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>Samsung 1Q24 results beat consensus by a wide margin and the company gave strong guidance for its Memory segment, guiding for further strength driven by servers, PCs, &amp; phones needs.</li>
<li>Guided strong demand for PC/Mobile Memory in 2H24E driven by on-device AI, which supports the case of edge AI hardware beginning to drive demand in addition to cloud/server-based AI hardware.</li>
<li>Foundry segment's losses reduced, but still loss-making? Samsung's order backlog is at an all-time high but Samsung Foundry results suggest manufacturing yield performance likely well behind TSMC.</li>
</ul>


Samsung 1Q24 results beat consensus by a wide margin and the company gave strong guidance for its Memory segment, guiding for further strength driven by servers, PCs, &amp; phones needs.
Guided strong demand for PC/Mobile Memory in 2H24E driven by on-device AI, which supports the case of edge AI hardware beginning to drive demand in addition to cloud/server-based AI hardware.
Foundry segment's losses reduced, but still loss-making? Samsung's order backlog is at an all-time high but Samsung Foundry results suggest manufacturing yield performance likely well behind TSMC.


Deep Dive Into Samsung's Memory & Foundry Results: TSMC, AI PC, Server, AI Phone Implications

<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>Competition in the High Bandwidth Memory (HBM) space is intensifying; Micron shares have rallied after it announced HBM3e mass production; SK Hynix has outperformed since its earnings release.</li>
<li>Nvidia's H200, its most advanced chip for generative AI, leans heavily on HBM3e memory for its increased performance vs. the previous H100 generation. Memory leaders are key for Nvidia's success.</li>
<li>Taiwan's Nanya Tech appears to be watching HBM competition between Micron, SK Hynix, and Samsung from the sidelines; can its shares get back into the game?</li>
</ul>


Competition in the High Bandwidth Memory (HBM) space is intensifying; Micron shares have rallied after it announced HBM3e mass production; SK Hynix has outperformed since its earnings release.
Nvidia's H200, its most advanced chip for generative AI, leans heavily on HBM3e memory for its increased performance vs. the previous H100 generation. Memory leaders are key for Nvidia's success.
Taiwan's Nanya Tech appears to be watching HBM competition between Micron, SK Hynix, and Samsung from the sidelines; can its shares get back into the game?


Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On

<ul>
<li>ChipMOS Margin Rebound Sputters, Guidance Implies Margins Could Remain Under Pressure</li>
<li>Valuation Appears Precarious In Light of Latest Results and Guidance</li>
<li>Valuation Appears Precarious In Light of Latest Results and Guidance</li>
</ul>


ChipMOS Margin Rebound Sputters, Guidance Implies Margins Could Remain Under Pressure
Valuation Appears Precarious In Light of Latest Results and Guidance
Valuation Appears Precarious In Light of Latest Results and Guidance


ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.</li>
<li>The company's growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.</li>
<li>The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.</li>
</ul>


Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.
The company's growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.
The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.


Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

Taiwan

Silicon Motion Technology Corporation is a semiconductor company that designs, develops, and markets semiconductor products for the multimedia consumer electronics market. The Company's products include controllers used in mobile storage media and multimedia systems on a chip.

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Silicon Motion Technology (SIMO US)

Deep Dive Into Samsung's Memory & Foundry Results: TSMC, AI PC, Server, AI Phone Implications

Foundry segment's losses reduced, but still loss-making. Samsung's order backlog is at an all-time high but Samsung Foundry results suggest...

Vincent Fernando, CFA

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

Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On

Memory competition is intensifying with Micron and Samsung's latest HBM3e production announcements. Nvidia's GPUs lean heavily on performance...

Vincent Fernando, CFA

ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

ChipMOS isn't cheap given a sputtering margin rebound. The market still has significant room to shift towards negative sentiment.

Vincent Fernando, CFA

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Deep Dive Into Samsung's Memory & Foundry Results: TSMC, AI PC, Server, AI Phone Implications

Foundry segment's losses reduced, but still loss-making. Samsung's order backlog is at an all-time high but Samsung Foundry results suggest...

Vincent Fernando, CFA

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

Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On

​Memory competition is intensifying with Micron and Samsung's latest HBM3e production announcements. Nvidia's GPUs lean heavily on performance...

Vincent Fernando, CFA

ChipMOS: Valuation at Risk Given Latest Results; Short Interest Shows Sentiment Has Room to Shift

ChipMOS isn't cheap given a sputtering margin rebound. The market still has significant room to shift towards negative sentiment.

Vincent Fernando, CFA

Silicon Motion Memory Readthrough: NAND Flash to Remain In Shortage; Up-Cycle to Persist

​Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....

Vincent Fernando, CFA

Memory competition is intensifying with Micron and Samsung's latest HBM3e production announcements. Nvidia's GPUs lean heavily on performance...

Silicon Motion beats expectations and predicts strong growth for NAND flash in 2024E and 2025E plus new enterprise data center products....