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: +26.3% Premium; Near Record High After U.S. 4th of July Holiday</li>
<li>UMC: +4.7% Premium; One of the Highest Levels in History -- Short</li>
<li>ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short</li>
</ul>


TSMC: +26.3% Premium; Near Record High After U.S. 4th of July Holiday
UMC: +4.7% Premium; One of the Highest Levels in History -- Short
ASE: +4.6% Premium; Wait for More Extreme Level Before Going Long or Short


Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

Technology / Semiconductor / Internet Research

Nicolas Baratte

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25</li>
<li>AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.</li>
<li>AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.</li>
</ul>


AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.


AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

<ul>
<li>April 2025, the US Gvt extended restrictions on Nvidia’s China-specific H20 chip. Restriction also apply to H20’s memory bandwidth. This means SK Hynix HBM and TSMC CoWoS.   </li>
<li>Nvidia new China-specific chip derive from this: a downgraded chip, half a Blackwell, without HBM-CoWoS packaging. Time to design, manufacture, could lead to ~15% downside risk to FY26 Consensus?   </li>
<li>FY26 revenues could land at US$175bn or  -12% below Consensus at 199bn. $175bn implies 35% growth YoY, Consensus expects 52%. The stock trades at “low” 30x FY26 and 24x FY27.</li>
</ul>


April 2025, the US Gvt extended restrictions on Nvidia’s China-specific H20 chip. Restriction also apply to H20’s memory bandwidth. This means SK Hynix HBM and TSMC CoWoS.   
Nvidia new China-specific chip derive from this: a downgraded chip, half a Blackwell, without HBM-CoWoS packaging. Time to design, manufacture, could lead to ~15% downside risk to FY26 Consensus?   
FY26 revenues could land at US$175bn or  -12% below Consensus at 199bn. $175bn implies 35% growth YoY, Consensus expects 52%. The stock trades at “low” 30x FY26 and 24x FY27.


Nvidia’s Jensen Complaining About Export Restrictions to China: How Much Is at Stake? Quite a Lot.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>A glance at the growth-adjusted valuations of the Asian markets reveals that Korea and China are undervalued and India, Thailand, Singapore and Malaysia are overvalued.</li>
<li>We take a granular look at long histories of each market’s relative valuations, and their medium-term trends relative to long term averages. We combine the conclusions with growth-adjusted valuation outlook.</li>
<li>We conclude that HK/China, Korea, Indonesia and Philippines could be in for rerating in the near term. Derating could be on the cards for India, Singapore and Thailand.</li>
</ul>


A glance at the growth-adjusted valuations of the Asian markets reveals that Korea and China are undervalued and India, Thailand, Singapore and Malaysia are overvalued.
We take a granular look at long histories of each market’s relative valuations, and their medium-term trends relative to long term averages. We combine the conclusions with growth-adjusted valuation outlook.
We conclude that HK/China, Korea, Indonesia and Philippines could be in for rerating in the near term. Derating could be on the cards for India, Singapore and Thailand.


Asian Equities: Relative Valuation Divergence Opens up Index Trade Opportunities

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>NVIDIA Corp (NVDA US) CEO Jensen Huang visited Taiwan to attend the COMPUTEX Taipei International Computer Exhibition.  </li>
<li>Meanwhile, NVIDIA continues expanding its workforce, recently opening over a thousand job vacancies globally.  </li>
<li>Throughout his speech, Huang repeatedly mentioned Taiwan. He opened with “Hello Taiwan,” noting that both of his parents were present in the audience, highlighting his personal connection to Taiwan.  </li>
</ul>


NVIDIA Corp (NVDA US) CEO Jensen Huang visited Taiwan to attend the COMPUTEX Taipei International Computer Exhibition.  
Meanwhile, NVIDIA continues expanding its workforce, recently opening over a thousand job vacancies globally.  
Throughout his speech, Huang repeatedly mentioned Taiwan. He opened with “Hello Taiwan,” noting that both of his parents were present in the audience, highlighting his personal connection to Taiwan.  


Nvidia (NVDA.US): Jensen Delivers Keynote Speech at COMPUTEX Today; Confirm Offshore HQ Location

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 Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

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

Vincent Fernando, CFA

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

Nvidia’s Jensen Complaining About Export Restrictions to China: How Much Is at Stake? Quite a Lot.

Nvidia new China-specific chip GPU will take time, leading to potential downside risk for FY26 revenues. But the stock is trading at low multiples

Nicolas Baratte

Asian Equities: Relative Valuation Divergence Opens up Index Trade Opportunities

Considering growth & ROE adjusted valns & long history of relative valns of Asian markets, we think HK/CN, Korea, Indonesia & Philippines could...

Manishi Raychaudhuri

Nvidia (NVDA.US): Jensen Delivers Keynote Speech at COMPUTEX Today; Confirm Offshore HQ Location

NVIDIA CEO Jensen Huang visits Taiwan for COMPUTEX Taipei, emphasizes personal connection and company's global expansion with over a thousand job...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: Spreads Near Record Highs After U.S. Market Holiday

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

Vincent Fernando, CFA

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

​AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

Nvidia’s Jensen Complaining About Export Restrictions to China: How Much Is at Stake? Quite a Lot.

​Nvidia new China-specific chip GPU will take time, leading to potential downside risk for FY26 revenues. But the stock is trading at low multiples

Nicolas Baratte

Asian Equities: Relative Valuation Divergence Opens up Index Trade Opportunities

​Considering growth & ROE adjusted valns & long history of relative valns of Asian markets, we think HK/CN, Korea, Indonesia & Philippines could...

Manishi Raychaudhuri

Nvidia (NVDA.US): Jensen Delivers Keynote Speech at COMPUTEX Today; Confirm Offshore HQ Location

​NVIDIA CEO Jensen Huang visits Taiwan for COMPUTEX Taipei, emphasizes personal connection and company's global expansion with over a thousand job...

Patrick Liao

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nvidia new China-specific chip GPU will take time, leading to potential downside risk for FY26 revenues. But the stock is trading at low multiples

Considering growth & ROE adjusted valns & long history of relative valns of Asian markets, we think HK/CN, Korea, Indonesia & Philippines could...

NVIDIA CEO Jensen Huang visits Taiwan for COMPUTEX Taipei, emphasizes personal connection and company's global expansion with over a thousand job...