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>TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.</li>
<li>KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.</li>
<li>Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.</li>
</ul>


TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.
KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.
Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.


Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

ASE Technology Holding   / Equity Bottom-Up

<ul>
<li>Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025</li>
<li>Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship</li>
<li>Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC</li>
</ul>


Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025
Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship
Taiwan’s next tier -- Zhen Ding, ASE, Advantech, ASPEED, Egis -- showcase critical AI enablers beyond TSMC


From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

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>AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range</li>
<li>Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY</li>
<li>The China slump was not unexpected, but the leading edge logic drop was definitely a surprise</li>
</ul>


AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
The China slump was not unexpected, but the leading edge logic drop was definitely a surprise


AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges.</li><li>Revenue was reported at $3.175 billion, with non-GAAP diluted EPS at $9.38 and GAAP diluted EPS at $9.06.</li><li>The company also achieved a record free cash flow of over $1 billion for the quarter.</li></ul>

KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges.Revenue was reported at $3.175 billion, with non-GAAP diluted EPS at $9.38 and GAAP diluted EPS at $9.06.The company also achieved a record free cash flow of over $1 billion for the quarter.

KLAC US - KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

<ul>
<li>LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  </li>
<li>For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.</li>
<li>China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..</li>
</ul>


LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  
For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..


LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

United States

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

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KLA-Tencor Corp (KLAC US)

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

KLAC US - KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges. Revenue was...

Baptista Research

LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..

William Keating

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

​TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

​Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.

Vincent Fernando, CFA

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

KLAC US - KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges. Revenue was...

Baptista Research

LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That's a concern..

William Keating

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Key themes and major industry sponsors at SEMICON Taiwan, with a focus on six lesser-known Taiwan companies showcasing new AI technology.