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: +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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<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

<ul>
<li>TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.</li>
<li>Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.</li>
<li>Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.</li>
</ul>


TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won't impact Taiwan investments; it is actually accelerating its Taiwan investments.
Additionally, we see TSMC's aggressive U.S. expansion significantly weakening Intel's ability to compete, as it removes one of Intel’s major differentiators--domestic U.S. production.
Maintain Structural Long rating on TSMC -- Expanded U.S. investment fortifies the company’s global leadership. ALSO -- Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.


TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers' demands. TSMC has never gone against this principle.  </li>
<li>On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.</li>
<li>Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.</li>
</ul>


TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers' demands. TSMC has never gone against this principle.  
On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.
Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.


TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

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)

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 Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex

​TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC Held Press Conference Regarding Further Investment of USD$100bn in US.

​TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...

Patrick Liao

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...

TSMC explained how it is accelerating Taiwan investments while also increasing its expansion in the U.S.. Highly positive news for semiconductor...

TSMC Chairman reaffirms commitment to meeting customer demands globally, including $100 billion reinvestment in the U.S. Production focus will not...