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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<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

<ul>
<li>PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.</li>
<li>Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.</li>
<li>Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.</li>
</ul>


PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.
Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.
Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.


PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

<ul>
<li>Asus's 1Q24 earnings beat consensus by 46% thanks to major increase in operating margin driven by costs optimization. Adjusted Asus brand Op profit rose 227% YoY and 98% QoQ.</li>
<li>Asus will host a major AI PC launch event May 21st, with additional AI PCs launched at Computex in Taiwan June 4th. Will feature <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> Snapdragon processors.</li>
<li>Asus confident in an PC upgrade cycle and has guided for sales to rise and margins to expand in the coming quarters. We maintain our Structural Long rating for Asus.</li>
</ul>


Asus's 1Q24 earnings beat consensus by 46% thanks to major increase in operating margin driven by costs optimization. Adjusted Asus brand Op profit rose 227% YoY and 98% QoQ.
Asus will host a major AI PC launch event May 21st, with additional AI PCs launched at Computex in Taiwan June 4th. Will feature Qualcomm Inc (QCOM US) Snapdragon processors.
Asus confident in an PC upgrade cycle and has guided for sales to rise and margins to expand in the coming quarters. We maintain our Structural Long rating for Asus.


Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle

<ul>
<li>Mediatek Enjoying a Massive Rebound for its Mobile Phone Segment; Most Optimistic About High-End Smartphone Demand</li>
<li>New AI Data Center Growth Driver on the Horizon; Recent Investment in U.S. AI Server Chip Startup</li>
<li>Recent Share Price Dip is an Accumulation Opportunity; We Rate Mediatek as a Structural Long</li>
</ul>


Mediatek Enjoying a Massive Rebound for its Mobile Phone Segment; Most Optimistic About High-End Smartphone Demand
New AI Data Center Growth Driver on the Horizon; Recent Investment in U.S. AI Server Chip Startup
Recent Share Price Dip is an Accumulation Opportunity; We Rate Mediatek as a Structural Long


Mediatek Seeing Massive Rebound in Mobile; Major AI Data Center Driver on the Horizon

<ul>
<li>SK Reports Massive Margin Rebound; Nanya Tech's Financial Performance Appears Relatively Weak in Perspective</li>
<li>AI Applications Now Translating Into Rising Solid-State Memory (SSD) Demand</li>
<li>SK Povided Positive Color for Taiwan PC Names; New TSMC Collaboration Highlights TSMC Strength vs. Samsung</li>
</ul>


SK Reports Massive Margin Rebound; Nanya Tech's Financial Performance Appears Relatively Weak in Perspective
AI Applications Now Translating Into Rising Solid-State Memory (SSD) Demand
SK Povided Positive Color for Taiwan PC Names; New TSMC Collaboration Highlights TSMC Strength vs. Samsung


Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

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)

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

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle

Asus beats earnings expectations by 46% in 1Q24, plans major AI PC launch event with Qualcomm processors, confident in PC upgrade cycle and future...

Vincent Fernando, CFA

Mediatek Seeing Massive Rebound in Mobile; Major AI Data Center Driver on the Horizon

Mediatek is enjoying strong growth in its mobile phone segment; with notable strength in high-end smartphones. The company could re-rate as its...

Vincent Fernando, CFA

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Major take-aways from SK Hynix's latest industry visibility. The memory industry is likely to achieve a new all-time revenue level in 2025E.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

​PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle

​Asus beats earnings expectations by 46% in 1Q24, plans major AI PC launch event with Qualcomm processors, confident in PC upgrade cycle and future...

Vincent Fernando, CFA

Mediatek Seeing Massive Rebound in Mobile; Major AI Data Center Driver on the Horizon

​Mediatek is enjoying strong growth in its mobile phone segment; with notable strength in high-end smartphones. The company could re-rate as its...

Vincent Fernando, CFA

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Major take-aways from SK Hynix's latest industry visibility. The memory industry is likely to achieve a new all-time revenue level in 2025E.

Vincent Fernando, CFA

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

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Asus beats earnings expectations by 46% in 1Q24, plans major AI PC launch event with Qualcomm processors, confident in PC upgrade cycle and future...

Mediatek is enjoying strong growth in its mobile phone segment; with notable strength in high-end smartphones. The company could re-rate as its...