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 Dual-Listings: Post CNY Market Closure, Huge ADR Premiums

Why Taiwan's Semiconductor and Hardware Forecasts Might Still Be Too Optimistic

Taiwan Tech Weekly: Samsung Results; Will Bleed Competitors; Japan & Holland Join China Chip Ban

TSMC Analyst Call Take-Aways: Signs of Industry Stabilization & 2H23E Recovery

Taiwan Tech Weekly: UMC Vs. TSMC Results' Vastly Different Performance, Japan Cautious on China Bans

Taiwan Tech Weekly: Dutch & Japan China Restrictions End-January, Realtek Results Show Pain in PCs

A Bull Investment Case for TSMC (Summary Version)

Equity Bottom-Up

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>ASML and Lam Research's latest guidance implies extremely different near-term revenue outlooks but shows an industry pulling back near-term while investing for long-term.</li>
<li>Results show the much weaker situation for Memory chips vs. Logic chips, and little discussion of a recovery for Memory from the firms so far.</li>
<li>Firms servicing long-term strategic, specialized demand from customers are indeed performing better than those servicing more commoditized demand.</li>
</ul>


ASML and Lam Research's latest guidance implies extremely different near-term revenue outlooks but shows an industry pulling back near-term while investing for long-term.
Results show the much weaker situation for Memory chips vs. Logic chips, and little discussion of a recovery for Memory from the firms so far.
Firms servicing long-term strategic, specialized demand from customers are indeed performing better than those servicing more commoditized demand.


ASML & Lam Results: Key Take-Aways for Semiconductors in 2023