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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC’s Next Leap: 1Q25 Earnings Ahead and the 2nm Frontline</li>
<li>Is the Valuation Divergence Justified? Mediatek Vs TSMC Valuation Compared</li>
<li>PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue </li>
</ul>


TSMC’s Next Leap: 1Q25 Earnings Ahead and the 2nm Frontline
Is the Valuation Divergence Justified? Mediatek Vs TSMC Valuation Compared
PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue 


Taiwan Tech Weekly: TSMC 1Q25 Results & The 2nm Frontline; Mediatek Vs. TSMC Valuation; PC 1Q25 Data

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>GlobalFoundries Inc., the U.S.-based contract semiconductor manufacturer, is reportedly exploring a high-stakes merger with Taiwan’s United Microelectronics Corporation (UMC).</li><li>This potential combination, though fraught with regulatory and geopolitical complexities, could mark one of the most significant developments in the mature-node chipmaking industry.</li><li>As reported by various sources including Nikkei Asia and Bloomberg, newly appointed CEO Tim Breen has been open to dealmaking, and this tie-up could be a strategic pivot amid rising global chip demand and evolving supply chain realities.</li></ul>

GlobalFoundries Inc., the U.S.-based contract semiconductor manufacturer, is reportedly exploring a high-stakes merger with Taiwan’s United Microelectronics Corporation (UMC).This potential combination, though fraught with regulatory and geopolitical complexities, could mark one of the most significant developments in the mature-node chipmaking industry.As reported by various sources including Nikkei Asia and Bloomberg, newly appointed CEO Tim Breen has been open to dealmaking, and this tie-up could be a strategic pivot amid rising global chip demand and evolving supply chain realities.

GlobalFoundries & United Microelectronics Merger Could Be the Silicon Power Combo No One Saw Coming!

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>Both <a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> and <a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a> saw positive reactions in their stocks following a possible merger news, despite the current instability in the stock markets.  </li>
<li>Although <a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a>'s technology is held above 7nm, it is ahead of <a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a>, which is still certain generations above China’s current technology in general.  </li>
<li>If these two companies wish to merge, there are still some subjective factors that need to be considered, and it will not be easy to get approval.  </li>
</ul>


Both United Microelectron Sp Adr (UMC US) and GLOBALFOUNDRIES (GFS US) saw positive reactions in their stocks following a possible merger news, despite the current instability in the stock markets.  
Although GLOBALFOUNDRIES (GFS US)'s technology is held above 7nm, it is ahead of United Microelectron Sp Adr (UMC US), which is still certain generations above China’s current technology in general.  
If these two companies wish to merge, there are still some subjective factors that need to be considered, and it will not be easy to get approval.  


UMC (2303.TT; UMC.US): Merges with GFS? It Should Be a Terrific, but It Won't Be Easy to Happen.

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul>
<li>Reports of merger between UMC and GlobalFoundries. Beyond the threat of US import tariffs for UMC, it would create a larger firm to counter SMIC’s expansion. Easier said than done</li>
<li>TSMC second 2nm Fab in KaoHsiung “inaugurated”, 2nm production unchanged mid of 2025. A16 process and equipment qualification underway for risk production in 2027.</li>
<li>Biden era CHIPS Act subsidies (US$52bn) could be cancelled or the program is completed and the assigned staff leaving?</li>
</ul>


Reports of merger between UMC and GlobalFoundries. Beyond the threat of US import tariffs for UMC, it would create a larger firm to counter SMIC’s expansion. Easier said than done
TSMC second 2nm Fab in KaoHsiung “inaugurated”, 2nm production unchanged mid of 2025. A16 process and equipment qualification underway for risk production in 2027.
Biden era CHIPS Act subsidies (US$52bn) could be cancelled or the program is completed and the assigned staff leaving?


UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

<ul>
<li>It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.</li>
<li>Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.</li>
<li>It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company's expertise under different cost conditions.  </li>
</ul>


It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.
Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.
It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company's expertise under different cost conditions.  


TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

United States

GLOBALFOUNDRIES Inc. operates as a semiconductor contract manufacturing and design company. The Company offers chips designed for markets such as mobility, automotive, computing and wired connectivity, and consumer internet of things (IoT). GLOBALFOUNDRIES serves customers worldwide.

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GLOBALFOUNDRIES (GFS US)

Taiwan Tech Weekly: TSMC 1Q25 Results & The 2nm Frontline; Mediatek Vs. TSMC Valuation; PC 1Q25 Data

TSMC's strong 1Q25 earnings and focus on 2nm technology, Mediatek vs TSMC valuation compared, PC market sees 5% YoY growth with inflated shipments...

Vincent Fernando, CFA

GlobalFoundries & United Microelectronics Merger Could Be the Silicon Power Combo No One Saw Coming!

GlobalFoundries Inc., the U.S.-based contract semiconductor manufacturer, is reportedly exploring a high-stakes merger with Taiwan’s United...

Baptista Research

UMC (2303.TT; UMC.US): Merges with GFS? It Should Be a Terrific, but It Won't Be Easy to Happen.

Stocks of UMC US and GFS US rise on possible merger news despite market instability. GFS ahead in technology but merger faces challenges.

Patrick Liao

UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...

Nicolas Baratte

TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...

Patrick Liao

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52-week Range

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Taiwan Tech Weekly: TSMC 1Q25 Results & The 2nm Frontline; Mediatek Vs. TSMC Valuation; PC 1Q25 Data

​TSMC's strong 1Q25 earnings and focus on 2nm technology, Mediatek vs TSMC valuation compared, PC market sees 5% YoY growth with inflated shipments...

Vincent Fernando, CFA

GlobalFoundries & United Microelectronics Merger Could Be the Silicon Power Combo No One Saw Coming!

GlobalFoundries Inc., the U.S.-based contract semiconductor manufacturer, is reportedly exploring a high-stakes merger with Taiwan’s United...

Baptista Research

UMC (2303.TT; UMC.US): Merges with GFS? It Should Be a Terrific, but It Won't Be Easy to Happen.

​Stocks of UMC US and GFS US rise on possible merger news despite market instability. GFS ahead in technology but merger faces challenges.

Patrick Liao

UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

​Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...

Nicolas Baratte

TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...

​US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...

Patrick Liao

TSMC's strong 1Q25 earnings and focus on 2nm technology, Mediatek vs TSMC valuation compared, PC market sees 5% YoY growth with inflated shipments...

Stocks of UMC US and GFS US rise on possible merger news despite market instability. GFS ahead in technology but merger faces challenges.

Potential merger between UMC and GlobalFoundries to counter SMIC's growth, TSMC's 2nm Fab in KaoHsiung on track for mid-2025 production,...

US President's goal of making the US the top semiconductor manufacturing country faces paradoxes due to existing environment, approval...