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>Key Taiwan Server Names Soar; Delta Electronics Major Winner of Nvidia's Conference</li>
<li>TSMC (2330.TT; TSM.US): Raising Growth Target to 25%+ YoY in 2024F</li>
<li>Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit </li>
</ul>


Key Taiwan Server Names Soar; Delta Electronics Major Winner of Nvidia's Conference
TSMC (2330.TT; TSM.US): Raising Growth Target to 25%+ YoY in 2024F
Memory Monitor: Micron Leapfrogging Into HBM3E for AI; Nanya Lagging Peers But Poised to Benefit 


Taiwan Tech Weekly: Key Taiwan Server Names Soar; Raising TSMC Growth Target; Memory Rally

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul>
<li>
Investing in semiconductors can be pretty simple if you let it be.
</li>
<li>
At a high level, I believe you want to invest in the secular at a decent price or invest in places where there are unwarranted dislocations.
</li>
<li>
Sometimes the entire ecosystem says one thing and the stocks say another. Usually, the ecosystem is right.

</li>
</ul>



Investing in semiconductors can be pretty simple if you let it be.


At a high level, I believe you want to invest in the secular at a decent price or invest in places where there are unwarranted dislocations.


Sometimes the entire ecosystem says one thing and the stocks say another. Usually, the ecosystem is right.




TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

<ul>
<li>Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names</li>
<li>Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure</li>
<li>TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength</li>
</ul>


Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names
Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure
TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength


Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

<ul>
<li>MSFT's new AI features for Windows will need computers with at least 16GB of DRAM to run effectively. MSFT is asking manufacturers for this as a minimum for AI models.</li>
<li>MSFT announced Copilot Pro for individuals and small businesses last week. The desire to use generative AI and the minimum required DRAM will drive accelerated PC upgrades.</li>
<li>We note relative strength in 16GB DRAM prices; In Memory space, we continue to see relative value in SK Hynix, however, Nanya has the opportunity to Outperform in Taiwan.</li>
</ul>


MSFT's new AI features for Windows will need computers with at least 16GB of DRAM to run effectively. MSFT is asking manufacturers for this as a minimum for AI models.
MSFT announced Copilot Pro for individuals and small businesses last week. The desire to use generative AI and the minimum required DRAM will drive accelerated PC upgrades.
We note relative strength in 16GB DRAM prices; In Memory space, we continue to see relative value in SK Hynix, however, Nanya has the opportunity to Outperform in Taiwan.


Memory Monitor: Microsoft Copilot Will Supercharge Demand for DRAM; SK Hynix, Nanya Tech, Micron

<ul>
<li>Memory names have rallied strongly, with Nanya Tech outperforming since the start of November.</li>
<li>DRAM bottomed and NAND flash prices have jumped. Micron says that 2025E could be a record year for the Memory industry.</li>
<li>High valuations make near-term upside for Memory names uncertain. For Long/Shorts one can consider Long Micron vs. Short SK Hynix or Long Micron vs. Short Nanya Tech.</li>
</ul>


Memory names have rallied strongly, with Nanya Tech outperforming since the start of November.
DRAM bottomed and NAND flash prices have jumped. Micron says that 2025E could be a record year for the Memory industry.
High valuations make near-term upside for Memory names uncertain. For Long/Shorts one can consider Long Micron vs. Short SK Hynix or Long Micron vs. Short Nanya Tech.


Memory Monitor: Micron Expects 2025E to Be Best-Ever for Memory; But Valuations Have Run Up a Lot

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Micron Technology (MU US)

Taiwan Tech Weekly: Key Taiwan Server Names Soar; Raising TSMC Growth Target; Memory Rally

The market was generally positive after Nvidia's GTC conference last week with key Taiwan server and other AI-linked names rising substantially....

Vincent Fernando, CFA

Why HBM is the Hottest Thing in Memory

Micron's earnings is just a rehash of what I already talked about. Memory pricing increase is driven by HBM shifting the mix of investment there,...

Fabricated Knowledge

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Memory Monitor: Microsoft Copilot Will Supercharge Demand for DRAM; SK Hynix, Nanya Tech, Micron

Microsoft's new AI features for Windows require a minimum of 16GB of DRAM, prompting accelerated PC upgrades and a pulling forward of the demand...

Vincent Fernando, CFA

Memory Monitor: Micron Expects 2025E to Be Best-Ever for Memory; But Valuations Have Run Up a Lot

High valuations and the recent bull run make near-term upside for Memory names uncertain. For Long/Shorts one can consider Long Micron vs. Short SK...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Key Taiwan Server Names Soar; Raising TSMC Growth Target; Memory Rally

The market was generally positive after Nvidia's GTC conference last week with key Taiwan server and other AI-linked names rising substantially....

Vincent Fernando, CFA

Why HBM is the Hottest Thing in Memory

Micron's earnings is just a rehash of what I already talked about. Memory pricing increase is driven by HBM shifting the mix of investment there,...

Fabricated Knowledge

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

​Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Memory Monitor: Microsoft Copilot Will Supercharge Demand for DRAM; SK Hynix, Nanya Tech, Micron

​Microsoft's new AI features for Windows require a minimum of 16GB of DRAM, prompting accelerated PC upgrades and a pulling forward of the demand...

Vincent Fernando, CFA

Memory Monitor: Micron Expects 2025E to Be Best-Ever for Memory; But Valuations Have Run Up a Lot

High valuations and the recent bull run make near-term upside for Memory names uncertain. For Long/Shorts one can consider Long Micron vs. Short SK...

Vincent Fernando, CFA

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Microsoft's new AI features for Windows require a minimum of 16GB of DRAM, prompting accelerated PC upgrades and a pulling forward of the demand...