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>Battery cells are the new chokepoint in the global clean energy supply chain, with China still controlling 75%+ of global capacity and exporting under increasingly restrictive terms.</li>
<li>Taiwan is emerging as a high-trust, high-precision hub for advanced cell manufacturing, applying its semiconductor model to batteries.</li>
<li>With pouch cells gaining traction across drones, robotics, and compact mobility, Taiwan’s lab-to-fab advantage positions it as a future anchor of the U.S. and European energy ecosystems.</li>
</ul>


Battery cells are the new chokepoint in the global clean energy supply chain, with China still controlling 75%+ of global capacity and exporting under increasingly restrictive terms.
Taiwan is emerging as a high-trust, high-precision hub for advanced cell manufacturing, applying its semiconductor model to batteries.
With pouch cells gaining traction across drones, robotics, and compact mobility, Taiwan’s lab-to-fab advantage positions it as a future anchor of the U.S. and European energy ecosystems.


TechChain Insights: Taiwan’s Battery Cell Moment? USA & EU Supply Chain Under Strategic Pressure

<ul>
<li>TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium</li>
<li>UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short</li>
<li>ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread</li>
</ul>


TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium
UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short
ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount

<ul>
<li>Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"</li>
<li>Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand</li>
<li>TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay</li>
</ul>


Leaked Mediatek Chip Specs? -- Talk of a "Qualcomm Killer"
Hon Hai in the New York Times -- Why Foxconn is Investing in Texas &amp; Thailand
TSMC's Arizona 4nm Production On Track to Start 2H25E -- Still Expected to Be 30% Higher Cost vs. Taiwan and That's Okay


Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

<ul>
<li>MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom</li>
<li>Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift </li>
<li>Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good </li>
</ul>


MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom
Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift 
Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good 


Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

<ul>
<li>TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium</li>
<li>UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount</li>
<li>ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time</li>
</ul>


TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium
UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount
ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium -- ADR Headroom Has First Change in a Long Time


Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

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)

TechChain Insights: Taiwan’s Battery Cell Moment? USA & EU Supply Chain Under Strategic Pressure

China dominates global battery cell production, but Taiwan's high-trust manufacturing model is positioning it as a key player that can replicate...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount

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

Vincent Fernando, CFA

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

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

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights: Taiwan’s Battery Cell Moment? USA & EU Supply Chain Under Strategic Pressure

​China dominates global battery cell production, but Taiwan's high-trust manufacturing model is positioning it as a key player that can replicate...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount

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

Vincent Fernando, CFA

Taiwan Tech Weekly: Leaked Mediatek Specs Spur Talk Of "Qualcomm Killer"'; TSMC on Track in Arizona

​Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

Vincent Fernando, CFA

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

​MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC ADR Premium Remaining Unusually High; UMC & ASE Headroom Changes

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

Vincent Fernando, CFA

China dominates global battery cell production, but Taiwan's high-trust manufacturing model is positioning it as a key player that can replicate...

Leaked Mediatek chip specs hint at potential rival to Qualcomm's flagship chips; Foxconn investing in Texas & Thailand; TSMC's Arizona production...

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...