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>Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17</li>
<li>Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract</li>
<li>PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches </li>
</ul>


Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17
Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract
PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches 


Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

<ul>
<li>TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level</li>
<li>UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread</li>
<li>CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher</li>
</ul>


TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level
UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread
CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher


Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount

<ul>
<li>Google’s Pixel Chips to Go All-In on TSMC After Using Samsung Foundry Previously</li>
<li>TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today. </li>
<li>GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead. </li>
</ul>


Google’s Pixel Chips to Go All-In on TSMC After Using Samsung Foundry Previously
TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today. 
GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead. 


Taiwan Tech Weekly: Google's Pixel Going All-In on TSMC; TSMC 2025 Symposium Key Take-Aways

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>The U.S. Department of Commerce’s Bureau of Industry and Security (U.S. BIS) recently released a series of public consultations regarding Section 232 related to semiconductors.  </li>
<li>TSMC stated that any import measures should not create uncertainty for existing semiconductor investments.</li>
<li>Any measures taken by the U.S. government should not undermine the national security policy objectives of the U.S. government, including advanced semiconductor production at TSMC Arizona.</li>
</ul>


The U.S. Department of Commerce’s Bureau of Industry and Security (U.S. BIS) recently released a series of public consultations regarding Section 232 related to semiconductors.  
TSMC stated that any import measures should not create uncertainty for existing semiconductor investments.
Any measures taken by the U.S. government should not undermine the national security policy objectives of the U.S. government, including advanced semiconductor production at TSMC Arizona.


TSMC (2330.TT; TSM.US): TSMC’s Arizona Subsidiary Sent a Letter in Response to the U.S. Authorities.

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   </li>
<li>Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.</li>
<li>The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  </li>
</ul>


Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   
Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.
The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  


Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

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: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC 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: Google's Pixel Going All-In on TSMC; TSMC 2025 Symposium Key Take-Aways

Google is switching to TSMC for its Pixel chips, TSMC provides updates at technology symposium, GlobalWafers shareholders meeting held with US...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC’s Arizona Subsidiary Sent a Letter in Response to the U.S. Authorities.

U.S. BIS seeks public input on Section 232 for semiconductors, TSMC urges measures to not disrupt existing investments or national security...

Patrick Liao

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

​Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC 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: Google's Pixel Going All-In on TSMC; TSMC 2025 Symposium Key Take-Aways

​Google is switching to TSMC for its Pixel chips, TSMC provides updates at technology symposium, GlobalWafers shareholders meeting held with US...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): TSMC’s Arizona Subsidiary Sent a Letter in Response to the U.S. Authorities.

​U.S. BIS seeks public input on Section 232 for semiconductors, TSMC urges measures to not disrupt existing investments or national security...

Patrick Liao

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

​Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Google is switching to TSMC for its Pixel chips, TSMC provides updates at technology symposium, GlobalWafers shareholders meeting held with US...

U.S. BIS seeks public input on Section 232 for semiconductors, TSMC urges measures to not disrupt existing investments or national security...

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...