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>OpenAI Joins the AI Chip Race -- Partnering with TSMC and Broadcom to Reduce Nvidia Reliance</li>
<li>TSMC January Revenue Rises 35.9% -- But Reduces 1Q25E Expectations Due to Quake Impact</li>
<li>Hon Hai Guides for 1Q25E Growth to Be Above Average and 'Strong'</li>
</ul>


OpenAI Joins the AI Chip Race -- Partnering with TSMC and Broadcom to Reduce Nvidia Reliance
TSMC January Revenue Rises 35.9% -- But Reduces 1Q25E Expectations Due to Quake Impact
Hon Hai Guides for 1Q25E Growth to Be Above Average and 'Strong'


Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC Misses 4Q24 Expectations -- Gross Margin Dips with Flat QoQ Revenue</li>
<li>UMC Guides for 40% Reduction in Capex Budget -- We Believe Signals Strategic Shift to Less Capex Intensive Business Model</li>
<li>Intel 12nm Partnership Remains on Track and is Key Business Model for Future; UMC Sees Improvement in Consumer Electronics Industry Inventories</li>
</ul>


UMC Misses 4Q24 Expectations -- Gross Margin Dips with Flat QoQ Revenue
UMC Guides for 40% Reduction in Capex Budget -- We Believe Signals Strategic Shift to Less Capex Intensive Business Model
Intel 12nm Partnership Remains on Track and is Key Business Model for Future; UMC Sees Improvement in Consumer Electronics Industry Inventories


United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

<ul>
<li>Latest TSMC Price Hike -- Introducing the $18,000 Wafer; Supports The Case That Management Margin Guidance is Overly Conservative</li>
<li>Mover Over Apple, Nvidia Could Become TSMC's Largest Customer in 2025E</li>
<li>SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings </li>
</ul>


Latest TSMC Price Hike -- Introducing the $18,000 Wafer; Supports The Case That Management Margin Guidance is Overly Conservative
Mover Over Apple, Nvidia Could Become TSMC's Largest Customer in 2025E
SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings 


Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The Fed injected some volatility into the market after their December meeting, as they noted an uncertain inflation outlook and the SEP less expected rate cuts for 2025.</li>
<li>We discussed in our latest report (12/23/24 ETF Pathfinder), and continue to believe, that this is a buying opportunity.</li>
<li>Market dynamics remain risk-on, the SPX remains above 5850 (a key support level we have discussed since late-November), mid-caps (IJH) and small-caps (IWM) are above supports at $61.50 and $218</li>
</ul>


The Fed injected some volatility into the market after their December meeting, as they noted an uncertain inflation outlook and the SEP less expected rate cuts for 2025.
We discussed in our latest report (12/23/24 ETF Pathfinder), and continue to believe, that this is a buying opportunity.
Market dynamics remain risk-on, the SPX remains above 5850 (a key support level we have discussed since late-November), mid-caps (IJH) and small-caps (IWM) are above supports at $61.50 and $218


Semiconductors Re-Emerge as Leadership; $SPX $QQQ $IWM Outlook Remains Bullish

<ul>
<li>Apple's 2nm Power Move with TSMC -- Beating Samsung Yet Again</li>
<li>Why TSMC's 2nm Will be Huge -- Extending Tech Lead vs. Samsung &amp; Major AI/Power Consumption Benefits for Customers</li>
<li>The Memory Decoupling Trade is Working -- Nanya Tech Underperforms SK Hynix</li>
</ul>


Apple's 2nm Power Move with TSMC -- Beating Samsung Yet Again
Why TSMC's 2nm Will be Huge -- Extending Tech Lead vs. Samsung &amp; Major AI/Power Consumption Benefits for Customers
The Memory Decoupling Trade is Working -- Nanya Tech Underperforms SK Hynix


Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

Taiwan

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

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Himax Technologies Inc Adr (HIMX US)

Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

OpenAI partners with TSMC and Broadcom to reduce reliance on Nvidia in AI chip race, while Hon Hai expects above average and 'strong' growth in...

Vincent Fernando, CFA

United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...

Vincent Fernando, CFA

Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Vincent Fernando, CFA

Semiconductors Re-Emerge as Leadership; $SPX $QQQ $IWM Outlook Remains Bullish

Semiconductors Re-Emerge as Leadership $SMH $TSM $NVDA; $SPX $QQQ $IWM Outlook Remains Bullish Despite Recent Consolidation. Market Dynamics Remain...

Vermilion Research

Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E

​OpenAI partners with TSMC and Broadcom to reduce reliance on Nvidia in AI chip race, while Hon Hai expects above average and 'strong' growth in...

Vincent Fernando, CFA

United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

​UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...

Vincent Fernando, CFA

Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

​TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Vincent Fernando, CFA

Semiconductors Re-Emerge as Leadership; $SPX $QQQ $IWM Outlook Remains Bullish

Semiconductors Re-Emerge as Leadership $SMH $TSM $NVDA; $SPX $QQQ $IWM Outlook Remains Bullish Despite Recent Consolidation. Market Dynamics Remain...

Vermilion Research

Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

​Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...

Vincent Fernando, CFA

OpenAI partners with TSMC and Broadcom to reduce reliance on Nvidia in AI chip race, while Hon Hai expects above average and 'strong' growth in...

UMC's 4Q24 results disappoint with lower gross margin and flat revenue. Plans to reduce capex by 40% hint at shift to less capital-intensive...

TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...