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>Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. </li>
<li>I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.</li>
<li>We explore five key themes that arise from the data and recent events.</li>
</ul>


Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. 
I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.
We explore five key themes that arise from the data and recent events.


AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology (STX US)</a>, <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/western-digital-corp" target="_blank" data-smartkarma-citation="entities:1094:1" rel="noopener">Western Digital (WDC US)</a> are the top forecasted additions with the highest price surge.</li>
<li>
<a href="https://www.smartkarma.com/entities/trade-desk-inc-the" target="_blank" data-smartkarma-citation="entities:26467:1" rel="noopener">Trade Desk (TTD US)</a>, <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor (ON US)</a> and <a href="https://www.smartkarma.com/entities/lululemon-athletica-inc" target="_blank" data-smartkarma-citation="entities:8316:1" rel="noopener">Lululemon Athletica (LULU US)</a> are the forecasted deletions with the largest price drop.</li>
<li>
<a href="https://www.smartkarma.com/entities/ferrovial-se-d1237de2-ee34-4fbb-8db7-53dd686904f2" target="_blank" data-smartkarma-citation="entities:46086:1" rel="noopener">Ferrovial (FER US)</a> can be a surprise addition depending on the treatment of its foreign listing.</li>
</ul>



Seagate Technology (STX US), Alnylam Pharmaceuticals (ALNY US) and Western Digital (WDC US) are the top forecasted additions with the highest price surge.

Trade Desk (TTD US), On Semiconductor (ON US) and Lululemon Athletica (LULU US) are the forecasted deletions with the largest price drop.

Ferrovial (FER US) can be a surprise addition depending on the treatment of its foreign listing.


Nasdaq100 December 2025 Forecast (Final): 12 Changes

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Monolithic Power Systems, Inc / Equity Bottom-Up

<ul>
  <li>Monolithic Power Systems (MPS) is a high-growth, fabless semiconductor company specializing in differentiated, high-performance power management solutions. Its proprietary BCD process technology allows for greater integration and energy efficiency, providing a key competitive advantage.</li>
  <li>The company is strategically positioned to capitalize on secular megatrends, including the expansion of enterprise data centers, artificial intelligence (AI), automotive electrification (EVs and ADAS), and industrial automation. These end markets are expected to drive sustained, above-average growth.</li>
  <li>MPS has a strong track record of financial performance, characterized by robust revenue and earnings growth, high margins, and consistent dividend increases. While the company trades at a premium valuation, its superior growth profile and technological edge support its market position.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Monolithic Power Systems (MPS) is a high-growth, fabless semiconductor company specializing in differentiated, high-performance power management solutions. Its proprietary BCD process technology allows for greater integration and energy efficiency, providing a key competitive advantage.
  The company is strategically positioned to capitalize on secular megatrends, including the expansion of enterprise data centers, artificial intelligence (AI), automotive electrification (EVs and ADAS), and industrial automation. These end markets are expected to drive sustained, above-average growth.
  MPS has a strong track record of financial performance, characterized by robust revenue and earnings growth, high margins, and consistent dividend increases. While the company trades at a premium valuation, its superior growth profile and technological edge support its market position.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Monolithic Power Systems, Inc (MPWR US) - Oct 2025

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>Monolithic Power Systems (MPS) reported solid financial performance for the second quarter of 2025, achieving record quarterly revenues of $664.6 million.</li><li>This represents a 4.2% increase over the first quarter of 2025 and a robust 31.0% year-over-year growth from Q2 2024.</li><li>The driving forces behind this performance include MPS's diverse market strategy, sustained innovation, and enhanced execution focused on solving complex customer issues.</li></ul>

Monolithic Power Systems (MPS) reported solid financial performance for the second quarter of 2025, achieving record quarterly revenues of $664.6 million.This represents a 4.2% increase over the first quarter of 2025 and a robust 31.0% year-over-year growth from Q2 2024.The driving forces behind this performance include MPS's diverse market strategy, sustained innovation, and enhanced execution focused on solving complex customer issues.

Monolithic Power Systems: Expanding Market Share Through Enterprise Data, AI, & Robotics Synergy!

<ul><li>Monolithic Power Systems, Inc. (MPS) reported a strong first quarter for 2025, with its revenue reaching a new quarterly high of $637.6 million.</li><li>This represents a 39.2% year-over-year increase and a slight improvement from the previous quarter, demonstrating the company's robust performance amidst a challenging economic landscape.</li><li>The positive revenue results were attributed to the strength of MPS's diversified market strategy, continued innovation, and strong customer relationships.</li></ul>

Monolithic Power Systems, Inc. (MPS) reported a strong first quarter for 2025, with its revenue reaching a new quarterly high of $637.6 million.This represents a 39.2% year-over-year increase and a slight improvement from the previous quarter, demonstrating the company's robust performance amidst a challenging economic landscape.The positive revenue results were attributed to the strength of MPS's diversified market strategy, continued innovation, and strong customer relationships.

Monolithic Power Systems: Enterprise Data Segment Growth As A Critical Factor Driving Growth!

United States

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

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Monolithic Power Systems, Inc (MPWR US)

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

Nasdaq100 December 2025 Forecast (Final): 12 Changes

STX, ALNY, WDC are the top forecasted addition. TTD, ON, LULU are the top forecasted deletions. FER can be a surprise addition displacing EBAY.

Dimitris Ioannidis

Primer: Monolithic Power Systems, Inc (MPWR US) - Oct 2025

Monolithic Power Systems (MPS) is a high-growth, fabless semiconductor company specializing in differentiated, high-performance power management...

αSK Primers

Monolithic Power Systems: Enterprise Data Segment Growth As A Critical Factor Driving Growth!

Monolithic Power Systems, Inc. (MPS) reported a strong first quarter for 2025, with its revenue reaching a new quarterly high of $637.6...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

​Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

Nasdaq100 December 2025 Forecast (Final): 12 Changes

​STX, ALNY, WDC are the top forecasted addition. TTD, ON, LULU are the top forecasted deletions. FER can be a surprise addition displacing EBAY.

Dimitris Ioannidis

Primer: Monolithic Power Systems, Inc (MPWR US) - Oct 2025

Monolithic Power Systems (MPS) is a high-growth, fabless semiconductor company specializing in differentiated, high-performance power management...

αSK Primers

Monolithic Power Systems: Expanding Market Share Through Enterprise Data, AI, & Robotics Synergy!

Monolithic Power Systems (MPS) reported solid financial performance for the second quarter of 2025, achieving record quarterly revenues of $664.6...

Baptista Research

Monolithic Power Systems: Enterprise Data Segment Growth As A Critical Factor Driving Growth!

Monolithic Power Systems, Inc. (MPS) reported a strong first quarter for 2025, with its revenue reaching a new quarterly high of $637.6...

Baptista Research

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

STX, ALNY, WDC are the top forecasted addition. TTD, ON, LULU are the top forecasted deletions. FER can be a surprise addition displacing EBAY.