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>3nm and below now accounts for 48% of total revenue, up from near-zero two years ago, as TSMC affiliate GUC becomes the go-to partner for hyperscaler custom silicon</li>
<li>Full-Year revenue grew 36% to NT$34.1bn, outpacing the broader semiconductor industry as custom AI chip demand accelerates</li>
<li>Companies like Amazon, Google, Microsoft, and Meta have publicly discussed or deployed custom chips for AI inference and training, and GUC's results suggest these programs are reaching meaningful volume.</li>
</ul>


3nm and below now accounts for 48% of total revenue, up from near-zero two years ago, as TSMC affiliate GUC becomes the go-to partner for hyperscaler custom silicon
Full-Year revenue grew 36% to NT$34.1bn, outpacing the broader semiconductor industry as custom AI chip demand accelerates
Companies like Amazon, Google, Microsoft, and Meta have publicly discussed or deployed custom chips for AI inference and training, and GUC's results suggest these programs are reaching meaningful volume.


GUC's 3nm Breakout Quarter Reveals How Taiwan's ASIC Leaders Are Capturing AI Chip Demand

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.</li>
<li>We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.
We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we review the share price performances of the 14 companies/insights on the Asian Dividend Gems in 2025.</li>
<li>The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price.</li>
<li>The 14 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 5.4% and average SmartScore of 4.1 (out of 5.0).</li>
</ul>


In this insight, we review the share price performances of the 14 companies/insights on the Asian Dividend Gems in 2025.
The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price.
The 14 companies included in the Asian Dividend Gems series this year currently have an average dividend yield of 5.4% and average SmartScore of 4.1 (out of 5.0).


Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Review of the conventional arguments (Bloomberg article): the timing gap between Capex and Revenue is the real issue.</li>
<li>Review of history of Tech Bubbles (Krugman): not clear if AI is a bubble, it could keep going for years, but if it bursts it will be worse than 1999-2003.</li>
<li>Best AI comp is Cloud Computing. Both enable new data analytics, new applications. Both are platforms. US Cloud Computing revenues increased 25x in 10 years (2015 to 2024).</li>
</ul>


Review of the conventional arguments (Bloomberg article): the timing gap between Capex and Revenue is the real issue.
Review of history of Tech Bubbles (Krugman): not clear if AI is a bubble, it could keep going for years, but if it bursts it will be worse than 1999-2003.
Best AI comp is Cloud Computing. Both enable new data analytics, new applications. Both are platforms. US Cloud Computing revenues increased 25x in 10 years (2015 to 2024).


What Are the Arguments in Favor and Against an AI Bubble?

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Last week <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> announced a 5 billion USD investment into <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>. </li>
<li>If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.</li>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.</li>
</ul>


Last week NVIDIA Corp (NVDA US) announced a 5 billion USD investment into Intel Corp (INTC US). 
If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.

AEM (AEM SP) has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.


AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

GUC's 3nm Breakout Quarter Reveals How Taiwan's ASIC Leaders Are Capturing AI Chip Demand

TSMC affiliate GUC sees surge in revenue from hyperscaler custom silicon, driven by demand for custom AI chips from tech giants like Amazon and...

Vincent Fernando, CFA

Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while...

Sumeet Singh

A Review of Asian Dividend Gems in 2025

The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price. They...

Douglas Kim

What Are the Arguments in Favor and Against an AI Bubble?

Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...

Nicolas Baratte

AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GUC's 3nm Breakout Quarter Reveals How Taiwan's ASIC Leaders Are Capturing AI Chip Demand

​TSMC affiliate GUC sees surge in revenue from hyperscaler custom silicon, driven by demand for custom AI chips from tech giants like Amazon and...

Vincent Fernando, CFA

Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while...

Sumeet Singh

A Review of Asian Dividend Gems in 2025

The 14 stocks in the Asian Dividend Gems published in 2025 are up on average 17.9% from the date of publishing the insight to current price. They...

Douglas Kim

What Are the Arguments in Favor and Against an AI Bubble?

​Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...

Nicolas Baratte

AEM Holdings: Nvidia's Investment in Intel to Drive AEM Re-Rating?

​NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.

Nicolas Van Broekhoven

TSMC affiliate GUC sees surge in revenue from hyperscaler custom silicon, driven by demand for custom AI chips from tech giants like Amazon and...

Timing gap between Capex and Revenue is the real issue, AI could be a bubble worse than 1999-2003, Cloud Computing is the best AI comp with...

NVIDIA's $5 billion investment in Intel could revive Intel's supply chain, benefiting companies like AEM linked to Intel.