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>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

<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

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<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

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

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stock remains, nine stocks added to our portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stock remains, nine stocks added to our portfolio
Since its inception, it has generated a before-fee total return of 188% versus the MSCI Asia ex Japan of 68%


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)

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

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: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

The Stocks to Own in Asia – Vol. 44

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stock remains, nine stocks added...

A. Stotz Investment Research

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