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

<ul>
<li>
Sub-8nm foundry license mix surged from 47.6% to 79% in 1Q26, a real-time read on advanced-node platform demand across TSMC, Samsung, and the leading-edge foundry stack.</li>
<li>
A Tier-1 US foundry engagement (likely Intel Foundry or TSMC Arizona in our view) could be confirmed 2Q26, a leading indicator of which US fab attracts external fabless customers first.</li>
<li>
First 3nm royalties landed in 4Q25; sub-16nm royalty +~700% YoY in 1Q26, confirming the AI accelerator supply chain's transition to leading-edge nodes is now live.</li>
</ul>



Sub-8nm foundry license mix surged from 47.6% to 79% in 1Q26, a real-time read on advanced-node platform demand across TSMC, Samsung, and the leading-edge foundry stack.

A Tier-1 US foundry engagement (likely Intel Foundry or TSMC Arizona in our view) could be confirmed 2Q26, a leading indicator of which US fab attracts external fabless customers first.

First 3nm royalties landed in 4Q25; sub-16nm royalty +~700% YoY in 1Q26, confirming the AI accelerator supply chain's transition to leading-edge nodes is now live.


TechChain Insights Q&A: Inside TSMC, Intel and SMIC's Advanced-Node Pipeline - M31 (6643 TT)

<ul>
<li>
Last independent RISC-V IP vendor standing. With MIPS, Codasip, and Nuclei exiting and ARM competing with its own licensees, Andes is the primary "flight-to-stability" beneficiary, anchored by ACE customer lock-in.</li>
<li>
Operating breakeven is an explicit 2026 objective. Management is targeting a 10% OPEX cut to NT$1.7B and a 20% revenue ramp from the FY2025 base of NT$1.478B.</li>
<li>
Cuzco announcement within a month is the next catalyst. Business arrangements and development schedule for the Neoverse-class core will be officially disclosed separately, alongside ramping AX46MPV and automotive design wins.</li>
</ul>



Last independent RISC-V IP vendor standing. With MIPS, Codasip, and Nuclei exiting and ARM competing with its own licensees, Andes is the primary "flight-to-stability" beneficiary, anchored by ACE customer lock-in.

Operating breakeven is an explicit 2026 objective. Management is targeting a 10% OPEX cut to NT$1.7B and a 20% revenue ramp from the FY2025 base of NT$1.478B.

Cuzco announcement within a month is the next catalyst. Business arrangements and development schedule for the Neoverse-class core will be officially disclosed separately, alongside ramping AX46MPV and automotive design wins.


TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>On December 8th, GUC reached its daily limit at the closing price, but the company did not consistently demonstrate an agreeable attitude.</li>
<li>The "AI" is an explicit knowledge for today, while GUC is a company of project based. </li>
<li>GUC's monthly revenue decreased by 22.15% YoY in November 2023.</li>
</ul>


On December 8th, GUC reached its daily limit at the closing price, but the company did not consistently demonstrate an agreeable attitude.
The "AI" is an explicit knowledge for today, while GUC is a company of project based. 
GUC's monthly revenue decreased by 22.15% YoY in November 2023.


GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Openedges Technology / Equity Capital Markets

<ul>
<li>Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won. </li>
<li>Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions. </li>
<li>
<a href="https://biz.chosun.com/stock/market_trend/2022/08/16/6JZRHBLIEBHWZL2WTNYPLZZTZA/?utm_source=naver&amp;utm_medium=original&amp;utm_campaign=biz" target="_blank" rel="noopener">Open Edges Technology</a> is one of the leading companies in Korea that specializes in the semiconductor design asset platforms. </li>
</ul>


Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range of 18,000 won. 
Given the solid upside, we have a Positive view of the Open Edges Technology, despite the weak IPO market conditions. 

Open Edges Technology is one of the leading companies in Korea that specializes in the semiconductor design asset platforms. 


Open Edges Technology IPO Valuation Analysis

Taiwan

M31 Technology Corporation operates as a professional silicon intellectual property (IP) provider. The Company provides fundamental IP development, functional high speed interface IP development, integrated circuit design, electronic design automation, and other services. M31 Technology serves clients in China, America, and other countries.

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M31 Technology (6643 TT)

TechChain Insights Q&A: Inside TSMC, Intel and SMIC's Advanced-Node Pipeline - M31 (6643 TT)

Advanced-node platform demand on the rise, with sub-8nm licenses dominating 1Q26. Tier-1 US foundry engagement could be confirmed 2Q26, signaling...

Vincent Fernando, CFA

TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...

Vincent Fernando, CFA

GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....

Patrick Liao

Open Edges Technology IPO Valuation Analysis

Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights Q&A: Inside TSMC, Intel and SMIC's Advanced-Node Pipeline - M31 (6643 TT)

Advanced-node platform demand on the rise, with sub-8nm licenses dominating 1Q26. Tier-1 US foundry engagement could be confirmed 2Q26, signaling...

Vincent Fernando, CFA

TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

​Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...

Vincent Fernando, CFA

GUC (3443.TT): Why the Company Did Show a Bit Cautious Attitude with the Market Price?

​GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....

Patrick Liao

Open Edges Technology IPO Valuation Analysis

Our valuation analysis suggests an implied target price of 24,813 won per share, representing 38% higher than the high end of the IPO price range...

Douglas Kim

Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...

GUC's daily limit reached, but company's attitude inconsistent. GUC's project-based nature contrasts with the prominence of "AI" knowledge....