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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. </li>
<li>I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.</li>
<li>We explore five key themes that arise from the data and recent events.</li>
</ul>


Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. 
I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.
We explore five key themes that arise from the data and recent events.


AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://asia.nikkei.com/business/business-deals/toyota-supplier-denso-to-withdraw-proposal-to-take-over-rohm" target="_blank" rel="noopener">Nikkei reports</a> that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will withdraw its proposal for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> as the two sides were “<em>unable to see eye-to-eye on an offer.</em>” </li>
<li>Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. </li>
<li>The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. </li>
</ul>


The Nikkei reports that Denso Corp (6902 JP) will withdraw its proposal for ROHM Co Ltd (6963 JP) as the two sides were “unable to see eye-to-eye on an offer.” 
Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. 
The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. 


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Nikkei reported Saturday morning that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will withdraw its takeover proposal for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>. </li>
<li>The question was always whether Rohm thought being taken over was good for corporate value or if Denso would go hostile. We now know the answer to both questions.</li>
<li>Now we are left with Rohm and its standalone value, and the value of being bigger in power semiconductors. </li>
</ul>


The Nikkei reported Saturday morning that Denso Corp (6902 JP) will withdraw its takeover proposal for ROHM Co Ltd (6963 JP). 
The question was always whether Rohm thought being taken over was good for corporate value or if Denso would go hostile. We now know the answer to both questions.
Now we are left with Rohm and its standalone value, and the value of being bigger in power semiconductors. 


[Japan M&A] - Denso Withdraws Rohm (6963) Takeover Proposal - Now It's Just Value

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>SK Hynix reported Q1 2026 revenue of ₩52.58 trillion, operating profit of ₩37.61 trillion, and net profit of ₩40.35 trillion.</li>
<li>Revenue cleared ₩50 trillion for the first time. Operating margin hit 72%, an all time record high</li>
<li>Shares were already up 88% year-to-date heading into the print, closing at ₩1,224,000 on April 21. The stock has been on a tear all year. Now you know why!</li>
</ul>


SK Hynix reported Q1 2026 revenue of ₩52.58 trillion, operating profit of ₩37.61 trillion, and net profit of ₩40.35 trillion.
Revenue cleared ₩50 trillion for the first time. Operating margin hit 72%, an all time record high
Shares were already up 88% year-to-date heading into the print, closing at ₩1,224,000 on April 21. The stock has been on a tear all year. Now you know why!


Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Apr 17th. The aggregated net margin trading position is USD24,215m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, SoftBank, Lasertec, Fujikura, Mitsubishi Heavy Industries, Furukawa Electric, JX Advanced Metals, Disco, Tokyo Electron.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 17th. The aggregated net margin trading position is USD24,215m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, SoftBank, Lasertec, Fujikura, Mitsubishi Heavy Industries, Furukawa Electric, JX Advanced Metals, Disco, Tokyo Electron.


JPX Margin Trading Weekly (Apr 17th): Kioxia, Advantest, SoftBank, Lasertec, Fujikura

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

ROHM (6963 JP): Denso Pulls the Plug

The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution,...

Arun George

[Japan M&A] - Denso Withdraws Rohm (6963) Takeover Proposal - Now It's Just Value

Denso approached Rohm with a takeover proposal. Rohm shares popped. Then rose further (with reason). Now Denso has walked away. The knee-jerk...

Travis Lundy

SK Hynix Q126 Earnings Call Transcript

SK Hynix shares were already up 88% year-to-date heading into the print, closing at ₩1,224,000 on April 21. The stock has been on a tear all year....

William Keating

JPX Margin Trading Weekly (Apr 17th): Kioxia, Advantest, SoftBank, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), SoftBank (9984 JP),...

Ke Yan, CFA, FRM

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AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

​Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

ROHM (6963 JP): Denso Pulls the Plug

The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution,...

Arun George

[Japan M&A] - Denso Withdraws Rohm (6963) Takeover Proposal - Now It's Just Value

Denso approached Rohm with a takeover proposal. Rohm shares popped. Then rose further (with reason). Now Denso has walked away. The knee-jerk...

Travis Lundy

SK Hynix Q126 Earnings Call Transcript

SK Hynix shares were already up 88% year-to-date heading into the print, closing at ₩1,224,000 on April 21. The stock has been on a tear all year....

William Keating

JPX Margin Trading Weekly (Apr 17th): Kioxia, Advantest, SoftBank, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), SoftBank (9984 JP),...

Ke Yan, CFA, FRM

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...