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>
Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty</li>
<li>
National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase</li>
<li>
Semiconductor Memory Q125 Review — Tariff &amp; Tech Transition Impacts, HBM Outlook</li>
</ul>



Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty

National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst... AI Still in Its Early Phase

Semiconductor Memory Q125 Review —  Tariff &amp; Tech Transition Impacts, HBM Outlook


Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

<ul>
<li>TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread</li>
<li>ASE: +4.4% Premium; Wait for Higher Premium Before Going Short</li>
</ul>


TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level
UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread
ASE: +4.4% Premium; Wait for Higher Premium Before Going Short


Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing) / Equity Derivatives

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>As reported by <a href="https://www.smartkarma.com/profiles/patrick-liao" target="_blank" data-smartkarma-citation="accounts:29986" rel="noopener">Patrick Liao</a> ,<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> held its shareholders meetings on June 3rd, read the insight for the details.</li>
<li>The bottom lines emerging from the meeting are: no fear of tariffs, no fear of appreciation of the NT dollar, no fear of having their tech stolen in foreogn-based factories.</li>
<li>The stock rallied from June 3rd, closing at 998 on Thursday. Our model say the stock is not yet overbought, could rally higher. 
</li>
</ul>


As reported by Patrick Liao ,Taiwan Semiconductor (TSMC) (2330 TT) held its shareholders meetings on June 3rd, read the insight for the details.
The bottom lines emerging from the meeting are: no fear of tariffs, no fear of appreciation of the NT dollar, no fear of having their tech stolen in foreogn-based factories.
The stock rallied from June 3rd, closing at 998 on Thursday. Our model say the stock is not yet overbought, could rally higher. 



TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>There’s nothing TSMC can do about U.S. tariffs but keep working hard and ensure TSMC's technology remains the best in the world.</li>
<li>Recently, the NT dollar has strengthened by 8%, and our operating margin has dropped by over 3% due to exchange rate fluctuations.</li>
<li>If our technology could be stolen so easily, TSMC wouldn’t be where it is today.</li>
</ul>


There’s nothing TSMC can do about U.S. tariffs but keep working hard and ensure TSMC's technology remains the best in the world.
Recently, the NT dollar has strengthened by 8%, and our operating margin has dropped by over 3% due to exchange rate fluctuations.
If our technology could be stolen so easily, TSMC wouldn’t be where it is today.


TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

<ul>
<li>IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026. </li>
<li>The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.</li>
<li>I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.</li>
</ul>


IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026. 
The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.
I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.


Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

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: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

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

Vincent Fernando, CFA

TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

Taiwan Semiconductor (TSMC) remains unfazed by tariffs, currency appreciation, and tech theft concerns, with stock rallying post-shareholders...

Nico Rosti

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

Patrick Liao

Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan's Next Driver; Memory 1Q25

​Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Break Out Is at Historically High End of Range

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

Vincent Fernando, CFA

TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

​Taiwan Semiconductor (TSMC) remains unfazed by tariffs, currency appreciation, and tech theft concerns, with stock rallying post-shareholders...

Nico Rosti

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

​TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

Patrick Liao

Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

​IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...

Nicolas Baratte

Global chip sales are on the rise, with a strong growth forecast through 2026 despite economic uncertainty. Edge AI and robotics are expected to...

Taiwan Semiconductor (TSMC) remains unfazed by tariffs, currency appreciation, and tech theft concerns, with stock rallying post-shareholders...

TSMC faces challenges from US tariffs and exchange rate fluctuations, but remains focused on maintaining technological superiority.

IDC revises 2025 Smartphone growth down to 0.6%, PC growth up to 4.5% but expects decline in 2026. Mediatek's AI in Mobile chips is positive, but...