Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Intel's latest results imply a potential bottoming of its business &amp; nascent turn-around; however the greater take-away is that the PC industry is heading into a major AI-driven up-cycle.</li>
<li>PC industry inventories are now "healthy" and Intel's Client Computing segment (PCs) showed the strongest QoQ revenue growth. Management is guiding for continued improvement next quarter.</li>
<li>Edge AI will drive a major upgrade cycle for PCs worldwide and Intel's new Meteor Lake chip could be a catalyst. Invest ahead of AI PCs having their "ChatGPT Moment".</li>
</ul>


Intel's latest results imply a potential bottoming of its business &amp; nascent turn-around; however the greater take-away is that the PC industry is heading into a major AI-driven up-cycle.
PC industry inventories are now "healthy" and Intel's Client Computing segment (PCs) showed the strongest QoQ revenue growth. Management is guiding for continued improvement next quarter.
Edge AI will drive a major upgrade cycle for PCs worldwide and Intel's new Meteor Lake chip could be a catalyst. Invest ahead of AI PCs having their "ChatGPT Moment".


Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key partnerships.</li>
<li>Semiconductor shorts have been squeezed after the global rally sparked by Nvidia's monster results; We released our latest Taiwan Shorts Monitor to identify short squeezes.</li>
<li>Earnings: Light this week for Taiwan, however PC industry leaders Hewlett Packard Co (HPQ US) and Dell Technologies Inc (DELL US) will report.</li>
</ul>


Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key partnerships.
Semiconductor shorts have been squeezed after the global rally sparked by Nvidia's monster results; We released our latest Taiwan Shorts Monitor to identify short squeezes.
Earnings: Light this week for Taiwan, however PC industry leaders Hewlett Packard Co (HPQ US) and Dell Technologies Inc (DELL US) will report.


Taiwan Tech Weekly: Nvidia in Taiwan - Everyone Will Need 'AI Factories'; Identifying Short Squeezes

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

<ul>
<li>AI PCs turning the PC refresh into a gradual, extended up-cycle</li>
<li>Memory inflation is one of the major margin risks for PC makers in 2026</li>
<li>Dell's server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.</li>
</ul>


AI PCs turning the PC refresh into a gradual, extended up-cycle
Memory inflation is one of the major margin risks for PC makers in 2026
Dell's server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.


PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>DRAM has jumped 172 % YoY and is still climbing; another 30–50 % hike is baked into Q4, wiping out the 4–6 % operating margins most PC OEMs live on.</li>
<li>Intel’s soldered-down LPDDR5X, once hated for killing the lucrative RAM-up-sell, now locks the memory cost inside the processor.</li>
<li>With memory inflation off their books via a safe margin play, OEMs can hold notebook ASPs and guidance</li>
</ul>


DRAM has jumped 172 % YoY and is still climbing; another 30–50 % hike is baked into Q4, wiping out the 4–6 % operating margins most PC OEMs live on.
Intel’s soldered-down LPDDR5X, once hated for killing the lucrative RAM-up-sell, now locks the memory cost inside the processor.
With memory inflation off their books via a safe margin play, OEMs can hold notebook ASPs and guidance


How 172% DRAM Spikes Turn Intel’s ‘Worst’ Feature Into Its Best Asset

<ul>
<li>NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers </li>
<li>NVDA Strong Quarter, Strong Guidance, Consensus ~20% Too Low, Stock Is Not Expensive </li>
<li>Silicon Valley's Substrate -- ASML, TSMC Slayer Or Ideological Pipe Dream? </li>
</ul>


NVIDIA Results: Taiwan Take-Aways -- Demand Visibility Implies Strength for Key Suppliers 
NVDA Strong Quarter, Strong Guidance, Consensus ~20% Too Low, Stock Is Not Expensive 
Silicon Valley's Substrate -- ASML, TSMC Slayer Or Ideological Pipe Dream? 


Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ US)

Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

Edge AI will drive a major upgrade cycle for PCs worldwide -- We recommend getting ahead of PC's having their "ChatGPT Moment".

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia in Taiwan - Everyone Will Need 'AI Factories'; Identifying Short Squeezes

Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key...

Vincent Fernando, CFA

PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.

Vincent Fernando, CFA

How 172% DRAM Spikes Turn Intel’s ‘Worst’ Feature Into Its Best Asset

DRAM prices have surged 172% YoY, impacting PC OEMs' operating margins. Intel's LPDDR5X now includes memory cost, allowing OEMs to maintain...

Mint Finance

Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

NVIDIA's strong results suggest strong demand for key suppliers in Taiwan, while ASML and TSMC are at the forefront of Silicon Valley's substrate...

Vincent Fernando, CFA

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Intel Results #1 Take-Away: Major Readthrough for PC Upgrade Cycle and Edge AI

Edge AI will drive a major upgrade cycle for PCs worldwide -- We recommend getting ahead of PC's having their "ChatGPT Moment".

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia in Taiwan - Everyone Will Need 'AI Factories'; Identifying Short Squeezes

Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key...

Vincent Fernando, CFA

PC Monitor: Dell/HP Results Support PC Up-Cycle Into 2026E

​AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.

Vincent Fernando, CFA

How 172% DRAM Spikes Turn Intel’s ‘Worst’ Feature Into Its Best Asset

​DRAM prices have surged 172% YoY, impacting PC OEMs' operating margins. Intel's LPDDR5X now includes memory cost, allowing OEMs to maintain...

Mint Finance

Taiwan Tech Weekly: NVDA Results- Taiwan Supplier Winners; Silicon Valley's Substrate- TSMC Slayer?

​NVIDIA's strong results suggest strong demand for key suppliers in Taiwan, while ASML and TSMC are at the forefront of Silicon Valley's substrate...

Vincent Fernando, CFA

AI PCs are driving a gradual extended PC refresh cycle, with memory inflation posing a margin risk for PC makers in 2026E.

DRAM prices have surged 172% YoY, impacting PC OEMs' operating margins. Intel's LPDDR5X now includes memory cost, allowing OEMs to maintain...

NVIDIA's strong results suggest strong demand for key suppliers in Taiwan, while ASML and TSMC are at the forefront of Silicon Valley's substrate...