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

<ul>
<li>Following Broadcom CEO saying “no” and TSMC investing another US$100bn in Arizona, speculations of an Intel takeover have subsided.</li>
<li>On the increase, rumors of further Intel 18A delays and production push out. This means more outsourcing to TSMC for longer as mentioned by Intel’s IR last week.</li>
<li>Now is not a good time to buy Semiconductor stocks, but AMD and TSMC will benefit.</li>
</ul>


Following Broadcom CEO saying “no” and TSMC investing another US$100bn in Arizona, speculations of an Intel takeover have subsided.
On the increase, rumors of further Intel 18A delays and production push out. This means more outsourcing to TSMC for longer as mentioned by Intel’s IR last week.
Now is not a good time to buy Semiconductor stocks, but AMD and TSMC will benefit.


The Intel Drama Goes On. No Buyer It Seems, Who Would? More Wafers Made at TSMC for Longer.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Global smartphone market expected to see substantial growth in 4th quarter of 2024, indicating a positive trend for the industry.</li><li>TSMC experiences a drop in revenue in Q1, as AI sector continues to expand and company addresses discrimination allegations.</li><li>AMD CEO recognizes value of open-source technology in DeepSeek, while HP announces plans to reduce workforce by cutting 2,000 jobs, reflecting industry challenges.</li></ul>

Global smartphone market expected to see substantial growth in 4th quarter of 2024, indicating a positive trend for the industry.TSMC experiences a drop in revenue in Q1, as AI sector continues to expand and company addresses discrimination allegations.AMD CEO recognizes value of open-source technology in DeepSeek, while HP announces plans to reduce workforce by cutting 2,000 jobs, reflecting industry challenges.

Tech Supply Chain Tracker (11-Mar-2025): Global smartphones in 4Q 2024

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The weak USD, as US growth peaks and yields decline, is helping  international markets</li>
<li>Can Hong Kong and China stock markets decouple from a US bear market?</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The weak USD, as US growth peaks and yields decline, is helping  international markets
Can Hong Kong and China stock markets decouple from a US bear market?


Overview #18 - Tipping Point Arrived for Major Trend Changes?

<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

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)

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

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

The Intel Drama Goes On. No Buyer It Seems, Who Would? More Wafers Made at TSMC for Longer.

Speculations of Intel takeover subside as TSMC invests in Arizona. Intel production delays lead to more outsourcing to TSMC. Semiconductor stocks...

Nicolas Baratte

Tech Supply Chain Tracker (11-Mar-2025): Global smartphones in 4Q 2024

4th quarter of 2024 brings growth in global smartphone market, TSMC revenue drops, AI thrives, AMD CEO values DeepSeek, HP to cut jobs, Taiwanese...

Tech Supply Chain Tracker

Overview #18 - Tipping Point Arrived for Major Trend Changes?

A review of recent events/data impacting our investment themes and outlook. Can HK/China stockmarkets decouple from a US bear market

Rikki Malik

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

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

The Intel Drama Goes On. No Buyer It Seems, Who Would? More Wafers Made at TSMC for Longer.

​Speculations of Intel takeover subside as TSMC invests in Arizona. Intel production delays lead to more outsourcing to TSMC. Semiconductor stocks...

Nicolas Baratte

Tech Supply Chain Tracker (11-Mar-2025): Global smartphones in 4Q 2024

4th quarter of 2024 brings growth in global smartphone market, TSMC revenue drops, AI thrives, AMD CEO values DeepSeek, HP to cut jobs, Taiwanese...

Tech Supply Chain Tracker

Overview #18 - Tipping Point Arrived for Major Trend Changes?

A review of recent events/data impacting our investment themes and outlook. Can HK/China stockmarkets decouple from a US bear market

Rikki Malik

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

Speculations of Intel takeover subside as TSMC invests in Arizona. Intel production delays lead to more outsourcing to TSMC. Semiconductor stocks...

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