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 October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison</li>
<li>GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.</li>
<li>UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.</li>
</ul>


TSMC October Revenue Rises 29.2% YoY; Continued Strong Growth Despite Harder YoY Comparison
GlobalWafers (6488.TT): The Recovery Expectation Has Been Delayed from 2H24 to 2025.
UMC (2303.TT; UMC.US): 4Q24 Sales Might Reduce; GM Is Down Due to Inflation and Electricity Costs.


Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC: on track to ahead of schedule to start its 2nm fabs installations. Production planed for late 2025, revenues early 2026. Side benefits from Samsung closing some Foundry capacity.</li>
<li>SK Hynix: the HBM roadmap is accelerating. HBM3e 12H seeing order surge. HBM3e 16H qualification early 2025.</li>
<li>Samsung: after the Semi profit crash in 3Q, rumors of shutting down some Foundry capacity. SK Hynix HBM news flow suggests that SK Hynix’s lead is increasing.</li>
</ul>


TSMC: on track to ahead of schedule to start its 2nm fabs installations. Production planed for late 2025, revenues early 2026. Side benefits from Samsung closing some Foundry capacity.
SK Hynix: the HBM roadmap is accelerating. HBM3e 12H seeing order surge. HBM3e 16H qualification early 2025.
Samsung: after the Semi profit crash in 3Q, rumors of shutting down some Foundry capacity. SK Hynix HBM news flow suggests that SK Hynix’s lead is increasing.


Tech News This Week: TSMC, SK Hynix, Samsung, AMD, Apple

Taiwan Tech Focused Senior Analyst

Patrick Liao

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>In 4Q24, the Company expects revenue to be flat to up 2% QoQ and gross margin to range from 18% to 20%.</li>
<li>2025 will expect AI to grow 10%+, others segment grows about single digits.  </li>
<li>SMIC's capex increase ~60k/8" equivalent capacity this year, and plan to increase around 50k per year.</li>
</ul>


In 4Q24, the Company expects revenue to be flat to up 2% QoQ and gross margin to range from 18% to 20%.
2025 will expect AI to grow 10%+, others segment grows about single digits.  
SMIC's capex increase ~60k/8" equivalent capacity this year, and plan to increase around 50k per year.


Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Arizona and Taiwan are deepening aerospace and defense partnerships to support local supply chains in response to increasing demand. #partnership #aerospace #defense</li><li>The drone market is seeing growth primarily driven by service applications, rather than hardware. India's Sahasra Semiconductor is recruiting expat experts and gearing up for a customer launch later this year.</li><li>Huawei is reportedly offering triple salaries to attract engineers from TSMC, while Toyota suppliers are revising their forecasts due to sluggish sales and reduced production. Apple is in talks with Indonesia for a manufacturing investment to address an iPhone ban, and Taiwan's Micro LED industry must innovate quickly to keep pace with OLED advancements.</li></ul>

Arizona and Taiwan are deepening aerospace and defense partnerships to support local supply chains in response to increasing demand. #partnership #aerospace #defenseThe drone market is seeing growth primarily driven by service applications, rather than hardware. India's Sahasra Semiconductor is recruiting expat experts and gearing up for a customer launch later this year.Huawei is reportedly offering triple salaries to attract engineers from TSMC, while Toyota suppliers are revising their forecasts due to sluggish sales and reduced production. Apple is in talks with Indonesia for a manufacturing investment to address an iPhone ban, and Taiwan's Micro LED industry must innovate quickly to keep pace with OLED advancements.

Tech Supply Chain Tracker (08-Nov-2024): AZ & Taiwan strengthen aerospace, defense partnerships.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>In a direct rebuttal of what former four former Intel board members recommend, Dr. Barrett claims splitting Intel in two would be bad for Intel and for the United States.</li>
<li>Cites example of AMD splitting out its manufacturing operations, noting that Globalfoundries has "little if any differentiated technology". Yet, GF is on track to deliver $1 billion FCF in 2024. </li>
<li>Strongly backs current CEO Pat Gelsinger, noting that he "<strong><em>has precisely the right strategy and attributes, and he is already driving the right changes". </em></strong>Many would beg to differ.</li>
</ul>


In a direct rebuttal of what former four former Intel board members recommend, Dr. Barrett claims splitting Intel in two would be bad for Intel and for the United States.
Cites example of AMD splitting out its manufacturing operations, noting that Globalfoundries has "little if any differentiated technology". Yet, GF is on track to deliver $1 billion FCF in 2024. 
Strongly backs current CEO Pat Gelsinger, noting that he "has precisely the right strategy and attributes, and he is already driving the right changes". Many would beg to differ.


Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

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 Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Tech News This Week: TSMC, SK Hynix, Samsung, AMD, Apple

Positive: TSMC 2nm, SK Hynix HBM roadmap accelerating. Negative: Samsung to shut down some Foundry capacity, SK Hynix lead in HBM is growing.

Nicolas Baratte

SMIC (981.HK): Keeping a Steady Growth

Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...

Patrick Liao

Tech Supply Chain Tracker (08-Nov-2024): AZ & Taiwan strengthen aerospace, defense partnerships.

Arizona and Taiwan are enhancing aerospace and defense partnerships to meet growing demand for local supply chains, while India's Sahasra...

Tech Supply Chain Tracker

Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

Dr. Barrett claims splitting Intel in two would be bad for Intel & the US. Backs current CEO noting "he has precisely the right strategy and...

William Keating

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52-week Range

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Taiwan Tech Weekly: TSMC Oct Revenue; GlobalWafers Recovery Pushed to 2025E; UMC 4Q24E Challenges

​TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Vincent Fernando, CFA

Tech News This Week: TSMC, SK Hynix, Samsung, AMD, Apple

Positive: ​TSMC 2nm, SK Hynix HBM roadmap accelerating. Negative: Samsung to shut down some Foundry capacity, SK Hynix lead in HBM is growing.

Nicolas Baratte

SMIC (981.HK): Keeping a Steady Growth

​Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...

Patrick Liao

Tech Supply Chain Tracker (08-Nov-2024): AZ & Taiwan strengthen aerospace, defense partnerships.

Arizona and Taiwan are enhancing aerospace and defense partnerships to meet growing demand for local supply chains, while India's Sahasra...

Tech Supply Chain Tracker

Intel Former CEO Craig Barrett Says Splitting Intel In Two Is A Bad Idea & Backs Gelsinger

Dr. Barrett claims splitting Intel in two would be bad for Intel & the US. Backs current CEO noting "he has precisely the right strategy and...

William Keating

TSMC sees strong revenue growth in October, while GlobalWafers delays recovery expectations and UMC faces challenges with potential sales...

Positive: TSMC 2nm, SK Hynix HBM roadmap accelerating. Negative: Samsung to shut down some Foundry capacity, SK Hynix lead in HBM is growing.

Company forecasts steady revenue growth and gross margin improvement, with a focus on AI and capacity expansion, likely to grow around 50k/ 8"...