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>Nanya Tech Soared in February on DRAM Recovery and Custom HBM News</li>
<li>Nanya’s Custom HBM Strategy &amp; the Positive DRAM Market Outlook</li>
<li>Memory Monitor Universe: SK Hynix &amp; Micron Still Have Strong FY2025E Expected Growth; Nanya Tech Still Negative</li>
</ul>


Nanya Tech Soared in February on DRAM Recovery and Custom HBM News
Nanya’s Custom HBM Strategy &amp; the Positive DRAM Market Outlook
Memory Monitor Universe: SK Hynix &amp; Micron Still Have Strong FY2025E Expected Growth; Nanya Tech Still Negative


Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>We anticipate Taiwan Semiconductor (TSMC) - ADR (TSM US) can achieve a 25% growth in 2025.  </li>
<li>It is unsurprising for TSMC to dominate in AI, including the assembly and testing segments.  </li>
<li>Chinese companies are also involved in AI, but there hasn't been a recent spread as a result of U.S. sanctions.  </li>
</ul>


We anticipate Taiwan Semiconductor (TSMC) - ADR (TSM US) can achieve a 25% growth in 2025.  
It is unsurprising for TSMC to dominate in AI, including the assembly and testing segments.  
Chinese companies are also involved in AI, but there hasn't been a recent spread as a result of U.S. sanctions.  


TSMC (2330.TT; TSM.US): 2025 Could Achieve 25% Yearly Growth.

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>Marvell Technology Inc. reported its third quarter of fiscal year 2025 earnings, indicating a mix of positive growth and strategic shifts.</li><li>The company's revenues reached $1.516 billion, exceeding guidance by $66 million and showing a 19% sequential increase, driven by heightened demand in the AI sector and strong execution.</li><li>On a year-over-year basis, revenue grew by 7%, marking a return to growth, with data center applications, notably in AI, accounting for 73% of total revenues.</li></ul>

Marvell Technology Inc. reported its third quarter of fiscal year 2025 earnings, indicating a mix of positive growth and strategic shifts.The company's revenues reached $1.516 billion, exceeding guidance by $66 million and showing a 19% sequential increase, driven by heightened demand in the AI sector and strong execution.On a year-over-year basis, revenue grew by 7%, marking a return to growth, with data center applications, notably in AI, accounting for 73% of total revenues.

Marvell Technology Inc.: Custom Silicon Solutions As A Vital Factor Driving Growth! - Major Drivers

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

<ul><li>Long position in Marvell (MRVL US) recommended with potential upside of 60-120% or more</li><li>Marvell identified as AI beneficiary with strong growth potential, expected to exceed consensus numbers in 2025 and 2026</li><li>Various growth opportunities for Marvell including custom AI chips for major customers, networking acceleration, and positive trends in non-AI end markets</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Long position in Marvell (MRVL US) recommended with potential upside of 60-120% or moreMarvell identified as AI beneficiary with strong growth potential, expected to exceed consensus numbers in 2025 and 2026Various growth opportunities for Marvell including custom AI chips for major customers, networking acceleration, and positive trends in non-AI end marketsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Marvell Technology Inc (MRVL) - Tuesday, Jul 30, 2024

King Yuan Electronics Co, Ltd. / Equity Bottom-Up

<ul>
<li>We expect <a href="https://www.smartkarma.com/entities/king-yuan-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:6630:1" rel="noopener">King Yuan Electronics Co, Ltd. (2449 TT)</a>'s 4Q24 outlook to be a seasonal uptrend with a slight increase quarter-over-quarter.</li>
<li><a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener"> NVIDIA Corp (NVDA US) will become the top client at KYEC, and Mediatek Inc (2454 TT) is expected to become the second-largest client in the outlook for 2025.   </a></li>
<li>The focus will primarily be on currently available sources, particularly KYEC for production.  </li>
</ul>


We expect King Yuan Electronics Co, Ltd. (2449 TT)'s 4Q24 outlook to be a seasonal uptrend with a slight increase quarter-over-quarter.
 NVIDIA Corp (NVDA US) will become the top client at KYEC, and Mediatek Inc (2454 TT) is expected to become the second-largest client in the outlook for 2025.   
The focus will primarily be on currently available sources, particularly KYEC for production.  


KYEC (2449.TT): 4Q24 Outlook Brightening; NVDA Will Become #1 Client in 2025

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2025 Could Achieve 25% Yearly Growth.

TSMC expected to achieve 25% growth by 2025, dominating in AI despite Chinese competition hindered by U.S. sanction actions.

Patrick Liao

Marvell Technology Inc.: Custom Silicon Solutions As A Vital Factor Driving Growth! - Major Drivers

Marvell Technology Inc. reported its third quarter of fiscal year 2025 earnings, indicating a mix of positive growth and strategic shifts. The...

Baptista Research

Marvell Technology Inc (MRVL) - Tuesday, Jul 30, 2024

Marvell identified as AI beneficiary with strong growth potential, expected to exceed consensus numbers in 2025 and 2026

Value Investors Club (VIC)

KYEC (2449.TT): 4Q24 Outlook Brightening; NVDA Will Become #1 Client in 2025

Expect seasonal uptrend in 4Q24 outlook for King Yuan Electronics Co, with NVIDIA Corp as top client and Mediatek Inc as second-largest in 2025....

Patrick Liao

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Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

​Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2025 Could Achieve 25% Yearly Growth.

​TSMC expected to achieve 25% growth by 2025, dominating in AI despite Chinese competition hindered by U.S. sanction actions.

Patrick Liao

Marvell Technology Inc.: Custom Silicon Solutions As A Vital Factor Driving Growth! - Major Drivers

Marvell Technology Inc. reported its third quarter of fiscal year 2025 earnings, indicating a mix of positive growth and strategic shifts. The...

Baptista Research

Marvell Technology Inc (MRVL) - Tuesday, Jul 30, 2024

Marvell identified as AI beneficiary with strong growth potential, expected to exceed consensus numbers in 2025 and 2026

Value Investors Club (VIC)

KYEC (2449.TT): 4Q24 Outlook Brightening; NVDA Will Become #1 Client in 2025

​Expect seasonal uptrend in 4Q24 outlook for King Yuan Electronics Co, with NVIDIA Corp as top client and Mediatek Inc as second-largest in 2025....

Patrick Liao

Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.

TSMC expected to achieve 25% growth by 2025, dominating in AI despite Chinese competition hindered by U.S. sanction actions.

Expect seasonal uptrend in 4Q24 outlook for King Yuan Electronics Co, with NVIDIA Corp as top client and Mediatek Inc as second-largest in 2025....