Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Intel's latest results imply a potential bottoming of its business &amp; nascent turn-around; however the greater take-away is that the PC industry is heading into a major AI-driven up-cycle.</li>
<li>PC industry inventories are now "healthy" and Intel's Client Computing segment (PCs) showed the strongest QoQ revenue growth. Management is guiding for continued improvement next quarter.</li>
<li>Edge AI will drive a major upgrade cycle for PCs worldwide and Intel's new Meteor Lake chip could be a catalyst. Invest ahead of AI PCs having their "ChatGPT Moment".</li>
</ul>


Intel's latest results imply a potential bottoming of its business &amp; nascent turn-around; however the greater take-away is that the PC industry is heading into a major AI-driven up-cycle.
PC industry inventories are now "healthy" and Intel's Client Computing segment (PCs) showed the strongest QoQ revenue growth. Management is guiding for continued improvement next quarter.
Edge AI will drive a major upgrade cycle for PCs worldwide and Intel's new Meteor Lake chip could be a catalyst. Invest ahead of AI PCs having their "ChatGPT Moment".


Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.</li>
<li>Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.</li>
<li>We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.</li>
</ul>


There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.
Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.
We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.


Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes</li>
<li>MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions</li>
<li>Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. </li>
</ul>


TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes
MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions
Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. 


Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

<ul>
<li>U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?</li>
<li>Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher </li>
<li>TechChain Insights: Taiwan’s Battery Cell Moment? USA &amp; EU Supply Chain Under Strategic Pressure </li>
</ul>


U.S. 2nm Production May Begin Sooner Than Expected — Is TSMC Responding to Unprecedented N2 Demand?
Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher 
TechChain Insights: Taiwan’s Battery Cell Moment? USA &amp; EU Supply Chain Under Strategic Pressure 


Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

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 16 adds and 6 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$12.4bn.</li>
<li>The ETF has started trading the stocks and are expected to continue trading for the next 7 trading days. In reality, the process could drag on for some stocks.</li>
<li>The index committee appears to have a little discretion in choosing the inclusions with one expected add not being added and one lower ranked stock being added to the index.</li>
</ul>


There are 16 adds and 6 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$12.4bn.
The ETF has started trading the stocks and are expected to continue trading for the next 7 trading days. In reality, the process could drag on for some stocks.
The index committee appears to have a little discretion in choosing the inclusions with one expected add not being added and one lower ranked stock being added to the index.


TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

Taiwan

Elan Microelectronics Corp. designs, manufactures, and markets integrated circuits (ICs).  The Company's product lines include telecom line, consumer electronic line, microcontroller line, personal computer (PC) peripheral line, and memory line.

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Elan Microelectronics (2458 TT)

Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

Edge AI will drive a major upgrade cycle for PCs worldwide -- We recommend getting ahead of PC's having their "ChatGPT Moment".

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

A change in index methodology leads to 16 adds and 6 deletes in June. The ETF has started trading the stocks and will continue to trade for the...

Brian Freitas

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Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

Edge AI will drive a major upgrade cycle for PCs worldwide -- We recommend getting ahead of PC's having their "ChatGPT Moment".

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

​TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC’s Arizona Surprise - 2nm by 2026?; Signs of Hyperscaler Growth Acceleration

​TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...

Vincent Fernando, CFA

TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

A change in index methodology leads to 16 adds and 6 deletes in June. The ETF has started trading the stocks and will continue to trade for the...

Brian Freitas

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

TSMC may start producing 2nm chips in the U.S. sooner due to high demand, hyperscalers see revenue growth and increased capex, Taiwan's battery...