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>AI silicon changed what "test" is for. Larger die and stacked packages mean a late failure destroys more value, so test now decides whether parts ship.</li>
<li>Chroma's revenue doubled while gross margin fell, the signature of customers buying larger systems with more bought in content rather than more of the same instrument.</li>
<li>The whole test group is priced for a multi year cycle, not a good quarter: Advantest trades at 77.0x next year's consensus and Chroma at 44.7x.</li>
</ul>


AI silicon changed what "test" is for. Larger die and stacked packages mean a late failure destroys more value, so test now decides whether parts ship.
Chroma's revenue doubled while gross margin fell, the signature of customers buying larger systems with more bought in content rather than more of the same instrument.
The whole test group is priced for a multi year cycle, not a good quarter: Advantest trades at 77.0x next year's consensus and Chroma at 44.7x.


TechChain Insights Q&A: AI Chips Cannot Ship Until Chroma's Machines Pass Them

Chroma Ate Inc

TechChain Insights Q&A: AI Chips Cannot Ship Until Chroma's Machines Pass Them