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>Huawei's new Mate 60 Pro phone has made many wonder if it has worked around U.S. technology restrictions to produce a 5G-capable chip domestically.</li>
<li>Nvidia hits new all-time highs... Taiwan AI-supply chain stocks are surging again.</li>
<li>Dell will report earnings -- Look for PC upgrade cycle color and AI PC comments. SEMICON Taiwan is coming soon, we will attend.</li>
</ul>


Huawei's new Mate 60 Pro phone has made many wonder if it has worked around U.S. technology restrictions to produce a 5G-capable chip domestically.
Nvidia hits new all-time highs... Taiwan AI-supply chain stocks are surging again.
Dell will report earnings -- Look for PC upgrade cycle color and AI PC comments. SEMICON Taiwan is coming soon, we will attend.


Taiwan Tech Weekly: New Huawei Phone Works Around U.S. Restrictions?; Taiwan AI Stocks Surging Again

<ul>
<li>Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key partnerships.</li>
<li>Semiconductor shorts have been squeezed after the global rally sparked by Nvidia's monster results; We released our latest Taiwan Shorts Monitor to identify short squeezes.</li>
<li>Earnings: Light this week for Taiwan, however PC industry leaders Hewlett Packard Co (HPQ US) and Dell Technologies Inc (DELL US) will report.</li>
</ul>


Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key partnerships.
Semiconductor shorts have been squeezed after the global rally sparked by Nvidia's monster results; We released our latest Taiwan Shorts Monitor to identify short squeezes.
Earnings: Light this week for Taiwan, however PC industry leaders Hewlett Packard Co (HPQ US) and Dell Technologies Inc (DELL US) will report.


Taiwan Tech Weekly: Nvidia in Taiwan - Everyone Will Need 'AI Factories'; Identifying Short Squeezes

<ul>
<li>This week will have some major earnings data points released. In Taiwan, UMC, Delta, Mediatek, ASE will report among other local names in our coverage.</li>
<li>Samsung &amp; SK Hynix will report this week, providing major insight into the Memory chip space for companies such as Nanya Technology and Micron.</li>
<li>TSMC &amp; ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track industry recovery?</li>
</ul>


This week will have some major earnings data points released. In Taiwan, UMC, Delta, Mediatek, ASE will report among other local names in our coverage.
Samsung &amp; SK Hynix will report this week, providing major insight into the Memory chip space for companies such as Nanya Technology and Micron.
TSMC &amp; ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track industry recovery?


Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.</li>
<li>Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.</li>
<li>We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.</li>
</ul>


There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.
Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.
We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.


Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Latest industry developments show silicon photonics becoming a must-have capability for leading foundries as AI bandwidth needs push the limits of traditional chip interconnect technology.</li>
<li>Himax is well positioned as a key upstream supplier of CPO optical engines and nano-optics used in TSMC’s silicon-photonics packaging for next-generation NVIDIA platforms.</li>
<li>Himax’s validated CPO roadmap, proprietary WLO nano-optics platform, and a 2026E-2028E commercialization timeline position the company well. We reiterate our Structural Long rating for Himax into 2026E.</li>
</ul>


Latest industry developments show silicon photonics becoming a must-have capability for leading foundries as AI bandwidth needs push the limits of traditional chip interconnect technology.
Himax is well positioned as a key upstream supplier of CPO optical engines and nano-optics used in TSMC’s silicon-photonics packaging for next-generation NVIDIA platforms.
Himax’s validated CPO roadmap, proprietary WLO nano-optics platform, and a 2026E-2028E commercialization timeline position the company well. We reiterate our Structural Long rating for Himax into 2026E.


Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectron Sp Adr (UMC US)

Taiwan Tech Weekly: New Huawei Phone Works Around U.S. Restrictions?; Taiwan AI Stocks Surging Again

Dell will report earnings -- Look for PC upgrade cycle color and AI PC comments. SEMICON Taiwan is coming soon, we will attend.

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia in Taiwan - Everyone Will Need 'AI Factories'; Identifying Short Squeezes

Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key...

Vincent Fernando, CFA

Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

TSMC & ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track...

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: New Huawei Phone Works Around U.S. Restrictions?; Taiwan AI Stocks Surging Again

Dell will report earnings -- Look for PC upgrade cycle color and AI PC comments. SEMICON Taiwan is coming soon, we will attend.

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia in Taiwan - Everyone Will Need 'AI Factories'; Identifying Short Squeezes

Nvidia's CEO is in Taiwan this week for Computex and the company continues to dominate the headlines announcing Mediatek, Softbank, and WPP key...

Vincent Fernando, CFA

Taiwan Tech Weekly: This Is a Major Earnings Week; Are We Entering a 2-Track Semiconductor Recovery?

TSMC & ASML results last week indicate that the cycle could be bottoming in 2Q23E for these leading firms... But are we entering a two-track...

Vincent Fernando, CFA

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

​Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Vincent Fernando, CFA

Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...