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>US Set to Unveil New Wave of Semiconductor Restrictions on China</li>
<li>Hon Hai Subsidiary Says Progress for Nvidia GB200 Servers is Smooth, Mass Production in 2025E</li>
<li>PC Monitor: Dell &amp; HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump </li>
</ul>


US Set to Unveil New Wave of Semiconductor Restrictions on China
Hon Hai Subsidiary Says Progress for Nvidia GB200 Servers is Smooth, Mass Production in 2025E
PC Monitor: Dell &amp; HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump 


Taiwan Tech Weekly: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

<ul>
<li>Hua-Where? Hua-Who? Report: Apple's iPhone 16 Pro &amp; Pro Max Sales Surge 44% in China; A Strong Start Amidst Competition</li>
<li>Samsung Under Siege: Facing Major Challenges Across Verticals as TSMC Tightens Foundry Grip</li>
<li>TSMC 3Q24: Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long... TSMC is Working with All AI Innovators</li>
</ul>


Hua-Where? Hua-Who? Report: Apple's iPhone 16 Pro &amp; Pro Max Sales Surge 44% in China; A Strong Start Amidst Competition
Samsung Under Siege: Facing Major Challenges Across Verticals as TSMC Tightens Foundry Grip
TSMC 3Q24: Guidance Remains Strong; Explains Why AI Demand Not Overhyped; Stay Long... TSMC is Working with All AI Innovators


Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

<ul>
<li>Samsung's foundry business is losing more customers to TSMC, who is perceived as lower risk.</li>
<li>TSMC, UMC Monthly Sales: TSMC up strong but plateauing, UMC lackluster, confirming 2 big trends.</li>
<li>Memory Monitor: Nanya results miss; highlights weakness in non-AI demand.</li>
</ul>


Samsung's foundry business is losing more customers to TSMC, who is perceived as lower risk.
TSMC, UMC Monthly Sales: TSMC up strong but plateauing, UMC lackluster, confirming 2 big trends.
Memory Monitor: Nanya results miss; highlights weakness in non-AI demand.


Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Himax 2Q24 Results Showed Continued Margin Strength But Management Provided Cautious Outlook for 3Q24E Amidst Chinese Market Weakness</li>
<li>Himax's AI Sensing and AI/HPC Optical Data Transfer Growth Opportunity for 2025E -- Investments into Obsidian Sensors &amp; FOCI</li>
<li>Himax -- Maintain as a Structural Long; Market Sell-Off Opens Accumulation Opportunity</li>
</ul>


Himax 2Q24 Results Showed Continued Margin Strength But Management Provided Cautious Outlook for 3Q24E Amidst Chinese Market Weakness
Himax's AI Sensing and AI/HPC Optical Data Transfer Growth Opportunity for 2025E -- Investments into Obsidian Sensors &amp; FOCI
Himax -- Maintain as a Structural Long; Market Sell-Off Opens Accumulation Opportunity


Himax Sees China Automotive Market Softening; AI Sensing and AI/HPC Optics Opportunities Expanding

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: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect

US is imposing new restrictions on China in semiconductor industry, Hon Hai subsidiary progressing smoothly with Nvidia servers, Dell and HPQ...

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

Vincent Fernando, CFA

Himax Sees China Automotive Market Softening; AI Sensing and AI/HPC Optics Opportunities Expanding

Himax reported strong margins in 2Q24 but was cautious about 3Q24 due to Chinese market weakness. The company made two key investments in AI...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect

​US is imposing new restrictions on China in semiconductor industry, Hon Hai subsidiary progressing smoothly with Nvidia servers, Dell and HPQ...

Vincent Fernando, CFA

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

Taiwan Tech Weekly: IPhone 16 Sales Surge in China; Samsung's Strength Diluted Against TSMC’s Focus

​Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

​Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

Vincent Fernando, CFA

Himax Sees China Automotive Market Softening; AI Sensing and AI/HPC Optics Opportunities Expanding

​Himax reported strong margins in 2Q24 but was cautious about 3Q24 due to Chinese market weakness. The company made two key investments in AI...

Vincent Fernando, CFA

US is imposing new restrictions on China in semiconductor industry, Hon Hai subsidiary progressing smoothly with Nvidia servers, Dell and HPQ...

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Apple's iPhone 16 Pro & Pro Max sales surging in China, Samsung faces challenges from multiple fronts as TSMC tightens grip in foundry, TSMC gives...

Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

Himax reported strong margins in 2Q24 but was cautious about 3Q24 due to Chinese market weakness. The company made two key investments in AI...