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>PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus &amp; Dell</li>
<li>Memory Monitor: Is DeepSeek a Problem for SK Hynix &amp; Micron's HBM DRAM Growth? </li>
<li>TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US. </li>
</ul>


PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus &amp; Dell
Memory Monitor: Is DeepSeek a Problem for SK Hynix &amp; Micron's HBM DRAM Growth? 
TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US. 


Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Quantum computing's outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.</li>
<li>
<a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a>'s  "quantum supremacy" milestone shows quantum computing's transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  </li>
<li>Among pure-plays <a href="https://www.smartkarma.com/entities/ionq-inc" target="_blank" data-smartkarma-citation="entities:36838:1" rel="noopener">IonQ (IONQ US)</a> , <a href="https://www.smartkarma.com/entities/d-wave-quantum-inc" target="_blank" data-smartkarma-citation="entities:37745:1" rel="noopener">D-Wave Quantum (QBTS US)</a> , <a href="https://www.smartkarma.com/entities/rigetti-computing-inc" target="_blank" data-smartkarma-citation="entities:37755:1" rel="noopener">Rigetti Computing (RGTI US)</a> stand out. IonQ's focus on high-fidelity, cloud and practical applications positions it particularly well.</li>
</ul>


Quantum computing's outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.

Alphabet (GOOG US)'s  "quantum supremacy" milestone shows quantum computing's transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  
Among pure-plays IonQ (IONQ US) , D-Wave Quantum (QBTS US) , Rigetti Computing (RGTI US) stand out. IonQ's focus on high-fidelity, cloud and practical applications positions it particularly well.


Quantum Computing – The Future That’s Loading… and Not Loading

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

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>AI related demand accounted for ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025</li>
<li>5 year growth CAGR of 20%, at the top end of the previously guided 15-20% range</li>
<li>On track for $100 billion revenue in 2025, and most likely, $200 billion by 2030</li>
</ul>


AI related demand accounted for ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025
5 year growth CAGR of 20%, at the top end of the previously guided 15-20% range
On track for $100 billion revenue in 2025, and most likely, $200 billion by 2030


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, a Beijing-based autonomous mobile robots (AMRs) unicorn with focus on smart logistics, filed to go public in Hong Kong.</li>
<li>The AI &amp; robotics company was backed by Warburg Pincus, GGV Capital, D1 Capital Partners, Intel Capital, Vertex Ventures, and Gaorong Capital, among others.</li>
<li>Beijing Geekplus IPO comes after another robotics unicorn, a leading manufacturer of collaborative robots Shenzhen Dobot, raised ~HK$681M in its HK IPO in December.</li>
</ul>


Geek+, a Beijing-based autonomous mobile robots (AMRs) unicorn with focus on smart logistics, filed to go public in Hong Kong.
The AI &amp; robotics company was backed by Warburg Pincus, GGV Capital, D1 Capital Partners, Intel Capital, Vertex Ventures, and Gaorong Capital, among others.
Beijing Geekplus IPO comes after another robotics unicorn, a leading manufacturer of collaborative robots Shenzhen Dobot, raised ~HK$681M in its HK IPO in December.


Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Also: Performance of Snapdragon, AMD, and Intel in the PC monitor market; potential challenges for SK Hynix and Micron in the memory monitor...

Vincent Fernando, CFA

Quantum Computing – The Future That’s Loading… and Not Loading

Quantum computing is like Schrödinger’s cat: a varying mix of potential and challenges. Each breakthrough or setback takes possibilities and...

Pyari Menon

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

TSMC. The Juggernaut Accelerates!

AI related demand ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025. 5 year growth CAGR 20%, >$100 billion...

William Keating

Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

Beijing-based Geek+, a leader in the global AMR market, applying advanced robotics and AI technologies to warehouse and factory operations, will go...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Also: Performance of Snapdragon, AMD, and Intel in the PC monitor market; potential challenges for SK Hynix and Micron in the memory monitor...

Vincent Fernando, CFA

Quantum Computing – The Future That’s Loading… and Not Loading

Quantum computing is like Schrödinger’s cat: a varying mix of potential and challenges. Each breakthrough or setback takes possibilities and...

Pyari Menon

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

TSMC. The Juggernaut Accelerates!

AI related demand ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025. 5 year growth CAGR 20%, >$100 billion...

William Keating

Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

Beijing-based Geek+, a leader in the global AMR market, applying advanced robotics and AI technologies to warehouse and factory operations, will go...

Andrei Zakharov

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...