dell Technologies Inc. reported a strong start to its fiscal year 2027, delivering record revenue of $43.8 billion, an 88% increase...

Baptista Research

Dell has outperformed Acer and other Taiwan PC names. Positive results from Dell and HPQ remove risk of disappointment in upcoming results for...

Microsoft's new AI features for Windows require a minimum of 16GB of DRAM, prompting accelerated PC upgrades and a pulling forward of the demand...