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>TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes</li>
<li>MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions</li>
<li>Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. </li>
</ul>


TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes
MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions
Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. 


Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Taiwan Semiconductor Manufacturing Company (TSMC) reported a robust performance for the third quarter of 2025, reflecting its strong position in the global semiconductor industry.</li><li>The company achieved a 10.1% sequential increase in U.S. dollar revenue, reaching $33.1 billion, marginally surpassing its guidance.</li><li>This growth was primarily driven by the increased demand for advanced process technologies, with 3nm technology contributing 23% of wafer revenue.</li></ul>

Taiwan Semiconductor Manufacturing Company (TSMC) reported a robust performance for the third quarter of 2025, reflecting its strong position in the global semiconductor industry.The company achieved a 10.1% sequential increase in U.S. dollar revenue, reaching $33.1 billion, marginally surpassing its guidance.This growth was primarily driven by the increased demand for advanced process technologies, with 3nm technology contributing 23% of wafer revenue.

Taiwan Semiconductor (TSMC) Is Going BIG: Advanced Nodes Set to Dominate the AI Boom!

<ul>
<li>TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short</li>
<li>ASE: +0.3% Premium; Good Level to Long the ADR Spread</li>
<li>ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted</li>
</ul>


TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
ASE: +0.3% Premium; Good Level to Long the ADR Spread
ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted


Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

<ul>
<li>Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand</li>
<li>Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge</li>
<li>China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory</li>
</ul>


Windows 10's End-of-Life Becomes Apple's Windfall as Second Fastest Growing Computer Brand
Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
China Tightens Rare Earth Grip: TSMC Says It's Prepared with Inventory


Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

<ul>
<li>MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop</li>
<li>TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength</li>
<li>Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little </li>
</ul>


MediaTek Joins Forces with NVIDIA on the GB10 Superchip -- Locally-Run AI Models Are Coming to Your Desktop
TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 


Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

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's Power Move for 2nm Chips; Yet More TSMC Pricing Power

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Taiwan Semiconductor (TSMC) Is Going BIG: Advanced Nodes Set to Dominate the AI Boom!

Taiwan Semiconductor Manufacturing Company (TSMC) reported a robust performance for the third quarter of 2025, reflecting its strong position in...

Baptista Research

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

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: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

​TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Taiwan Semiconductor (TSMC) Is Going BIG: Advanced Nodes Set to Dominate the AI Boom!

Taiwan Semiconductor Manufacturing Company (TSMC) reported a robust performance for the third quarter of 2025, reflecting its strong position in...

Baptista Research

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

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: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

​Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

Vincent Fernando, CFA

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

​MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....

Vincent Fernando, CFA

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Windows 10's end-of-life is benefiting Apple. Yageo's results ahead after a 35% surge, while TSMC is prepared for China's tightening grip on rare...

MediaTek partners with NVIDIA for GB10 Superchip, bringing locally-run AI models to desktops. TSMC's 2nm price hike boosts interest in Samsung....