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: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel's TSMC Dependency

Taiwan Tech Weekly: Mediatek & Nvidia Announce GB10 Partnership; TSMC's Prices Spur Samsung Interest

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Why TSMC 3Q25 Indicates Strong AI Accelerator Demand Through 2029E; Maintain Structural Long Rating

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>
PC upgrade mini-cycle front-loaded: Realtek 3Q25 results reflected normalization after Windows 10-related demand pulled forward into 1H25, with revenue and margins easing sequentially but remaining solid.</li>
<li>
Diversification offsets softness: Communications infrastructure and automotive Ethernet continued to expand, with stronger growth outside China and resilient contribution from next-gen connectivity and Wi-Fi 7 adoption.</li>
<li>
Cautious near term, constructive on 2026E: Inventory build and tariff uncertainty temper 4Q outlook, but management expects a strong 1Q26 rebound as PC inventories normalize and AI-driven peripherals lift ASPs.</li>
</ul>



PC upgrade mini-cycle front-loaded: Realtek 3Q25 results reflected normalization after Windows 10-related demand pulled forward into 1H25, with revenue and margins easing sequentially but remaining solid.

Diversification offsets softness: Communications infrastructure and automotive Ethernet continued to expand, with stronger growth outside China and resilient contribution from next-gen connectivity and Wi-Fi 7 adoption.

Cautious near term, constructive on 2026E: Inventory build and tariff uncertainty temper 4Q outlook, but management expects a strong 1Q26 rebound as PC inventories normalize and AI-driven peripherals lift ASPs.


Realtek Results Readthrough: Normalization Marks Pause Before Next PC Wave

Realtek Semiconductor

Realtek Results Readthrough: Normalization Marks Pause Before Next PC Wave