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>Hidden Risk for Apple? -- TSMC's Potential 2nm Capacity Bottlneck</li>
<li>Long/Short SK Vs. Nanya: AI Memory Leadership to Outperform Legacy DRAM’s Final Cyclical Peak</li>
<li>Himax (HIMX US, Long): Management Call Confirms 2026 Mass-Production Readiness; Increasing Forecasts </li>
</ul>


Hidden Risk for Apple? -- TSMC's Potential 2nm Capacity Bottlneck
Long/Short SK Vs. Nanya: AI Memory Leadership to Outperform Legacy DRAM’s Final Cyclical Peak
Himax (HIMX US, Long): Management Call Confirms 2026 Mass-Production Readiness; Increasing Forecasts 


Taiwan Tech Weekly: TSMC a Hidden Capacity Risk for Apple; Memory Pair Long/Short Opportunity

<ul>
<li>
<strong>LONG <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a></strong> -- Positioned for earnings growth durability through 2026E-2027E, anchored by high bandwidth memory (HBM), high-performance DDR5, and AI server memory content expansion.</li>
<li>
<strong>SHORT <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a></strong> -- Rallied sharply as older DDR4 memory prices spiked, driven by end-of-life supply behavior and panic-buying dynamics, which will normalize as the supply side responds.</li>
<li>Large divergence in product mix quality and of consensus growth forecasts' resilience to potential market swings favors a Long <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> vs. Short <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> position.</li>
</ul>



LONG SK Hynix (000660 KS) -- Positioned for earnings growth durability through 2026E-2027E, anchored by high bandwidth memory (HBM), high-performance DDR5, and AI server memory content expansion.

SHORT Nanya Technology (2408 TT) -- Rallied sharply as older DDR4 memory prices spiked, driven by end-of-life supply behavior and panic-buying dynamics, which will normalize as the supply side responds.
Large divergence in product mix quality and of consensus growth forecasts' resilience to potential market swings favors a Long SK Hynix (000660 KS) vs. Short Nanya Technology (2408 TT) position.


Long/Short SK Vs. Nanya: AI Memory Leadership to Outperform Legacy DRAM’s Final Cyclical Peak

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 12th. The aggregated short interest was USD28.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works, Winbond Electronics, Hon Hai Precision, Nanya Technology, King Yuan Electronics, King Slide Works.


TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Dec 5th. The aggregated short interest was USD28.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology, WT Microelectronics, Accton Technology, Alchip Technologies, PharmaEssentia, Nanya Technology.


TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 28th. The aggregated holding was USD1,346.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,288mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, WT Microelectronics, Hon Hai Precision, Fubon Financial, MediaTek, Wt Microelectronics, Mediatek, TSMC, Hon Hai Precision, Fubon Financial.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 28th. The aggregated holding was USD1,346.9bn.
We estimate that foreign flows to be outflows of USD1,288mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, WT Microelectronics, Hon Hai Precision, Fubon Financial, MediaTek, Wt Microelectronics, Mediatek, TSMC, Hon Hai Precision, Fubon Financial.


TWSE Foreign Holding Weekly (Nov 28th): TSMC, WT Microelectronics, Hon Hai Precision

Taiwan

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

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Nanya Technology (2408 TT)

Taiwan Tech Weekly: TSMC a Hidden Capacity Risk for Apple; Memory Pair Long/Short Opportunity

Apple faces some risk due to TSMC's potential 2nm capacity bottleneck. PC makers are struggling to source memory for non-AI products. Long/Short...

Vincent Fernando, CFA

Long/Short SK Vs. Nanya: AI Memory Leadership to Outperform Legacy DRAM’s Final Cyclical Peak

SK Hynix positioned for earnings growth with high bandwidth memory and AI server memory, while Nanya Technology rallied on DDR4 prices but faces...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Nov 28th): TSMC, WT Microelectronics, Hon Hai Precision

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), WT Microelectronics (3036 TT),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC a Hidden Capacity Risk for Apple; Memory Pair Long/Short Opportunity

​Apple faces some risk due to TSMC's potential 2nm capacity bottleneck. PC makers are struggling to source memory for non-AI products. Long/Short...

Vincent Fernando, CFA

Long/Short SK Vs. Nanya: AI Memory Leadership to Outperform Legacy DRAM’s Final Cyclical Peak

​SK Hynix positioned for earnings growth with high bandwidth memory and AI server memory, while Nanya Technology rallied on DDR4 prices but faces...

Vincent Fernando, CFA

TWSE Short Interest Weekly (Dec 12th): Hon Hai Precision, Nanya Technology, King Yuan Electronics

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Dec 5th): WT Microelectronics, Accton Technology, Alchip Technologies

We analyzed TWSE short interest report for the past week and highlighted short interest changes in WT Microelectronics (3036 TT), Accton Technology...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Nov 28th): TSMC, WT Microelectronics, Hon Hai Precision

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), WT Microelectronics (3036 TT),...

Ke Yan, CFA, FRM

Apple faces some risk due to TSMC's potential 2nm capacity bottleneck. PC makers are struggling to source memory for non-AI products. Long/Short...

SK Hynix positioned for earnings growth with high bandwidth memory and AI server memory, while Nanya Technology rallied on DDR4 prices but faces...