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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.</li>
<li>KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.</li>
<li>Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.</li>
</ul>


TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.
KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.
Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.


Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

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.

<ul><li>Texas Instruments Incorporated (TI) reported its second-quarter financial results with revenues amounting to $4.4 billion, marking a 9% sequential increase and a 16% rise year-over-year.</li><li>The distinct growth across major divisions, Analog, and Embedded Processing, was notable, achieving 18% and 10% year-on-year growth, respectively.</li><li>The company's other segments recorded a 14% increase from the prior year.</li></ul>

Texas Instruments Incorporated (TI) reported its second-quarter financial results with revenues amounting to $4.4 billion, marking a 9% sequential increase and a 16% rise year-over-year.The distinct growth across major divisions, Analog, and Embedded Processing, was notable, achieving 18% and 10% year-on-year growth, respectively.The company's other segments recorded a 14% increase from the prior year.

Texas Instruments’ Secret Weapon: How Geopolitical Dependability Could Redefine Chip Supply!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).</li><li>External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight's meeting between the US and Ukraine if Ukraine agrees to Russia's proposal, contrary to market expectations.</li><li>Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.</li></ul>

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points (200-day EMA).External factors are slightly negative after the US July PPI rose more than expected, dampening hopes that the Fed will cut interest rates by 50 bps at its mid-September meeting, though there may be a positive surprise from tonight's meeting between the US and Ukraine if Ukraine agrees to Russia's proposal, contrary to market expectations.Domestic factors are slightly positive, supported by: i) better-than-expected 2Q25 earnings from Thai listed companies (+8.6%), with 1H25 earnings accounting for 57.5% of full-year estimates, which could lead to upward earnings and target revisions, and ii) the House of Representatives passing the 2026 fiscal budget bill last Friday, while the NESDC signaled a more positive outlook for the second half of the year compared to earlier concerns over US tariff hikes, adding upside to 2025E GDP growth and reducing the risk of contraction if Prime Minister Paetongtarn is found guilty by the court and a new prime minister must be selected on August 29.

Poised For A Rebound On The Back Of Thailand's Better Economic Prospects And The Outcome Of US-Ukraine Talks

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>2Q25 results beat Consensus by 5%. 3Q guidance is close to Consensus, so you can’t call that a disappointment.</li>
<li>Very different tone. 1Q management was confident of a cyclical recovery and accelerating growth in 2H25. Now, we have lower growth in 3Q, more disclaimers, 2Q was “too hot” .</li>
<li>The stock was trading at 38x 2025 EPS and 32x 2026 before earnings, a bit of disappointment does crash the stock -13%. This can take weeks to settle down.</li>
</ul>


2Q25 results beat Consensus by 5%. 3Q guidance is close to Consensus, so you can’t call that a disappointment.
Very different tone. 1Q management was confident of a cyclical recovery and accelerating growth in 2H25. Now, we have lower growth in 3Q, more disclaimers, 2Q was “too hot” .
The stock was trading at 38x 2025 EPS and 32x 2026 before earnings, a bit of disappointment does crash the stock -13%. This can take weeks to settle down.


TXN: Good Results, Decent Guidance, the Stock Tanks -13%. The Market Didn’t like the New Narrative.

<ul>
<li>TSMC's Most Advanced Node -- 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think</li>
<li>OpenAI's Sam Altman 'Jokes' About Owning US$3 Trillion Worth of GPUs One Day...</li>
<li>AI PC Delay -- Nvidia-MediaTek Push AI PC Chip Launch to 2026</li>
</ul>


TSMC's Most Advanced Node -- 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think
OpenAI's Sam Altman 'Jokes' About Owning US$3 Trillion Worth of GPUs One Day...
AI PC Delay -- Nvidia-MediaTek Push AI PC Chip Launch to 2026


Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

United States

Texas Instruments Incorporated operates as a semiconductor design and manufacturing company. The Company develops analog ICs and embedded processors. Texas Instruments has manufacturing or sales operations worldwide.

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Texas Instruments (TXN US)

Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

Texas Instruments’ Secret Weapon: How Geopolitical Dependability Could Redefine Chip Supply!

Texas Instruments Incorporated (TI) reported its second-quarter financial results with revenues amounting to $4.4 billion, marking a 9% sequential...

Baptista Research

Poised For A Rebound On The Back Of Thailand's Better Economic Prospects And The Outcome Of US-Ukraine Talks

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points...

Krungthai XSpring

TXN: Good Results, Decent Guidance, the Stock Tanks -13%. The Market Didn’t like the New Narrative.

Texas Instrument TXN 2Q25 results beat Consensus by 5%, 3Q guidance roughly inline. But major change in tone leading to a 13% stock decline.

Nicolas Baratte

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Vincent Fernando, CFA

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Texas Instruments & KLA Signal Continued AI Strength, Foreshadow TSMC’s 2nm Breakout

​TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Vincent Fernando, CFA

Texas Instruments’ Secret Weapon: How Geopolitical Dependability Could Redefine Chip Supply!

Texas Instruments Incorporated (TI) reported its second-quarter financial results with revenues amounting to $4.4 billion, marking a 9% sequential...

Baptista Research

Poised For A Rebound On The Back Of Thailand's Better Economic Prospects And The Outcome Of US-Ukraine Talks

The SET Index today is expected to rebound within a limited range, with the resistance at 1,270/1,280 points and the support at 1,252/1,239 points...

Krungthai XSpring

TXN: Good Results, Decent Guidance, the Stock Tanks -13%. The Market Didn’t like the New Narrative.

Texas Instrument TXN ​2Q25 results beat Consensus by 5%, 3Q guidance roughly inline. But major change in tone leading to a 13% stock decline.

Nicolas Baratte

Taiwan Tech Weekly: TSMC Preparing 5x 2nm Ramp into 2027; Altman 'Jokes' About Buying 100x More GPUs

​TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...

Vincent Fernando, CFA

TI's data center growth remains strong with 50% YoY growth, KLA sees potential in 2nm node to be the largest ever, Taiwan Tech set to benefit from...

Texas Instrument TXN 2Q25 results beat Consensus by 5%, 3Q guidance roughly inline. But major change in tone leading to a 13% stock decline.

TSMC's upcoming 2nm node could see a significant increase in wafer capacity, OpenAI's Sam Altman jokes about owning trillions worth of GPUs, and...