Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years experience researching capital markets across Asia and the USA.

Managing Director, Zero One

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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>
 Pulling forward demand, edge AI applications surge. 1Q26 revenue +59% YoY; 2Q26 guided to accelerate (~+75% YoY) as forward demand pulled into nearterm. 80%+ Ambiq units shipped run on-device AI.</li>
<li>
Breakeven pulled forward ~12 months. Ambiq's 2H25 secondary raise funded Apollo340 /  Atomiq110 product acceleration; CFO now sees non-GAAP breakeven moving from 2028 into  2H27-early 2028. US$204.5m cash, no debt.</li>
<li>
Diversification widening alongside TAM, shares surge. Top-3 concentration fell 86% → 71% YoY; Apollo340 and Atomiq120 products open new TAM. <a href="https://www.smartkarma.com/entities/ambiq-micro-inc" target="_blank" data-smartkarma-citation="entities:45451:1" rel="noopener">Ambiq Micro (AMBQ US)</a> shares surged +45% today.</li>
</ul>



 Pulling forward demand, edge AI applications surge. 1Q26 revenue +59% YoY; 2Q26 guided to accelerate (~+75% YoY) as forward demand pulled into nearterm. 80%+ Ambiq units shipped run on-device AI.

Breakeven pulled forward ~12 months. Ambiq's 2H25 secondary raise funded Apollo340 /  Atomiq110 product acceleration; CFO now sees non-GAAP breakeven moving from 2028 into  2H27-early 2028. US$204.5m cash, no debt.

Diversification widening alongside TAM, shares surge. Top-3 concentration fell 86% → 71% YoY; Apollo340 and Atomiq120 products open new TAM. Ambiq Micro (AMBQ US) shares surged +45% today.


TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Ambiq Micro (AMBQ US) 1Q26: Beat, Raise, and a Year Pulled Forward on the Edge AI Thesis