Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Taiwan Tech Weekly: TSMC's US Fabs On a Roll; Why Intel Should Invest in UMC; The Big SPE Reset

Intel's Historic Agreement Or Moment Of Surrender?

US Banks - Accelerating Weekly YoY Loan Growth at +$77bn into 3Q25 Vs Minus $1bn into 3Q24

Our Thesis: Intel Should Take a Stake in UMC -- New Signals Reinforce the Case

United Microelectronics 4Q24 Results: Intel Partnership On Track and Is A Key Model for UMC's Future

Intel (INTC.US): SoftBank Buys $2bn of Intel Stock at $23; U.S. Government Considers Investment.

Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.

Intel (INTC.US): 18A May Have Been Too Rushed; Now All Hopes Rest on 14A.

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

<ul>
<li>A major Intel balance sheet boost, backed by SoftBank, the U.S. government, and leading institutions, would enhance the company’s capacity to make bold bets on regaining global chip manufacturing leadership.</li>
<li>UMC's market valuation is less than the capex for just one advanced fab. Intel would likely make a gain on its investment since it would cause UMC shares to rally.</li>
<li>For less than the cost of a single advanced fab, a large company could acquire UMC and gain chipmaking expertise approaching TSMC’s level; boosting returns across an entire fab network.</li>
</ul>


A major Intel balance sheet boost, backed by SoftBank, the U.S. government, and leading institutions, would enhance the company’s capacity to make bold bets on regaining global chip manufacturing leadership.
UMC's market valuation is less than the capex for just one advanced fab. Intel would likely make a gain on its investment since it would cause UMC shares to rally.
For less than the cost of a single advanced fab, a large company could acquire UMC and gain chipmaking expertise approaching TSMC’s level; boosting returns across an entire fab network.


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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Samsung Electronics Pref Shares (005935 KS)

A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC

Intel Corp

A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC