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

<ul>
<li>Nanya Tech Soared in February on DRAM Recovery and Custom HBM News</li>
<li>Nanya’s Custom HBM Strategy &amp; the Positive DRAM Market Outlook</li>
<li>Memory Monitor Universe: SK Hynix &amp; Micron Still Have Strong FY2025E Expected Growth; Nanya Tech Still Negative</li>
</ul>


Nanya Tech Soared in February on DRAM Recovery and Custom HBM News
Nanya’s Custom HBM Strategy &amp; the Positive DRAM Market Outlook
Memory Monitor Universe: SK Hynix &amp; Micron Still Have Strong FY2025E Expected Growth; Nanya Tech Still Negative


Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

<ul>
<li>SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore</li>
<li>DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?</li>
<li>AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So</li>
</ul>


SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore
DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?
AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So


Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>What is PCIe 5.0 and Why SIMO is Poised to Expand Market Share with PCIe 5.0</li>
<li>PCIe 5.0 and Beyond -- Importance for Enterprise HPC and AI Data Centers</li>
<li>Looking Ahead: MaxLinear Arbitration in 2H25E -- We Believe SIMO Likely to Win Its Termination Fee Plus Additional Award for Additional Damages</li>
</ul>


What is PCIe 5.0 and Why SIMO is Poised to Expand Market Share with PCIe 5.0
PCIe 5.0 and Beyond -- Importance for Enterprise HPC and AI Data Centers
Looking Ahead: MaxLinear Arbitration in 2H25E -- We Believe SIMO Likely to Win Its Termination Fee Plus Additional Award for Additional Damages


Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Latest TSMC Price Hike -- Introducing the $18,000 Wafer; Supports The Case That Management Margin Guidance is Overly Conservative</li>
<li>Mover Over Apple, Nvidia Could Become TSMC's Largest Customer in 2025E</li>
<li>SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings </li>
</ul>


Latest TSMC Price Hike -- Introducing the $18,000 Wafer; Supports The Case That Management Margin Guidance is Overly Conservative
Mover Over Apple, Nvidia Could Become TSMC's Largest Customer in 2025E
SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings 


Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

<ul>
<li>Micron's Latest Outlook Disappoints &amp; Shares Fall; Decoupling Trade Between SK Hynix &amp; Nanya Tech Has Worked However</li>
<li>Smartphone AI Insights -- On-Device Local Search &amp; Context-Aware Interfaces Emerging as Key Local AI Needs</li>
<li>Conclusion -- Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade</li>
</ul>


Micron's Latest Outlook Disappoints &amp; Shares Fall; Decoupling Trade Between SK Hynix &amp; Nanya Tech Has Worked However
Smartphone AI Insights -- On-Device Local Search &amp; Context-Aware Interfaces Emerging as Key Local AI Needs
Conclusion -- Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade


Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

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)

Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.

Vincent Fernando, CFA

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...

Vincent Fernando, CFA

Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Vincent Fernando, CFA

Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News

​Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.

Vincent Fernando, CFA

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

​SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership

​PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...

Vincent Fernando, CFA

Taiwan Tech Weekly: Latest TSMC Pricing for Apple Supports Bullish Margin Case; SK Hynix's HBM Win

​TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Vincent Fernando, CFA

Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

​Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Vincent Fernando, CFA

Nanya Tech sees growth in February from DRAM recovery and custom HBM strategy, but still lags behind SK Hynix and Micron in expected growth for 2025.

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

PCIe 5.0 is set to revolutionize data centers, with SIMO positioned to benefit from its expansion in the market. We also analyze a potential...

TSMC's price hike and potential shift in top customers could impact margins, while SK Hynix maintains lead over Samsung in earnings with focus on...

Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...