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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges</li>
<li>Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?</li>
<li>Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E</li>
</ul>


Nvidia Pushes TSMC for More Capacity as AI Chip Demand Surges
Apple Expands Its Satellite Ambitions for iPhones Beyond Just Emergencies -- A Step Towards Disintermediating Telcos?
Nvidia’s International HQ in Taipei Deal Clears Final Hurdle -- Boost for Taiwan 2026E-2027E


Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

<ul>
<li>TSMC: +21.8% Premium; Wait for Lower Premium Before Fresh Long</li>
<li>UMC: +2.2% Premium; Good Level to Short the ADR Premium</li>
<li>CHT: -2.0% Discount; Near Level to Go Long the ADR Spread</li>
</ul>


TSMC: +21.8% Premium; Wait for Lower Premium Before Fresh Long
UMC: +2.2% Premium; Good Level to Short the ADR Premium
CHT: -2.0% Discount; Near Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.</li>
<li>U.S. fab expansion eroding TSMC's cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.</li>
<li>Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.</li>
</ul>


TSMC’s advanced-node wafer costs are rising sharply, with 2nm pricing now 50% above 3nm and multi-year price hikes expected; margin pressures likely for fabless players like Qualcomm, MediaTek, and AMD.
U.S. fab expansion eroding TSMC's cost advantage; production reportedly 30–50% more expensive than in Taiwan. This opens the door for Intel and Samsung as geopolitical and cost dynamics shift.
Presently, TSMC remains irreplaceable in yield and process leadership, but one key moat may no longer be unchallenged; foundry competition to reshape over the next three years.


Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

<ul>
<li>TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes</li>
<li>MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions</li>
<li>Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. </li>
</ul>


TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes
MediaTek’s Leap Into the 2nm Era -- Leading Edge Node Signals Market Leadership Ambitions
Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. 


Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul><li>Taiwan Semiconductor Manufacturing Company (TSMC) reported a robust performance for the third quarter of 2025, reflecting its strong position in the global semiconductor industry.</li><li>The company achieved a 10.1% sequential increase in U.S. dollar revenue, reaching $33.1 billion, marginally surpassing its guidance.</li><li>This growth was primarily driven by the increased demand for advanced process technologies, with 3nm technology contributing 23% of wafer revenue.</li></ul>

Taiwan Semiconductor Manufacturing Company (TSMC) reported a robust performance for the third quarter of 2025, reflecting its strong position in the global semiconductor industry.The company achieved a 10.1% sequential increase in U.S. dollar revenue, reaching $33.1 billion, marginally surpassing its guidance.This growth was primarily driven by the increased demand for advanced process technologies, with 3nm technology contributing 23% of wafer revenue.

Taiwan Semiconductor (TSMC) Is Going BIG: Advanced Nodes Set to Dominate the AI Boom!

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.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

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

Vincent Fernando, CFA

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

Mint Finance

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Taiwan Semiconductor (TSMC) Is Going BIG: Advanced Nodes Set to Dominate the AI Boom!

Taiwan Semiconductor Manufacturing Company (TSMC) reported a robust performance for the third quarter of 2025, reflecting its strong position in...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Nvidia Asking TSMC for More Capacity; Apple to Disintermediate Telcos?

​Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

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

Vincent Fernando, CFA

Margin Call at 2nm: What TSMC's Price Hike Means for the Chip Ecosystem

​TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

Mint Finance

Taiwan Tech Weekly: Mediatek's Power Move for 2nm Chips; Yet More TSMC Pricing Power

​TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.

Vincent Fernando, CFA

Taiwan Semiconductor (TSMC) Is Going BIG: Advanced Nodes Set to Dominate the AI Boom!

Taiwan Semiconductor Manufacturing Company (TSMC) reported a robust performance for the third quarter of 2025, reflecting its strong position in...

Baptista Research

Nvidia and Apple are both making strategic moves to secure more capacity and expand their reach in the tech industry, potentially disrupting...

TSMC's wafer costs are rising sharply, putting pressure on fabless players like Qualcomm, MediaTek, and AMD. U.S. fab expansion and competition...

TSMC plans price increases for advanced nodes, while MediaTek aims for market leadership with leap to 2nm era but faces weak margins in 3Q25.