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>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

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend taking profit on MICRON80, generating a holding-period return of 1.2%.</li><li>The average return of the KTX Tactical DR Portfolio declined by 1.04%, pressured by a broad sell-off in Al semiconductor stocks after META announced plans to monetize its excess cloud capacity.</li><li>The move suggests an oversupply of cloud infrastructure and has raised concerns that hyperscalers may slow their investment spending.</li></ul>

We recommend taking profit on MICRON80, generating a holding-period return of 1.2%.The average return of the KTX Tactical DR Portfolio declined by 1.04%, pressured by a broad sell-off in Al semiconductor stocks after META announced plans to monetize its excess cloud capacity.The move suggests an oversupply of cloud infrastructure and has raised concerns that hyperscalers may slow their investment spending.

KTX Tactical DR Picks - July 2, 2026 (Eng.)

Equity Long-Short

Mo Aziz

<ul>
<li>Only US-headquartered advanced memory IDM; 16 take-or-pay SCAs with US$100bn contracted minimum revenue structurally truncate the earnings left tail — a framework no prior memory cycle possessed.</li>
<li>SCA framework argues for a blended multiple between commodity memory (5–8x) and capital equipment (18–30x); market currently prices zero contractual premium.</li>
<li>BUY, US$1,400 PT (11x FY2027E non-GAAP EPS US$125); partial credit only to SCA re-rating — full credit to 14x implies US$1,750+.</li>
</ul>


Only US-headquartered advanced memory IDM; 16 take-or-pay SCAs with US$100bn contracted minimum revenue structurally truncate the earnings left tail — a framework no prior memory cycle possessed.
SCA framework argues for a blended multiple between commodity memory (5–8x) and capital equipment (18–30x); market currently prices zero contractual premium.
BUY, US$1,400 PT (11x FY2027E non-GAAP EPS US$125); partial credit only to SCA re-rating — full credit to 14x implies US$1,750+.


MICRON TECHNOLOGY (MU US) — Initiate with BUY (TP US$1,400)

Cross Asset Strategy

<ul><li>(+) Brent crude fell for a fifth consecutive day, dropping below USD100/bbl as concerns over tight supply eased.</li><li>(+)The Ministry of Finance and the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) are advancing the "Reinvent Thailand" national strategy, targeting investment at 30% of GDP.</li><li>(+) The Cabinet approved the expected two-month extension of the "Thai Chuai Thai Plus" scheme and increased assistance for state welfare cardholders.</li></ul>

(+) Brent crude fell for a fifth consecutive day, dropping below USD100/bbl as concerns over tight supply eased.(+)The Ministry of Finance and the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) are advancing the "Reinvent Thailand" national strategy, targeting investment at 30% of GDP.(+) The Cabinet approved the expected two-month extension of the "Thai Chuai Thai Plus" scheme and increased assistance for state welfare cardholders.

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.

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Micron Technology (MU US)

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

KTX Tactical DR Picks - July 2, 2026 (Eng.)

We recommend taking profit on MICRON80, generating a holding-period return of 1.2%. The average return of the KTX Tactical DR Portfolio declined...

Krungthai XSpring