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

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

<ul>
<li>Huawei's new Mate 60 Pro phone has made many wonder if it has worked around U.S. technology restrictions to produce a 5G-capable chip domestically.</li>
<li>Nvidia hits new all-time highs... Taiwan AI-supply chain stocks are surging again.</li>
<li>Dell will report earnings -- Look for PC upgrade cycle color and AI PC comments. SEMICON Taiwan is coming soon, we will attend.</li>
</ul>


Huawei's new Mate 60 Pro phone has made many wonder if it has worked around U.S. technology restrictions to produce a 5G-capable chip domestically.
Nvidia hits new all-time highs... Taiwan AI-supply chain stocks are surging again.
Dell will report earnings -- Look for PC upgrade cycle color and AI PC comments. SEMICON Taiwan is coming soon, we will attend.


Taiwan Tech Weekly: New Huawei Phone Works Around U.S. Restrictions?; Taiwan AI Stocks Surging Again

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

Thematic (Sector/Industry)

<ul>
<li>Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM</li>
<li>TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.</li>
<li>2025 Semi forecast? Think 2024 without the memory boom and way more volatility</li>
</ul>


Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM
TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.
2025 Semi forecast? Think 2024 without the memory boom and way more volatility


Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Rakuten is utilizing AI and O-RAN to lower telecom costs and broaden its global footprint in the industry, focusing on efficiency and expansion.</li><li>IBM has launched Granite 3.2, an advanced AI platform that incorporates on-demand reasoning and vision-language model to bolster its AI capabilities, fostering innovation in the field of artificial intelligence.</li><li>The GSMA has revealed the four key pillars that will shape the future of 5G technology at MWC 2025, highlighting the importance of advancements in connectivity for the development of mobile networks.</li></ul>

Rakuten is utilizing AI and O-RAN to lower telecom costs and broaden its global footprint in the industry, focusing on efficiency and expansion.IBM has launched Granite 3.2, an advanced AI platform that incorporates on-demand reasoning and vision-language model to bolster its AI capabilities, fostering innovation in the field of artificial intelligence.The GSMA has revealed the four key pillars that will shape the future of 5G technology at MWC 2025, highlighting the importance of advancements in connectivity for the development of mobile networks.

Tech Supply Chain Tracker (05-Mar-2025): Rakuten uses AI and O-RAN to save on telecom costs, targets global growth.

<ul><li>HP plans to cut 2,000 jobs and shift 90% of its manufacturing from China to North America by the fourth quarter of 2025.</li><li>Hushan successfully transforms car door handles into profitable aftermarket products, carving out a niche in the market.</li><li>IBM closes its research facility in China and lays off 1,800 employees, while companies like Jabil, Aequs, and Tata export Indian-made Apple components to China and Vietnam.</li></ul>

HP plans to cut 2,000 jobs and shift 90% of its manufacturing from China to North America by the fourth quarter of 2025.Hushan successfully transforms car door handles into profitable aftermarket products, carving out a niche in the market.IBM closes its research facility in China and lays off 1,800 employees, while companies like Jabil, Aequs, and Tata export Indian-made Apple components to China and Vietnam.

Tech Supply Chain Tracker (04-Mar-2025): HP cuts 2k jobs, offshores China manufacturing for NA by 4Q25

United States

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

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International Business Machines (IBM US)

Taiwan Tech Weekly: New Huawei Phone Works Around U.S. Restrictions?; Taiwan AI Stocks Surging Again

Dell will report earnings -- Look for PC upgrade cycle color and AI PC comments. SEMICON Taiwan is coming soon, we will attend.

Vincent Fernando, CFA

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

2025 Semi forecast? Think 2024 without the memory boom and way more volatility. Chaos will ultimately beget opportunity, just not yet...

William Keating

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Total deposits in the US bank system have risen dramatically since our last note, highlighting the flow potential to the stock market. This is more...

Daniel Tabbush

Tech Supply Chain Tracker (05-Mar-2025): Rakuten uses AI and O-RAN to save on telecom costs, targets global growth.

Rakuten and IBM leverage AI to drive innovation, while GSMA sets the foundation for 5G's future and Taiwan's electronics industry embraces AI...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (04-Mar-2025): HP cuts 2k jobs, offshores China manufacturing for NA by 4Q25

HP plans to cut 2,000 jobs and shift 90% of its manufacturing from China to North America by the fourth quarter of 2025, while IBM closes its China...

Tech Supply Chain Tracker

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