Managing Director, Zero One, Zero One

Vincent Fernando, CFA

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

Managing Director, Zero One

Taiwan Tech Weekly: Chips Rebound After Record Selloff; Rotation Out of Servers Into Semi Equipment

Taiwan Dual-Listings Monitor: ADR Spreads Staged Major Reversion

Taiwan Tech Weekly: Packaging Scarcity Locks In to 2030, Intel Builds New Capacity to Compete

TechChain Insights Q&A: Where Mediatek Partner Neuralspike Sees Edge AI Demand Right Now

TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

Taiwan Tech Weekly: COMPUTEX Drives TSMC to Records, Then a US$1.3tn AI Selloff

Taiwan Dual-Listings Monitor: Deep ADR Discounts Unlikely to Persist

TechChain Insights: SemiQA's Analog Chips Cut Power Usage by 90% and Use Non-TSMC Mature Node Fabs

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>
 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.</li>
<li>
 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.</li>
<li>
 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.</li>
</ul>



 Memory's price surge stalled month-over-month. The median memory name's sequential revenue growth fell from +32% in April to +4% in May, back at its no-cycle baseline.

 The PC pull-forward could be unwinding a quarter early. Acer's and ASUS's revenue both fell roughly 16% month-over-month, against positive seasonality, with neither company commenting.

 AI server demand is so far untouched, and it is not lifting everything. A fifth straight month of ramp, Hon Hai re-accelerating, a record TSMC month.


Synnex Technology International (2347 TT)

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

Taiwan Revenue Signals -- Memory Growth Stalls While AI Servers Remain Robust