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>TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.</li>
<li>KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.</li>
<li>Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.</li>
</ul>


TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.
KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.
Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.


Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

<ul>
<li>TSMC August Revenue +34% YoY: AI Demand Remains the Key Driver</li>
<li>ARM Pushes Edge AI Forward with New "Lumex" Chip Designs -- 2026 Could Be a Major Growth Year for Edge AI</li>
<li>From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today</li>
</ul>


TSMC August Revenue +34% YoY: AI Demand Remains the Key Driver
ARM Pushes Edge AI Forward with New "Lumex" Chip Designs -- 2026 Could Be a Major Growth Year for Edge AI
From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today


Taiwan Tech Weekly: SEMICON Taiwan Just Started; TSMC August Sales Soar; 2026 to Be Year of Edge AI?

<ul>
<li>US Eyes New AI Chip Restrictions on Malaysia and Thailand</li>
<li>Chip and AI Boom Driving Taiwan's Offshore Wind Expansion -- Local Stocks to Watch</li>
<li>China Set to Become World’s Largest Semiconductor Foundry Hub by 2030 -- But One Needs to Consider Leading Edge Capacity vs. Mature Capacity</li>
</ul>


US Eyes New AI Chip Restrictions on Malaysia and Thailand
Chip and AI Boom Driving Taiwan's Offshore Wind Expansion -- Local Stocks to Watch
China Set to Become World’s Largest Semiconductor Foundry Hub by 2030 -- But One Needs to Consider Leading Edge Capacity vs. Mature Capacity


Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

<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

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>The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025, demonstrating significant financial and operational insights.</li><li>The revenue for the quarter showcased an 11.3% sequential increase in New Taiwan dollars, driven by strong demand for TSMC’s advanced 3-nanometer and 5-nanometer technologies.</li><li>However, the positive revenue growth was somewhat countered by unfavorable exchange rate impacts.</li></ul>

The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025, demonstrating significant financial and operational insights.The revenue for the quarter showcased an 11.3% sequential increase in New Taiwan dollars, driven by strong demand for TSMC’s advanced 3-nanometer and 5-nanometer technologies.However, the positive revenue growth was somewhat countered by unfavorable exchange rate impacts.

2330 TT - TSMC Advanced Node Secrets: Will N2 Become the Profit Engine of the Future?

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

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TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

Taiwan Tech Weekly: SEMICON Taiwan Just Started; TSMC August Sales Soar; 2026 to Be Year of Edge AI?

TSMC sees strong revenue growth driven by AI demand, while ARM introduces new chip designs for Edge AI, signaling potential growth in 2026.

Vincent Fernando, CFA

Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...

Vincent Fernando, CFA

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

2330 TT - TSMC Advanced Node Secrets: Will N2 Become the Profit Engine of the Future?

The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025,...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

​TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

Taiwan Tech Weekly: SEMICON Taiwan Just Started; TSMC August Sales Soar; 2026 to Be Year of Edge AI?

​TSMC sees strong revenue growth driven by AI demand, while ARM introduces new chip designs for Edge AI, signaling potential growth in 2026.

Vincent Fernando, CFA

Taiwan Tech Weekly: US Targets Malaysia & Thailand; Wind Power Fuels Taiwan's AI Infrastructure Push

​US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...

Vincent Fernando, CFA

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

2330 TT - TSMC Advanced Node Secrets: Will N2 Become the Profit Engine of the Future?

The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025,...

Baptista Research

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

TSMC sees strong revenue growth driven by AI demand, while ARM introduces new chip designs for Edge AI, signaling potential growth in 2026.

US considering new AI chip restrictions on Malaysia and Thailand, Taiwan's offshore wind expansion driven by chip and AI boom, Intel should invest...