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>Gross Margins Aggregate Data - Shows Taiwan Semiconductor Companies Under Pressure</li>
<li>How TSMC and GlobalWafers show two very different margin environments; However everyone needs to manage rising energy costs into 2025E</li>
<li>Aggregate Inventory Levels -- Inventory Days Declining Trend is a Positive Sign</li>
</ul>


Gross Margins Aggregate Data - Shows Taiwan Semiconductor Companies Under Pressure
How TSMC and GlobalWafers show two very different margin environments; However everyone needs to manage rising energy costs into 2025E
Aggregate Inventory Levels -- Inventory Days Declining Trend is a Positive Sign


Taiwan Semiconductor Industry Aggregate Analysis: Margins Challenged; Inventory Data Positive

<ul>
<li>TSMC: +20.4% Premium; ADR Premium is Approaching a Short Level</li>
<li>UMC: +0.7% Premium; Short Interest Soars to New Two-Year Highs</li>
<li>ASE: +4.2% Premium; ADR Headroom Falls to 100% Maxed Out</li>
</ul>


TSMC: +20.4% Premium; ADR Premium is Approaching a Short Level
UMC: +0.7% Premium; Short Interest Soars to New Two-Year Highs
ASE: +4.2% Premium; ADR Headroom Falls to 100% Maxed Out


Taiwan Dual-Listings Monitor: TSMC Spread Approaching Short Level; UMC Short Interest Soars Higher

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Speculation of a Qualcomm-Intel deal diminishes, while Japan boosts semiconductor subsidies to benefit Rapidus, with further support anticipated.</li><li>China's semiconductor industry growth poses a threat to South Korean companies, prompting Samsung to weigh integration of ChatGPT, sparking concerns over its Google partnership.</li><li>Hiwin bolsters its robotics presence by partnering with Boston Dynamics, expanding its influence in the industry, as India eyes doubling 5G subscriptions by 2030.</li></ul>

Speculation of a Qualcomm-Intel deal diminishes, while Japan boosts semiconductor subsidies to benefit Rapidus, with further support anticipated.China's semiconductor industry growth poses a threat to South Korean companies, prompting Samsung to weigh integration of ChatGPT, sparking concerns over its Google partnership.Hiwin bolsters its robotics presence by partnering with Boston Dynamics, expanding its influence in the industry, as India eyes doubling 5G subscriptions by 2030.

Tech Supply Chain Tracker (30-Nov-2024): Qualcomm-Intel deal talk ends.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>AI boom reflected in record fund ownership in ASML Holding NV (ASML NA), NVIDIA Corp and Taiwan Semiconductor (TSMC) (2330 TT).</li>
<li>The 'Magnificent 7' group of stocks have hit a record underweight of -6.83% below the MSCI ACWI index.  They collectively account for 11.2% of the average Global fund.</li>
<li>Recovery Stocks: The old guard of At&amp;T Inc (T US), International Business Machines (IBM US) and General Electric (GE US) appear to be gathering some support from active Global funds.</li>
</ul>


AI boom reflected in record fund ownership in ASML Holding NV (ASML NA), NVIDIA Corp and Taiwan Semiconductor (TSMC) (2330 TT).
The 'Magnificent 7' group of stocks have hit a record underweight of -6.83% below the MSCI ACWI index.  They collectively account for 11.2% of the average Global fund.
Recovery Stocks: The old guard of At&amp;T Inc (T US), International Business Machines (IBM US) and General Electric (GE US) appear to be gathering some support from active Global funds.


Global Stock Positioning:  MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Semiconductors are the unsung heroes of the modern world. These tiny chips power everything from smartphones and laptops to cars, data centers, and even advanced artificial intelligence systems.</li>
<li>While the US has historically led in semiconductor innovation, China is rapidly trying to catch up. This competition has led to global push for self-sufficiency in semiconductor production.</li>
<li>Countries worldwide are investing heavily in semiconductor production to reduce their dependence on foreign suppliers and gain a strategic advantage.</li>
</ul>


Semiconductors are the unsung heroes of the modern world. These tiny chips power everything from smartphones and laptops to cars, data centers, and even advanced artificial intelligence systems.
While the US has historically led in semiconductor innovation, China is rapidly trying to catch up. This competition has led to global push for self-sufficiency in semiconductor production.
Countries worldwide are investing heavily in semiconductor production to reduce their dependence on foreign suppliers and gain a strategic advantage.


Thematic Report: The Semiconductor Race~ A Battle for Technological Supremacy

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 Semiconductor Industry Aggregate Analysis: Margins Challenged; Inventory Data Positive

Taiwan semiconductor companies facing pressure on gross margins. Rising energy costs a concern through 2025, but declining inventory days a...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Approaching Short Level; UMC Short Interest Soars Higher

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 (30-Nov-2024): Qualcomm-Intel deal talk ends.

Qualcomm-Intel deal speculation fades, Japan increases semiconductor subsidies, China's industry threatens South Korea, ChatGPT integration...

Tech Supply Chain Tracker

Global Stock Positioning: MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

The latest in stock-level investor positioning among over 300 active Global funds. We explore the AI boom, key over/underweights, Tobacco's...

Steven Holden

Thematic Report: The Semiconductor Race~ A Battle for Technological Supremacy

Semiconductors are crucial for modern technology, with global competition driving countries to invest in self-sufficiency for strategic advantage.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Semiconductor Industry Aggregate Analysis: Margins Challenged; Inventory Data Positive

​Taiwan semiconductor companies facing pressure on gross margins. Rising energy costs a concern through 2025, but declining inventory days a...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Approaching Short Level; UMC Short Interest Soars Higher

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 (30-Nov-2024): Qualcomm-Intel deal talk ends.

Qualcomm-Intel deal speculation fades, Japan increases semiconductor subsidies, China's industry threatens South Korea, ChatGPT integration...

Tech Supply Chain Tracker

Global Stock Positioning: MSFT Dominates, Mag7 Record U/W, Apple Inflows, Tobacco Uninvestable?

The latest in stock-level investor positioning among over 300 active Global funds. We explore the AI boom, key over/underweights, Tobacco's...

Steven Holden

Thematic Report: The Semiconductor Race~ A Battle for Technological Supremacy

​Semiconductors are crucial for modern technology, with global competition driving countries to invest in self-sufficiency for strategic advantage.

Nimish Maheshwari

Taiwan semiconductor companies facing pressure on gross margins. Rising energy costs a concern through 2025, but declining inventory days a...

Semiconductors are crucial for modern technology, with global competition driving countries to invest in self-sufficiency for strategic advantage.