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: +27.3% Premium; Opportunity to Set Up ADR Spread Short During Taiwan Session</li>
<li>UMC: +2.0% Premium; Wait for Slightly Higher Premium Before Opening Spread Short</li>
<li>ASE: +2.6% Premium; Wait for More Extreme Swing Before Going Long or Short</li>
</ul>


TSMC: +27.3% Premium; Opportunity to Set Up ADR Spread Short During Taiwan Session
UMC: +2.0% Premium; Wait for Slightly Higher Premium Before Opening Spread Short
ASE: +2.6% Premium; Wait for More Extreme Swing Before Going Long or Short


Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>China was ahead of the US in AI semiconductor and applications in 2015-20. Huawei had a complete AI processor and software platform. Losing access to TSMC froze Huawei’s progress.</li>
<li>Most likely, Huawei new AI processor Ascend 910C is made by SMIC on 6nm. Power Efficiency of Ascend 910C is poor versus the latest Nvidia GPU, but similar to N-2.</li>
<li>
<a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a> 7-6nm and access to HBM memory are major limiting factor to the chip volumes and performance.</li>
</ul>


China was ahead of the US in AI semiconductor and applications in 2015-20. Huawei had a complete AI processor and software platform. Losing access to TSMC froze Huawei’s progress.
Most likely, Huawei new AI processor Ascend 910C is made by SMIC on 6nm. Power Efficiency of Ascend 910C is poor versus the latest Nvidia GPU, but similar to N-2.

Semiconductor Manufacturing International Corp (SMIC) (981 HK) 7-6nm and access to HBM memory are major limiting factor to the chip volumes and performance.


Huawei New AI Processor Ascend 910C and the Long History Behind It (Part 1)

<ul>
<li>TSMC’s Grip Tightens: 2Q25 Market Share Hits New Heights; September Revenue Implies Even More Taken</li>
<li>TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure. </li>
<li>PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here? </li>
</ul>


TSMC’s Grip Tightens: 2Q25 Market Share Hits New Heights; September Revenue Implies Even More Taken
TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure. 
PC Monitor: Dell Doubles Multi-Year Forecasts; AI PC Up-Cycle, Art Thou Finally Here? 


Taiwan Tech Weekly: TSMC's Market Share Keeps Rising; Semi Revenues Show AI the Only Pillar; AI PCs

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>U.S. President Donald Trump announced a 100% tariff on China.</li>
<li>Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  </li>
<li>Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  </li>
</ul>


U.S. President Donald Trump announced a 100% tariff on China.
Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  
Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  


TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure.

<ul>
<li>TSMC: +19% Premium; Good Level to Close Out for Those Short the ADR Spread</li>
<li>UMC: -3.9% Discount; Rare Deep Discount Good Level to Long the ADR Spread</li>
<li>ASE: -5.5% Discount; Any Spread Below Parity a Good Level to Long the ADR Spread</li>
</ul>


TSMC: +19% Premium; Good Level to Close Out for Those Short the ADR Spread
UMC: -3.9% Discount; Rare Deep Discount Good Level to Long the ADR Spread
ASE: -5.5% Discount; Any Spread Below Parity a Good Level to Long the ADR Spread


Taiwan Dual-Listings Monitor: Weak US Friday Session Opens Up Wide Opportunities Across the Board

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)

Price Gauge
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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

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

Vincent Fernando, CFA

Huawei New AI Processor Ascend 910C and the Long History Behind It (Part 1)

Huawei's advancement in AI semiconductor technology was hindered by losing access to TSMC, impacting the progress of their AI processor Ascend...

Nicolas Baratte

TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure.

President Trump's announcement of a 100% tariff on China leads to a sharp drop in U.S. stocks amid escalating trade tensions.

Patrick Liao

Taiwan Dual-Listings Monitor: Weak US Friday Session Opens Up Wide Opportunities Across the Board

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)

Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today

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

Vincent Fernando, CFA

Huawei New AI Processor Ascend 910C and the Long History Behind It (Part 1)

​Huawei's advancement in AI semiconductor technology was hindered by losing access to TSMC, impacting the progress of their AI processor Ascend...

Nicolas Baratte

Taiwan Tech Weekly: TSMC's Market Share Keeps Rising; Semi Revenues Show AI the Only Pillar; AI PCs

​TSMC dominates market share, while Dell sees promising growth in PC monitor sales. US stocks plummet under selling pressure.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure.

​President Trump's announcement of a 100% tariff on China leads to a sharp drop in U.S. stocks amid escalating trade tensions.

Patrick Liao

Taiwan Dual-Listings Monitor: Weak US Friday Session Opens Up Wide Opportunities Across the Board

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

Vincent Fernando, CFA

Huawei's advancement in AI semiconductor technology was hindered by losing access to TSMC, impacting the progress of their AI processor Ascend...

TSMC dominates market share, while Dell sees promising growth in PC monitor sales. US stocks plummet under selling pressure.

President Trump's announcement of a 100% tariff on China leads to a sharp drop in U.S. stocks amid escalating trade tensions.