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

Silicon Motion Technology / Equity Bottom-Up

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<li>
SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.</li>
<li>
SIMO's MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.</li>
<li>
Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.</li>
</ul>



SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.

SIMO's MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.

Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.


Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

<ul>
<li>
SK Hynix expects continued AI/server memory strength despite global uncertainty -- Expects 2025E HBM revenue to double YoY.</li>
<li>
PC and smartphone memory demand experienced moderate recovery -- Supported by China stimulus and AI-featured product cycles.</li>
<li>
Continue to view SK Hynix shares in more favorable position vs. Nana Tech shares -- Especially in a scenario of global economic weakness.</li>
</ul>



SK Hynix expects continued AI/server memory strength despite global uncertainty -- Expects 2025E HBM revenue to double YoY.

PC and smartphone memory demand experienced moderate recovery -- Supported by China stimulus and AI-featured product cycles.

Continue to view SK Hynix shares in more favorable position vs. Nana Tech shares -- Especially in a scenario of global economic weakness.


Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.</li>
<li>
 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.</li>
<li>
UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.</li>
</ul>



Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.

 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.

UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.


Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

<ul>
<li>TSMC Accelerates U.S. Expansion — New Arizona Fab to Be Built at 'Taiwan Speed'</li>
<li>Phison CEO Sees Decade-Long Boom for NAND Flash as AI Shifts to the Edge</li>
<li>Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive </li>
</ul>


TSMC Accelerates U.S. Expansion — New Arizona Fab to Be Built at 'Taiwan Speed'
Phison CEO Sees Decade-Long Boom for NAND Flash as AI Shifts to the Edge
Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive 


Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

<ul>
<li>Key Memory Names Have Rebounded; Micron and SK Hynix Lead</li>
<li>NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E</li>
<li>Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech</li>
</ul>


Key Memory Names Have Rebounded; Micron and SK Hynix Lead
NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E
Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech


Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

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)

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

Vincent Fernando, CFA

Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...

Vincent Fernando, CFA

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Vincent Fernando, CFA

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

​SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

Vincent Fernando, CFA

Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

​SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...

Vincent Fernando, CFA

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

​Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

​TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Vincent Fernando, CFA

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

​Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...