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

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>
Auto ICs over 50% of revenue and maintaining market share leading position, but 2Q25 guidance reflects China auto industry caution as China stimulus repeat impact fades and inventory stays lean.</li>
<li>
Himax advances in co-packaged optics (CPO) shipping samples; to supply TSMC and NVIDIA; Separately, Himax's AR display tech may align with META's needs.</li>
<li>
Strong auto positioning with 200+ Tcon design wins and CPO opportunity in AI/HPC supply chain reinforce long-term upside, despite soft near-term visibility. Maintain our Structural Long view on Himax.</li>
</ul>



Auto ICs over 50% of revenue and maintaining market share leading position, but 2Q25 guidance reflects China auto industry caution as China stimulus repeat impact fades and inventory stays lean.

Himax advances in co-packaged optics (CPO) shipping samples; to supply TSMC and NVIDIA; Separately, Himax's AR display tech may align with META's needs.

Strong auto positioning with 200+ Tcon design wins and CPO opportunity in AI/HPC supply chain reinforce long-term upside, despite soft near-term visibility. Maintain our Structural Long view on Himax.


Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

<ul>
<li>Himax 4Q24 Results Show Auto Display Surge -- Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring</li>
<li>China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication</li>
<li>Himax on Co-Packaged Optics (CPO) -- A Critical New Technology for AI and HPC Processing</li>
</ul>


Himax 4Q24 Results Show Auto Display Surge -- Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring
China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication
Himax on Co-Packaged Optics (CPO) -- A Critical New Technology for AI and HPC Processing


Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

<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

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)

Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

​Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Himax Sees Chinese Automakers Far Ahead in Adopting Touch Displays; CoPackaged Optics Key for AI/HPC

​Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

Vincent Fernando, CFA

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

Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Himax's 4Q24 results highlight auto display surge and China's lead in display sophistication, while also focusing on Co-Packaged Optics for AI and...

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...