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 Expands 2nm &amp; Advanced Packaging in Taiwan, Advances 1nm "GIGAFAB" in the South -- Despite U.S. Tariff Risks</li>
<li>Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC? -- Maintain Structural Long for TSMC.</li>
<li>Apple Supply Chain Monitor -- Why Zhen Ding and Kinsus Interconnect Could Be in a Favorable Position Relative to Apple's AI Trajectory</li>
</ul>


TSMC Expands 2nm &amp; Advanced Packaging in Taiwan, Advances 1nm "GIGAFAB" in the South -- Despite U.S. Tariff Risks
Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC? -- Maintain Structural Long for TSMC.
Apple Supply Chain Monitor -- Why Zhen Ding and Kinsus Interconnect Could Be in a Favorable Position Relative to Apple's AI Trajectory


Taiwan Tech Weekly: TSMC's Massive New 1nm GIGAFAB in Development; Can Japan Build the Next TSMC?

<ul>
<li>Rapidus Corporation -- The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.</li>
<li>How Rapidus Compares to TSMC -- Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.</li>
<li>Maintain Structural Long rating for TSMC -- Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.</li>
</ul>


Rapidus Corporation -- The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.
How Rapidus Compares to TSMC -- Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.
Maintain Structural Long rating for TSMC -- Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.


Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

<ul>
<li>TSMC: +20.8% Premium; Wait for More Extreme Level vs. Relative Range; Comments from Morris Chang on Premium</li>
<li>ASE: +0.5% Premium; Good Level to Go Long the Premium</li>
<li>ChipMOS: 1.9% Premium; Can Consider Shorting Premium at Current Level</li>
</ul>


TSMC: +20.8% Premium; Wait for More Extreme Level vs. Relative Range; Comments from Morris Chang on Premium
ASE: +0.5% Premium; Good Level to Go Long the Premium
ChipMOS: 1.9% Premium; Can Consider Shorting Premium at Current Level


Taiwan Dual-Listings Monitor: TSMC Rebounds to Strong Premium; ASE Near Parity

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>India plans to create its own foundational model by 2025, aiming for independence in technology development.</li><li>DeepSeek's founder, a former stock prodigy, is now making waves in the field of AI disruption.</li><li>Cadence is focusing on expanding in India's growing data center market, expecting continued growth in the future.</li></ul>

India plans to create its own foundational model by 2025, aiming for independence in technology development.DeepSeek's founder, a former stock prodigy, is now making waves in the field of AI disruption.Cadence is focusing on expanding in India's growing data center market, expecting continued growth in the future.

Tech Supply Chain Tracker (04-Feb-2025): India's model by 2025.

<ul><li>India aims to create its own foundational model by 2025, showing its commitment to technological development and innovation.</li><li>DeepSeek's founder's journey from stock prodigy to AI disruptor highlights the potential for growth and success in the tech industry.</li><li>Cadence's focus on expanding in India's data center industry shows the increasing importance of this sector in the global economy.</li></ul>

India aims to create its own foundational model by 2025, showing its commitment to technological development and innovation.DeepSeek's founder's journey from stock prodigy to AI disruptor highlights the potential for growth and success in the tech industry.Cadence's focus on expanding in India's data center industry shows the increasing importance of this sector in the global economy.

Tech Supply Chain Tracker (03-Feb-2025): India building own AI model by 2025

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 Tech Weekly: TSMC's Massive New 1nm GIGAFAB in Development; Can Japan Build the Next TSMC?

TSMC expands in Taiwan and advances in South despite U.S. tariff risks, Japan's Rapidus challenges TSMC, Zhen Ding and Kinsus in favorable...

Vincent Fernando, CFA

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Rebounds to Strong Premium; ASE Near Parity

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 Supply Chain Tracker (04-Feb-2025): India's model by 2025.

India aims for home-grown tech by 2025, DeepSeek's founder profiled, Cadence eyes India's data center market, US-China tariff war may have long...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (03-Feb-2025): India building own AI model by 2025

India aims to create its own foundational model by 2025, DeepSeek's founder transitions from stock prodigy to AI disruptor, while Cadence focuses...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC's Massive New 1nm GIGAFAB in Development; Can Japan Build the Next TSMC?

​TSMC expands in Taiwan and advances in South despite U.S. tariff risks, Japan's Rapidus challenges TSMC, Zhen Ding and Kinsus in favorable...

Vincent Fernando, CFA

Japan's Semiconductor Gamble: Can Rapidus Challenge TSMC?

​Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Rebounds to Strong Premium; ASE Near Parity

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 Supply Chain Tracker (04-Feb-2025): India's model by 2025.

India aims for home-grown tech by 2025, DeepSeek's founder profiled, Cadence eyes India's data center market, US-China tariff war may have long...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (03-Feb-2025): India building own AI model by 2025

India aims to create its own foundational model by 2025, DeepSeek's founder transitions from stock prodigy to AI disruptor, while Cadence focuses...

Tech Supply Chain Tracker

TSMC expands in Taiwan and advances in South despite U.S. tariff risks, Japan's Rapidus challenges TSMC, Zhen Ding and Kinsus in favorable...

Japan's Rapidus aims to boost country's semiconductor industry, but faces significant challenges in catching up to TSMC's advanced nodes and cost...