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

<ul>
<li>GB10 Brings Nvidia AI Performance From Data Center to the Desktop</li>
<li>GB10 PCs Will Be "True" AI PCs, Their Capabilities Will Be More Evident</li>
<li>From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer</li>
</ul>


GB10 Brings Nvidia AI Performance From Data Center to the Desktop
GB10 PCs Will Be "True" AI PCs, Their Capabilities Will Be More Evident
From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer


PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s Tale of Two Fabs: Arizona’s Surprise Upside vs. Kumamoto’s Challenges</li>
<li>A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC</li>
<li>SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem </li>
</ul>


TSMC’s Tale of Two Fabs: Arizona’s Surprise Upside vs. Kumamoto’s Challenges
A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC
SPE – Semi Production Equipment: The Big Reset Is Happening. SPE Firms Expectations Is the Problem 


Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

<ul>
<li>ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.</li>
<li>AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.</li>
<li>Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ's upcoming results end-August.</li>
</ul>


ASUS experienced record 2Q25 revenue driven by 30–40% YoY growth in gaming and commercial PCs, supported by a new GPU sales strength and enterprise market expansion.
AI servers held mid-teens revenue share for ASUS; margin pressure from tariffs and FX expected to ease after 3Q.
Strong gaming and commercial PC momentum could signal PC upgrade activity in response to AI PCs, offering positive read-through for Dell and HPQ's upcoming results end-August.


PC Monitor: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. </li>
<li>2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.</li>
<li>On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.</li>
</ul>


Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. 
2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.
On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.


PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

<ul>
<li>Google’s Pixel Chips to Go All-In on TSMC After Using Samsung Foundry Previously</li>
<li>TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today. </li>
<li>GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead. </li>
</ul>


Google’s Pixel Chips to Go All-In on TSMC After Using Samsung Foundry Previously
TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today. 
GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead. 


Taiwan Tech Weekly: Google's Pixel Going All-In on TSMC; TSMC 2025 Symposium Key Take-Aways

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hewlett Packard Co (HPQ US)

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...

Vincent Fernando, CFA

PC Monitor: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

Vincent Fernando, CFA

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...

Nicolas Baratte

Taiwan Tech Weekly: Google's Pixel Going All-In on TSMC; TSMC 2025 Symposium Key Take-Aways

Google is switching to TSMC for its Pixel chips, TSMC provides updates at technology symposium, GlobalWafers shareholders meeting held with US...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PC Monitor: Nvidia GB10 PCs Poised to Redefine the AI PC Category

​Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

​TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...

Vincent Fernando, CFA

PC Monitor: ASUS's Gaming & Commercial Strength Signal AI PC Cycle; Positive Read for Dell, HP

​ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

Vincent Fernando, CFA

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

​Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...

Nicolas Baratte

Taiwan Tech Weekly: Google's Pixel Going All-In on TSMC; TSMC 2025 Symposium Key Take-Aways

​Google is switching to TSMC for its Pixel chips, TSMC provides updates at technology symposium, GlobalWafers shareholders meeting held with US...

Vincent Fernando, CFA

Nvidia's GB10 brings AI performance to desktop PCs, transforming them into "true" AI machines and driving market growth for Mediatek, Asustek, and...

TSMC faces challenges in Kumamoto while seeing upside in Arizona, Intel makes a defining bet on UMC, and the semiconductor production equipment...

ASUS sees record revenue in 2Q25 from gaming and commercial PCs, with PC upgrade activity providing positive color ahead of Dell and HPQ results...

Consumer demand is slow, but Enterprises are upgrading to Windows 11. 2Q25 sees highest YoY growth for Apple, Asus, and Lenovo. Enterprise growth...

Google is switching to TSMC for its Pixel chips, TSMC provides updates at technology symposium, GlobalWafers shareholders meeting held with US...