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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"</li>
<li>Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand</li>
<li>TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay</li>
</ul>


Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"
Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand
TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay


Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Alphabet subsidiary, Google Quantum AI, launched its latest quantum computing chip, Willow, which can solve a specific problem in &lt;5 mins that would take a supercomputer 10 septillion years</li>
<li>Share prices of quantum computing related companies soared in December, ranging from 4.5x in the case of IonQ to ~17x for Quantum Computing Inc. </li>
<li>D-Wave &amp; Rigetti, both threatened with delisting in November, got their Christmas miracle with their share prices surging by 8x and 11x respectively. </li>
</ul>


Alphabet subsidiary, Google Quantum AI, launched its latest quantum computing chip, Willow, which can solve a specific problem in &lt;5 mins that would take a supercomputer 10 septillion years
Share prices of quantum computing related companies soared in December, ranging from 4.5x in the case of IonQ to ~17x for Quantum Computing Inc. 
D-Wave &amp; Rigetti, both threatened with delisting in November, got their Christmas miracle with their share prices surging by 8x and 11x respectively. 


Quantum Computing Part 1. Christmas Miracles & Multiverse Musings

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who  pulled off what many thought to be impossible</li>
<li>Despite flawless execution and carving out a brand new $5 billion market segment within AI Acceleration, AMD's share prices is down 44% from its 52 week high</li>
<li>AMD will ultimately face headwinds from Arm but, for the time being, their growth will come from continuing to take market share from Intel and building on their Instinct platform </li>
</ul>


AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who  pulled off what many thought to be impossible
Despite flawless execution and carving out a brand new $5 billion market segment within AI Acceleration, AMD's share prices is down 44% from its 52 week high
AMD will ultimately face headwinds from Arm but, for the time being, their growth will come from continuing to take market share from Intel and building on their Instinct platform 


Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. </li>
<li>Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. </li>
<li>Markets have some momentum and in some cases mean reversion to the price move on the day after the election. </li>
</ul>


The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. 
Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. 
Markets have some momentum and in some cases mean reversion to the price move on the day after the election. 


EQD | US Election -  Hedge Considerations

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Late Friday, S&amp;PDJI announced <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> would replace <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in the Dow Jones Industrial Avg.</li>
<li>This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. </li>
<li>The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> could get exciting.</li>
</ul>


Late Friday, S&amp;PDJI announced NVIDIA Corp (NVDA US) and Sherwin Williams Co (SHW US) would replace Intel Corp (INTC US) and Dow (DOW US) in the Dow Jones Industrial Avg.
This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. 
The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, Sherwin Williams Co (SHW US) could get exciting.


Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

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)

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

Quantum Computing Part 1. Christmas Miracles & Multiverse Musings

The recent launch of Google Quantum AI's latest quantum computing chip Willow has sparked a frenzy of interest by investors that's seen the share...

William Keating

AMD's Lisa Su Named Time CEO Of The Year

AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who pulled off what many thought to be impossible....

William Keating

EQD | US Election - Hedge Considerations

The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

John Ley

Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

The DJIA (Dow30) is an odd anachronism. Price-weighted. Rebalances when it wants. No ranking system. Just a committee and some vague inputs. This...

Travis Lundy

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Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

​Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

Quantum Computing Part 1. Christmas Miracles & Multiverse Musings

The recent launch of Google Quantum AI's latest quantum computing chip Willow has sparked a frenzy of interest by investors that's seen the share...

William Keating

AMD's Lisa Su Named Time CEO Of The Year

AMD’s Lisa Su has been honoured as Time’s CEO of the year, a fitting tribute to a leader who pulled off what many thought to be impossible....

William Keating

EQD | US Election - Hedge Considerations

​The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

John Ley

Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

The DJIA (Dow30) is an odd anachronism. Price-weighted. Rebalances when it wants. No ranking system. Just a committee and some vague inputs. This...

Travis Lundy

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...