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>Nvidia Results Today U.S. Time -- Taiwan Market Surged Recently on Improving AI/Semiconductor Expectations and Potential for Easing U.S.-China Tensions.</li>
<li>Taiwan: Underowned, Yet Gaining on Peers. Our Fellow Insight Provider Analyzes Why Taiwan Might Still Be Underowned.</li>
<li>Asia Geopolitics: Following Biden-Xi Meeting, Asia Is a Safer Place For Now.</li>
</ul>


Nvidia Results Today U.S. Time -- Taiwan Market Surged Recently on Improving AI/Semiconductor Expectations and Potential for Easing U.S.-China Tensions.
Taiwan: Underowned, Yet Gaining on Peers. Our Fellow Insight Provider Analyzes Why Taiwan Might Still Be Underowned.
Asia Geopolitics: Following Biden-Xi Meeting, Asia Is a Safer Place For Now.


Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Himax's CPO entry is a manufacturing story: it supplies the precision optics — lenses, prisms, V-grooves — inside the fiber array unit, built on 15 years of nanoimprint wafer-level optics.</li>
<li>Third-Party research (Hunterbrook, Ming-Chi Kuo) ties those optics to TSMC's COUPE engine behind NVIDIA's CPO switches, but Himax, TSMC, and NVIDIA have not confirmed it.</li>
<li>Gen 1 (1.6/3.2 Tbps) ships in small quantities from 2H26 and Gen 2 (6.4 Tbps) nears validation; lower volume, higher value than displays, funded by automotive.</li>
</ul>


Himax's CPO entry is a manufacturing story: it supplies the precision optics — lenses, prisms, V-grooves — inside the fiber array unit, built on 15 years of nanoimprint wafer-level optics.
Third-Party research (Hunterbrook, Ming-Chi Kuo) ties those optics to TSMC's COUPE engine behind NVIDIA's CPO switches, but Himax, TSMC, and NVIDIA have not confirmed it.
Gen 1 (1.6/3.2 Tbps) ships in small quantities from 2H26 and Gen 2 (6.4 Tbps) nears validation; lower volume, higher value than displays, funded by automotive.


TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

<ul>
<li>
Automotive core: ~40% global display driver IC share; automotive now 50% of revenue, with TCON growing ~50% YoY and double-digit 2H26 growth guided from new project ramps.</li>
<li>
Non-Driver expansion: WiseEye edge AI, LCoS microdisplays, and co-packaged optics nano-optics target AI PCs, AR glasses, and data center silicon photonics - meaningful revenue contribution expected from 2027.</li>
<li>
Solid financial foundation: $258M net cash, $140M operating cash flow, ~31% gross margins; structural margin upside expected as high-value non-driver mix grows over the medium term.</li>
</ul>



Automotive core: ~40% global display driver IC share; automotive now 50% of revenue, with TCON growing ~50% YoY and double-digit 2H26 growth guided from new project ramps.

Non-Driver expansion: WiseEye edge AI, LCoS microdisplays, and co-packaged optics nano-optics target AI PCs, AR glasses, and data center silicon photonics - meaningful revenue contribution expected from 2027.

Solid financial foundation: $258M net cash, $140M operating cash flow, ~31% gross margins; structural margin upside expected as high-value non-driver mix grows over the medium term.


TechChain Insights: Himax (HIMX) Q&A — Automotive Display Dominance Meets Edge AI and Photonics

<ul>
<li>Management Call -- Increased Clarity on Co-Packaged Optics Rollout with Nvidia</li>
<li>Positioning Inside the TSMC CoWoS / CPO Supply Chain  -- Margin Accretive Mix Effects; Low Capital Intensity.</li>
<li>HIMX -- Increasing Our Long-Term Forecasts, Reiterate Structural Long Rating</li>
</ul>


Management Call -- Increased Clarity on Co-Packaged Optics Rollout with Nvidia
Positioning Inside the TSMC CoWoS / CPO Supply Chain  -- Margin Accretive Mix Effects; Low Capital Intensity.
HIMX -- Increasing Our Long-Term Forecasts, Reiterate Structural Long Rating


Himax (HIMX US, Long): Management Call Confirms 2026 Mass-Production Readiness; Increasing Forecasts

<ul>
<li>Latest industry developments show silicon photonics becoming a must-have capability for leading foundries as AI bandwidth needs push the limits of traditional chip interconnect technology.</li>
<li>Himax is well positioned as a key upstream supplier of CPO optical engines and nano-optics used in TSMC’s silicon-photonics packaging for next-generation NVIDIA platforms.</li>
<li>Himax’s validated CPO roadmap, proprietary WLO nano-optics platform, and a 2026E-2028E commercialization timeline position the company well. We reiterate our Structural Long rating for Himax into 2026E.</li>
</ul>


Latest industry developments show silicon photonics becoming a must-have capability for leading foundries as AI bandwidth needs push the limits of traditional chip interconnect technology.
Himax is well positioned as a key upstream supplier of CPO optical engines and nano-optics used in TSMC’s silicon-photonics packaging for next-generation NVIDIA platforms.
Himax’s validated CPO roadmap, proprietary WLO nano-optics platform, and a 2026E-2028E commercialization timeline position the company well. We reiterate our Structural Long rating for Himax into 2026E.


Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

Taiwan

Himax Technologies, Inc. designs and manufactures integrated circuits.  The Company produces liquid crystal displays (LCD).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Himax Technologies Inc Adr (HIMX US)

Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

NVIDIA Corp (NVDA US) will report today U.S. time with its analyst call at 14:00 PDT, we are maintaining our Short basket of Taiwan AI names vs....

Vincent Fernando, CFA

TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Vincent Fernando, CFA

TechChain Insights: Himax (HIMX) Q&A — Automotive Display Dominance Meets Edge AI and Photonics

Q&A with Himax management about automotive display driver ICs, expanding into non-driver technologies for future growth. Insights on the upcoming...

Vincent Fernando, CFA

Himax (HIMX US, Long): Management Call Confirms 2026 Mass-Production Readiness; Increasing Forecasts

We have increased clarity on co-packaged optics rollout with Nvidia, highlighting margin accretive mix effects and low capital intensity in TSMC...

Vincent Fernando, CFA

Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Nvidia Results Today; Taiwan Market Surged But Why It Might Be Still Underowned

NVIDIA Corp (NVDA US) will report today U.S. time with its analyst call at 14:00 PDT, we are maintaining our Short basket of Taiwan AI names vs....

Vincent Fernando, CFA

TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

​Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Vincent Fernando, CFA

TechChain Insights: Himax (HIMX) Q&A — Automotive Display Dominance Meets Edge AI and Photonics

Q&A with Himax management about automotive display driver ICs, expanding into non-driver technologies for future growth. Insights on the upcoming...

Vincent Fernando, CFA

Himax (HIMX US, Long): Management Call Confirms 2026 Mass-Production Readiness; Increasing Forecasts

We have increased clarity on co-packaged optics rollout with Nvidia, highlighting margin accretive mix effects and low capital intensity in TSMC...

Vincent Fernando, CFA

Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

​Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Vincent Fernando, CFA

Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...