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) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names</li>
<li>Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure</li>
<li>TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength</li>
</ul>


Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names
Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure
TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength


Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

<ul>
<li>UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.</li>
<li>Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift</li>
<li>First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid</li>
</ul>


UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.
Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift
First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid


Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>AI servers need 8-10x the storage of standard servers, and with nearline hard-drive lead times past 52 weeks, hyperscalers are shifting to enterprise SSDs, the storage market's fastest-growing segment.</li>
<li>Silicon Motion's MonTitan platform — the SM8366 Gen5 flagship and Gen6 SM8466 — sells controllers, reference designs, and licensable firmware to NAND makers and drive builders, a merchant model.</li>
<li>Quarterly revenue has more than doubled in a year, from US$166.5m in 1Q25 to US$342.1m in 1Q26, with two customers ramping and five tier-one hyperscalers queued for 2H26.</li>
</ul>


AI servers need 8-10x the storage of standard servers, and with nearline hard-drive lead times past 52 weeks, hyperscalers are shifting to enterprise SSDs, the storage market's fastest-growing segment.
Silicon Motion's MonTitan platform — the SM8366 Gen5 flagship and Gen6 SM8466 — sells controllers, reference designs, and licensable firmware to NAND makers and drive builders, a merchant model.
Quarterly revenue has more than doubled in a year, from US$166.5m in 1Q25 to US$342.1m in 1Q26, with two customers ramping and five tier-one hyperscalers queued for 2H26.


TechChain Insights: Silicon Motion's Enterprise SSD Ramp Begins, Five Hyperscalers Queued

<ul>
<li>Four growth drivers ramping simultaneously: PCIe5 targeting 40% market share, NAND makers increased outsourcing of controller design, automotive segment approaching 10% of revenue, and datacenter products approaching 5-10% of revenue.</li>
<li>Near-Term catalysts compelling as memory supply tightness drives controller outsourcing and gross margins approach 49-50%.</li>
<li>19x 2026E PER represents good value if company hits targets. While stock carries market pullback risk, we nevertheless maintain our Structural Long rating due to multi-year growth in view.</li>
</ul>


Four growth drivers ramping simultaneously: PCIe5 targeting 40% market share, NAND makers increased outsourcing of controller design, automotive segment approaching 10% of revenue, and datacenter products approaching 5-10% of revenue.
Near-Term catalysts compelling as memory supply tightness drives controller outsourcing and gross margins approach 49-50%.
19x 2026E PER represents good value if company hits targets. While stock carries market pullback risk, we nevertheless maintain our Structural Long rating due to multi-year growth in view.


Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.</li>
<li>Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.</li>
<li>As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
</ul>


We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.
Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).


Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

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)

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

TechChain Insights: Silicon Motion's Enterprise SSD Ramp Begins, Five Hyperscalers Queued

Hyperscalers are turning to enterprise SSDs due to long lead times for hard drives, driving growth in the storage market as Silicon Motion's...

Vincent Fernando, CFA

Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E

Strong drivers into 2026E for SIMO including PCIe5 market share expansion, NAND controller outsourcing, automotive segment growth, and successful...

Vincent Fernando, CFA

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

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52-week Range

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Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

​Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

TechChain Insights: Silicon Motion's Enterprise SSD Ramp Begins, Five Hyperscalers Queued

​Hyperscalers are turning to enterprise SSDs due to long lead times for hard drives, driving growth in the storage market as Silicon Motion's...

Vincent Fernando, CFA

Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E

Strong drivers into 2026E for SIMO including PCIe5 market share expansion, NAND controller outsourcing, automotive segment growth, and successful...

Vincent Fernando, CFA

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Hyperscalers are turning to enterprise SSDs due to long lead times for hard drives, driving growth in the storage market as Silicon Motion's...