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>Apple Announces New AI Features at WDC; Shares Surge to New All-Time Highs</li>
<li>Top Movers: Major Computex Exhibitors See Share Prices Fall Despite Strong Presence</li>
<li>Computex 2024: Chip Companies Notably Competing to Win PC Makers</li>
</ul>


Apple Announces New AI Features at WDC; Shares Surge to New All-Time Highs
Top Movers: Major Computex Exhibitors See Share Prices Fall Despite Strong Presence
Computex 2024: Chip Companies Notably Competing to Win PC Makers


Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Inventory levels were at 90 days by the end of 1Q24, returning to a normal level.   </li>
<li>It is expected to see consecutive QoQ growth throughout 2024, with normal orders observed since 2Q24. </li>
<li>Although Chinese mature technology is advancing, current analog capacity still falls short of local demand in China.</li>
</ul>


Inventory levels were at 90 days by the end of 1Q24, returning to a normal level.   
It is expected to see consecutive QoQ growth throughout 2024, with normal orders observed since 2Q24. 
Although Chinese mature technology is advancing, current analog capacity still falls short of local demand in China.


Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

<ul>
<li>Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.</li>
<li>TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?</li>
<li>Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.</li>
</ul>


Apple supply chain names are falling due concerns about weak iPhone shipments. Global PC shipments returned to growth as per IDC data.
TSMC and ASML results this week and will be cruical for the market. Can TSMC rally again to achieve new highs or will it continue trading lower?
Nanya Technology sees DRAM Industry pricing rising through 2024E; but is underperforming financially.


Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

<ul>
<li>Quanta surged with major server wins from Meta, Alphabet, and Amazon. Nanya Tech results are two weeks ahead and Intel will host a webinar this week about its Foundry business.</li>
<li>Mediatek: Accelerating Momentum in Automotive, Data Center, and AI Memory Solutions </li>
<li>Hon Hai (Foxconn): After the 50% Surge, Where Can It Go From Here? </li>
</ul>


Quanta surged with major server wins from Meta, Alphabet, and Amazon. Nanya Tech results are two weeks ahead and Intel will host a webinar this week about its Foundry business.
Mediatek: Accelerating Momentum in Automotive, Data Center, and AI Memory Solutions 
Hon Hai (Foxconn): After the 50% Surge, Where Can It Go From Here? 


Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

China

Silergy Corp designs and manufactures a broad range of high performance analog integrated circuits.  The Company's products include single output step down regulators, dual output regulators, single output step by step regulators, power management ICs, step up LED backlight regulator, AC-DC LED lighting controller, DC input LED lighting drivers, LDO regulators, and protection switch

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Silergy Corp (6415 TT)

Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...

Vincent Fernando, CFA

Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...

Patrick Liao

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs

​Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...

Vincent Fernando, CFA

Silergy (6415.TT): Rebounding from the Bottom in 1Q24, It Will Witness Normal Orders Since 2Q24.

​General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...

Patrick Liao

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Taiwan Tech Weekly: Apple Suppliers Slump on IPhone; PC Volumes Back to Growth; TSMC & ASML Results

​Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Vincent Fernando, CFA

Taiwan Tech Weekly: Quanta Surging on Nvidia Server Orders; Nanya Results Ahead; Intel Foundry Event

​Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...

Vincent Fernando, CFA

Apple's new AI features at WDC lead to record high shares; major Computex exhibitors see share prices drop despite strong presence; chip companies...

General Motors sees strong financial performance in Q1 2024, with inventory levels returning to normal and expected growth throughout the year...

Apple supply chain names are dropping due to weak iPhone shipments, while global PC shipments are growing. TSMC and ASML results will be crucial...

Quanta sees stock surge with server wins, Mediatek accelerates expansion in automotive and data center solutions. Intel will host a webinar about...