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>TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

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.

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>The acquisition positions AMD to capitalize on the booming AI infrastructure market, which is expected to grow to $372.9 billion by 2029, leveraging ZT Systems' hyperscale computing and integration capabilities.  </li>
<li>AMD will use ZT Systems' experience in AI infrastructure deployment for cloud providers like AWS and Azure, helping it compete with NVIDIA’s 70% market share and Intel's data center push.</li>
<li>Analysts expect the acquisition to be financially accretive by 2025, with ZT Systems enabling AMD to provide comprehensive AI solutions, boosting its presence in the cloud, AI, and enterprise sectors.</li>
</ul>


The acquisition positions AMD to capitalize on the booming AI infrastructure market, which is expected to grow to $372.9 billion by 2029, leveraging ZT Systems' hyperscale computing and integration capabilities.  
AMD will use ZT Systems' experience in AI infrastructure deployment for cloud providers like AWS and Azure, helping it compete with NVIDIA’s 70% market share and Intel's data center push.
Analysts expect the acquisition to be financially accretive by 2025, with ZT Systems enabling AMD to provide comprehensive AI solutions, boosting its presence in the cloud, AI, and enterprise sectors.


AMD Acquires ZT Systems for $4.9B, Challenging NVIDIA in the AI Infrastructure Market

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

<ul>
<li>Intel's CFO says the company is going to "kind of skip over productizing 20A"</li>
<li>This decision removes an important, looming milestone from Intel's roadmap, i.e. the ramp of Arrow Lake later this year</li>
<li>The decision to outsource all Arrow Lake tiles, apart from final packaging, strongly suggests that Intel 3 and Intel 18A are not capable of a cost-competitive volume ramp</li>
</ul>


Intel's CFO says the company is going to "kind of skip over productizing 20A"
This decision removes an important, looming milestone from Intel's roadmap, i.e. the ramp of Arrow Lake later this year
The decision to outsource all Arrow Lake tiles, apart from final packaging, strongly suggests that Intel 3 and Intel 18A are not capable of a cost-competitive volume ramp


Intel Cancels 20A. Now Why Would They Go & Do That?

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>  will benefit from <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>'s decision to use their 20A processor, named Arrow Lake.  </li>
<li>Intel plans to stick with the 18A process and has identified about 5 potential customers.</li>
<li>As of now, TSMC remains the primary source for technology deliveries.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US)  will benefit from Intel Corp (INTC US)'s decision to use their 20A processor, named Arrow Lake.  
Intel plans to stick with the 18A process and has identified about 5 potential customers.
As of now, TSMC remains the primary source for technology deliveries.


TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

<ul>
<li>Intel faces two class action lawsuits, one of which has the potential to be many times worse than the "Pentium Flaw" fiasco in 1994</li>
<li>The resignation of Lip-Bu Tan from Intel's BoD is a significant blow particularly in view of his rumoured disagreements with the CEO and other BoD members</li>
<li>Intel's below book value market cap presents an attractive opportunity for any consortium with the vision to extract the value that Gelsinger's IDM 2.0 gambit has failed to unlock</li>
</ul>


Intel faces two class action lawsuits, one of which has the potential to be many times worse than the "Pentium Flaw" fiasco in 1994
The resignation of Lip-Bu Tan from Intel's BoD is a significant blow particularly in view of his rumoured disagreements with the CEO and other BoD members
Intel's below book value market cap presents an attractive opportunity for any consortium with the vision to extract the value that Gelsinger's IDM 2.0 gambit has failed to unlock


Intel. Could Things Get Any Worse? You Bet. Here's How.

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: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

AMD Acquires ZT Systems for $4.9B, Challenging NVIDIA in the AI Infrastructure Market

AMD's $4.9B acquisition of ZT Systems boosts its AI infrastructure capabilities challenging NVIDIA. ZT’s expertise in hyperscale solutions...

Mint Finance

Intel Cancels 20A. Now Why Would They Go & Do That?

The de-facto cancellation of Intel 20A removes a critical milestone from the company's roadmap, namely the ramp of Arrow Lake on that process node...

William Keating

TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...

Patrick Liao

Intel. Could Things Get Any Worse? You Bet. Here's How.

Class action lawsuits, key BoD resignation, recriminations, an open door for hostile takeovers and revisionist commentary from the CEO. Yes, things...

William Keating

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Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

AMD Acquires ZT Systems for $4.9B, Challenging NVIDIA in the AI Infrastructure Market

AMD's $4.9B acquisition of ZT Systems boosts its AI infrastructure capabilities challenging NVIDIA. ZT’s expertise in hyperscale solutions...

Mint Finance

Intel Cancels 20A. Now Why Would They Go & Do That?

The de-facto cancellation of Intel 20A removes a critical milestone from the company's roadmap, namely the ramp of Arrow Lake on that process node...

William Keating

TSMC (2330.TT; TSM.US): Benefiting from Intel (INTC.US) Skipping 20A Process.

​TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...

Patrick Liao

Intel. Could Things Get Any Worse? You Bet. Here's How.

Class action lawsuits, key BoD resignation, recriminations, an open door for hostile takeovers and revisionist commentary from the CEO. Yes, things...

William Keating

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

TSMC to benefit from Intel's decision to use their 20A processor, Arrow Lake, as Intel plans to stick with 18A process for now. TSMC remains...