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 Eyes Intel Foundry Joint Venture: Strategic Expansion or Risky Bet?</li>
<li>TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position &amp; Positive for Semi Industry Capex </li>
<li>MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy </li>
</ul>


TSMC Eyes Intel Foundry Joint Venture: Strategic Expansion or Risky Bet?
TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position &amp; Positive for Semi Industry Capex 
MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy 


Taiwan Tech Weekly: If TSMC Joins Intel for Foundry, It Will Entrench Dominance; Structural Long

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>Semiconductor industry set to see significant growth by 2025 due to technology advancements and global demand for electronic devices.</li><li>TSMC proposes joint venture with Intel's foundry division, showcasing industry collaboration for mutual benefit and innovation.</li><li>Huawei takes action against recruitment fraud, penalizing 72 employees, while Altera CEO highlights FPGA advantages over ASIC in AI technology.</li></ul>

Semiconductor industry set to see significant growth by 2025 due to technology advancements and global demand for electronic devices.TSMC proposes joint venture with Intel's foundry division, showcasing industry collaboration for mutual benefit and innovation.Huawei takes action against recruitment fraud, penalizing 72 employees, while Altera CEO highlights FPGA advantages over ASIC in AI technology.

Tech Supply Chain Tracker (13-Mar-2025): Semiconductor industry forecast for 2025.

<ul>
<li>TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long</li>
<li>ASE: -1.8% Discount; Good Level to Go Long the Spread</li>
<li>ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level</li>
</ul>


TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long
ASE: -1.8% Discount; Good Level to Go Long the Spread
ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level


Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board</li>
<li>SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries</li>
<li>Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.</li>
</ul>


Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board
SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries
Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.


Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

<ul>
<li>TSMC’s first 3 Fabs (capacity 80k wafer/month for US$65bn) start production from 2025 to 2030. The newly announced next 3 Fabs (90k, $100bn) should roll  out over 2030-35.</li>
<li>Given Capex in the US is 70% higher than in Taiwan, wafer price will be ~45% higher.</li>
<li>That’s probably why only 12% of TSMC EUV capacity will be in the US by 2030. Customers want more supply security but cost matters.</li>
</ul>


TSMC’s first 3 Fabs (capacity 80k wafer/month for US$65bn) start production from 2025 to 2030. The newly announced next 3 Fabs (90k, $100bn) should roll  out over 2030-35.
Given Capex in the US is 70% higher than in Taiwan, wafer price will be ~45% higher.
That’s probably why only 12% of TSMC EUV capacity will be in the US by 2030. Customers want more supply security but cost matters.


TSMC US$100bn Investment in Arizona: Some Context

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)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

Taiwan Tech Weekly: If TSMC Joins Intel for Foundry, It Will Entrench Dominance; Structural Long

TSMC considers joint venture with Intel, addresses US expansion concerns. Mediatek competes with Qualcomm in the 6G race at MWC Barcelona.

Vincent Fernando, CFA

Tech Supply Chain Tracker (13-Mar-2025): Semiconductor industry forecast for 2025.

The semiconductor industry is set to soar by 2025, TSMC proposes joint venture with Intel, Huawei penalizes employees for fraud, Altera CEO...

Tech Supply Chain Tracker

Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

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

Vincent Fernando, CFA

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

TSMC US$100bn Investment in Arizona: Some Context

TSMC's expansion plans in the US will result in higher wafer prices due to higher Capex, only 12% of capacity in the US by 2030. Supply security...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: If TSMC Joins Intel for Foundry, It Will Entrench Dominance; Structural Long

​TSMC considers joint venture with Intel, addresses US expansion concerns. Mediatek competes with Qualcomm in the 6G race at MWC Barcelona.

Vincent Fernando, CFA

Tech Supply Chain Tracker (13-Mar-2025): Semiconductor industry forecast for 2025.

The semiconductor industry is set to soar by 2025, TSMC proposes joint venture with Intel, Huawei penalizes employees for fraud, Altera CEO...

Tech Supply Chain Tracker

Taiwan Dual-Listings Monitor: TSMC Trading Range Breakdown? ChipMOS Discount Rare Long Opportunity

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

Vincent Fernando, CFA

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

​Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

TSMC US$100bn Investment in Arizona: Some Context

​TSMC's expansion plans in the US will result in higher wafer prices due to higher Capex, only 12% of capacity in the US by 2030. Supply security...

Nicolas Baratte

TSMC considers joint venture with Intel, addresses US expansion concerns. Mediatek competes with Qualcomm in the 6G race at MWC Barcelona.

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

TSMC's expansion plans in the US will result in higher wafer prices due to higher Capex, only 12% of capacity in the US by 2030. Supply security...