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>MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom</li>
<li>Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift </li>
<li>Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good </li>
</ul>


MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom
Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift 
Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good 


Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

<ul>
<li>TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium</li>
<li>UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount</li>
<li>ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time</li>
</ul>


TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium
UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount
ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time


Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

<ul>
<li>TSMC's Most Advanced Node -- 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think</li>
<li>OpenAI's Sam Altman 'Jokes' About Owning US$3 Trillion Worth of GPUs One Day...</li>
<li>AI PC Delay -- Nvidia-MediaTek Push AI PC Chip Launch to 2026</li>
</ul>


TSMC's Most Advanced Node -- 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think
OpenAI's Sam Altman 'Jokes' About Owning US$3 Trillion Worth of GPUs One Day...
AI PC Delay -- Nvidia-MediaTek Push AI PC Chip Launch to 2026


Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week July 21 - July 25.</li>
<li>
OVERSOLD: <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta (META US)</a> , <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> , <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> </li>
<li>
OVERBOUGHT: <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a> , <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> , <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> , <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (2330 TT)</a> , <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index (SHSZ300 INDEX)</a> , <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener"> KOSPI 200 (KOSPI2 INDEX)</a> </li>
</ul>


A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week July 21 - July 25.

OVERSOLD: Meta (META US) , HDFC Bank (HDFCB IN) , NIFTY Index (NIFTY INDEX) 

OVERBOUGHT: Alphabet (GOOG US) , Amazon.com Inc (AMZN US) , NVIDIA Corp (NVDA US) , Taiwan Semiconductor (2330 TT) , CSI 300 Index (SHSZ300 INDEX) ,  KOSPI 200 (KOSPI2 INDEX) 


Global Markets Tactical Outlook: Week of July 21 – July 25

<ul>
<li>As reported by <a href="https://www.smartkarma.com/profiles/patrick-liao" target="_blank" data-smartkarma-citation="accounts:29986" rel="noopener">Patrick Liao</a> and <a href="https://www.smartkarma.com/profiles/william-keating" target="_blank" data-smartkarma-citation="accounts:1806" rel="noopener">William Keating</a> , <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (2330 TT)</a> is currently in very good shape, for multiple reasons, I invite you to read their insights. </li>
<li>
The problem is: the stock closed at 1155 on Friday, blowing past through the roof of what our model has identified as a very extremely overbought "Tails" move.</li>
<li>
<a href="https://www.smartkarma.com/insights/tsmc-2330-tt-outlook-bullish-after-shareholders-meetings" target="_blank" rel="noopener">We said BUY in June</a>, and know market euphoria can defy models when sentiment takes over, but our tools consistently flag overstretched conditions — a clear caution to late-stage buyers!</li>
</ul>


As reported by Patrick Liao and William Keating , Taiwan Semiconductor (2330 TT) is currently in very good shape, for multiple reasons, I invite you to read their insights. 

The problem is: the stock closed at 1155 on Friday, blowing past through the roof of what our model has identified as a very extremely overbought "Tails" move.

We said BUY in June, and know market euphoria can defy models when sentiment takes over, but our tools consistently flag overstretched conditions — a clear caution to late-stage buyers!


TSMC (2330.TT) Outlook Post Strong Q2: Our Model Says "EXTREME OVERBOUGHT CONDITION"

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Vincent Fernando, CFA

Global Markets Tactical Outlook: Week of July 21 – July 25

Our tactical models show Meta, NIFTY and HDFC Bank are oversold, while Alphabet, Amazon, NVIDIA, Taiwan Semiconductor, CSI 300 Index, and KOSPI 200...

Nico Rosti

TSMC (2330.TT) Outlook Post Strong Q2: Our Model Says "EXTREME OVERBOUGHT CONDITION"

Taiwan Semiconductor (2330 TT) posted strong Q2 results and rallied to insanely high targets (according to our model). We want to caution late...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

​MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

​TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Vincent Fernando, CFA

Global Markets Tactical Outlook: Week of July 21 – July 25

Our tactical models show Meta, NIFTY and HDFC Bank are oversold, while Alphabet, Amazon, NVIDIA, Taiwan Semiconductor, CSI 300 Index, and KOSPI 200...

Nico Rosti

TSMC (2330.TT) Outlook Post Strong Q2: Our Model Says "EXTREME OVERBOUGHT CONDITION"

​Taiwan Semiconductor (2330 TT) posted strong Q2 results and rallied to insanely high targets (according to our model). We want to caution late...

Nico Rosti

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Taiwan Semiconductor (2330 TT) posted strong Q2 results and rallied to insanely high targets (according to our model). We want to caution late...