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

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>COMPUTEX 2026's first AI Robotics Zone showcased Taiwan's pitch:  supply enabling Physical AI solutions — motion, reducers, vision,  edge-AI compute — rather than build robot brands, echoing its semiconductor  playbook.</li>
<li>Commercially, the floor ran on robot arms and wheeled-base units for  manufacturing and logistics, plus edge-AI compute and machine vision; bipedal humanoids were mostly showpieces, with volume three-to-five years out.</li>
<li>High-Precision reducers remain a Japanese stronghold (Harmonic Drive  6324 JP, Nabtesco 6268 JP), but listed Taiwanese names are climbing: Turvo  (2233 TT) debuted a micro harmonic reducer at the show.</li>
</ul>


COMPUTEX 2026's first AI Robotics Zone showcased Taiwan's pitch:  supply enabling Physical AI solutions — motion, reducers, vision,  edge-AI compute — rather than build robot brands, echoing its semiconductor  playbook.
Commercially, the floor ran on robot arms and wheeled-base units for  manufacturing and logistics, plus edge-AI compute and machine vision; bipedal humanoids were mostly showpieces, with volume three-to-five years out.
High-Precision reducers remain a Japanese stronghold (Harmonic Drive  6324 JP, Nabtesco 6268 JP), but listed Taiwanese names are climbing: Turvo  (2233 TT) debuted a micro harmonic reducer at the show.


TechChain Insights: COMPUTEX 2026 -- On the Ground with Physical AI's New Supply Chain

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>Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.</li>
<li>We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.</li>
<li>With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI). We've been bullish since early-November 2023, save for a two month period from late-July to late-September 2024 when we were neutral.
We also believe the U.S. dollar (DXY) and Treasury yields have put in major tops, which is a crucial risk-on signal for global equities.
With more and more countries breaking out, we remain bullish as long as ACWI-US is above $116, S&amp;P 500 is above 5770-5850, and EURO STOXX 50 is above 5030.


Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>The fab is the first buyer of Taiwan's robot parts: smart manufacturing was SEMICON Taiwan 2026's largest zone, up 20% against 6% for advanced packaging.</li>
<li>Labor drives the orders: TSMC has about 20 fabs under construction and calls construction workers a limiting factor, while ASE lists labor among six packaging challenges.</li>
<li>TSMC will release its packaging-equipment automation specs and simulation software free in 4Q, which lowers the entry bar for local automation makers.</li>
</ul>


The fab is the first buyer of Taiwan's robot parts: smart manufacturing was SEMICON Taiwan 2026's largest zone, up 20% against 6% for advanced packaging.
Labor drives the orders: TSMC has about 20 fabs under construction and calls construction workers a limiting factor, while ASE lists labor among six packaging challenges.
TSMC will release its packaging-equipment automation specs and simulation software free in 4Q, which lowers the entry bar for local automation makers.


TechChain Insights: Walking SEMICON 2026 Showed the Fab Is the First Buyer of Taiwan's Robot Parts

Shenzhen Stock Exchange Composite Index / Technical Analysis

Shenzhen Stock Exchange Composite Index (SZCOMP INDEX)

<p>China (MSCI China, Shenzhen A Share) offers a plethora of attractive setups and is a major focus in today’s report. Taiwan (TAIEX) is another focus as it is one of the few global indexes that is not yet breaking down. Lastly, Turkey (ISE National 100) appears to offer an attractive pullback opportunity. Within EM, we highlight attractive opportunities across the technology, consumer discretionary, health care and communications sectors.</p>

China (MSCI China, Shenzhen A Share) offers a plethora of attractive setups and is a major focus in today’s report. Taiwan (TAIEX) is another focus as it is one of the few global indexes that is not yet breaking down. Lastly, Turkey (ISE National 100) appears to offer an attractive pullback opportunity. Within EM, we highlight attractive opportunities across the technology, consumer discretionary, health care and communications sectors.

