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 April Sales Signals: AI Server Ramp Sustains & Memory Cycle Bleeds Into PC OEMs

SMIC (981 HK): Tactical Outlook as Overseas AI Orders Rise to Offset Earnings Miss

SMIC Q1 2026. Dumping The Dividend To Maintain The CapEx Cadence

TechChain Insights: Himax (HIMX) Q&A — Automotive Display Dominance Meets Edge AI and Photonics

TechChain Insights Q&A: Legacy DRAM Squeeze -- How AI's Capacity Grab Is Reshaping the Memory Market

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

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

TSMC 1Q26: 66% Gross Margin Beat — What It Means for ASML, NVIDIA, MediaTek & 7 More

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>
Sub-8nm foundry license mix surged from 47.6% to 79% in 1Q26, a real-time read on advanced-node platform demand across TSMC, Samsung, and the leading-edge foundry stack.</li>
<li>
A Tier-1 US foundry engagement (likely Intel Foundry or TSMC Arizona in our view) could be confirmed 2Q26, a leading indicator of which US fab attracts external fabless customers first.</li>
<li>
First 3nm royalties landed in 4Q25; sub-16nm royalty +~700% YoY in 1Q26, confirming the AI accelerator supply chain's transition to leading-edge nodes is now live.</li>
</ul>



Sub-8nm foundry license mix surged from 47.6% to 79% in 1Q26, a real-time read on advanced-node platform demand across TSMC, Samsung, and the leading-edge foundry stack.

A Tier-1 US foundry engagement (likely Intel Foundry or TSMC Arizona in our view) could be confirmed 2Q26, a leading indicator of which US fab attracts external fabless customers first.

First 3nm royalties landed in 4Q25; sub-16nm royalty +~700% YoY in 1Q26, confirming the AI accelerator supply chain's transition to leading-edge nodes is now live.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

TechChain Insights Q&A: Inside TSMC, Intel and SMIC's Advanced-Node Pipeline - M31 (6643 TT)

M31 Technology

TechChain Insights Q&A: Inside TSMC, Intel and SMIC's Advanced-Node Pipeline - M31 (6643 TT)