<ul>
<li>Mike Sayre previously co-founded KABAM Robotics, the Singapore-founded autonomous-robot business that operates as the advanced-engineering arm of Taiwan-listed PATEC Group (Patec Precision Industry (2236 TT)).</li>
<li>For Physical AI, the missing layer is a tactile-force data engine, not more compute. Billions are flowing into vision-only training, but high-fidelity interaction-force data that vision-language-tactile models need is scarce.</li>
<li>Taiwan already dominates the mechanical layers a robot needs to move and act. The sim-to-real gap is widest on contact physics -- sensors for material compliance, friction, and tactile feedback.</li>
</ul>


Mike Sayre previously co-founded KABAM Robotics, the Singapore-founded autonomous-robot business that operates as the advanced-engineering arm of Taiwan-listed PATEC Group (Patec Precision Industry (2236 TT)).
For Physical AI, the missing layer is a tactile-force data engine, not more compute. Billions are flowing into vision-only training, but high-fidelity interaction-force data that vision-language-tactile models need is scarce.
Taiwan already dominates the mechanical layers a robot needs to move and act. The sim-to-real gap is widest on contact physics -- sensors for material compliance, friction, and tactile feedback.


TechChain Insights Q&A: 'Force Blindness' Is Physical AI's Bottleneck - More Important Than Compute

Taiwan

Hiwin Technologies Corp. researches, develops, designs, manufactures, sells, and maintains ball screws and linear guideways. The Company also provides linear bearings, linear motor system, linear actuator, positioning measurement system, and other linear motion products.

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Hiwin Technologies (2049 TT)

TechChain Insights: COMPUTEX 2026 -- On the Ground with Physical AI's New Supply Chain

Taiwan's focus at COMPUTEX 2026's AI Robotics Zone is on supplying enabling Physical AI solutions rather than building robot brands, echoing its...

Vincent Fernando, CFA

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

TechChain Insights: Walking SEMICON 2026 Showed the Fab Is the First Buyer of Taiwan's Robot Parts

Labor drives the orders: TSMC has about 20 fabs under construction and calls construction workers a limiting factor, while ASE lists labor among...

Vincent Fernando, CFA

EM Outperforming; Favor EM over EAFE

China (MSCI China, Shenzhen A Share) offers a plethora of attractive setups and is a major focus in today’s report. Taiwan (TAIEX) is another focus...

Vermilion Research

TechChain Insights Q&A: 'Force Blindness' Is Physical AI's Bottleneck - More Important Than Compute

Mike Sayre co-founded KABAM Robotics, the advanced-engineering arm of Taiwan-listed PATEC Group. The missing layer in robotics now is tactile...

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

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TechChain Insights: COMPUTEX 2026 -- On the Ground with Physical AI's New Supply Chain

​Taiwan's focus at COMPUTEX 2026's AI Robotics Zone is on supplying enabling Physical AI solutions rather than building robot brands, echoing its...

Vincent Fernando, CFA

Major Top for the U.S. Dollar (DXY) = Risk-On; Bullish Outlook Despite Near-Term Downside Risk

Major Top for the U.S. Dollar $DXY = Risk-On; Bullish Outlook Intact on $ACWI despite near-term downside risk. We remain bullish if $ACWI > $116,...

Vermilion Research

TechChain Insights: Walking SEMICON 2026 Showed the Fab Is the First Buyer of Taiwan's Robot Parts

Labor drives the orders: TSMC has about 20 fabs under construction and calls construction workers a limiting factor, while ASE lists labor among...

Vincent Fernando, CFA

EM Outperforming; Favor EM over EAFE

China (MSCI China, Shenzhen A Share) offers a plethora of attractive setups and is a major focus in today’s report. Taiwan (TAIEX) is another focus...

Vermilion Research

TechChain Insights Q&A: 'Force Blindness' Is Physical AI's Bottleneck - More Important Than Compute

​Mike Sayre co-founded KABAM Robotics, the advanced-engineering arm of Taiwan-listed PATEC Group. The missing layer in robotics now is tactile...

Vincent Fernando, CFA

Taiwan's focus at COMPUTEX 2026's AI Robotics Zone is on supplying enabling Physical AI solutions rather than building robot brands, echoing its...

Mike Sayre co-founded KABAM Robotics, the advanced-engineering arm of Taiwan-listed PATEC Group. The missing layer in robotics now is tactile...