Managing Director, Zero One, Zero One

Vincent Fernando, CFA

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

Managing Director, Zero One

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

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

Arm Q4 FY2026: Record Quarter, $2 Billion AGI CPU Pipeline But Soft Guidance Stings After Hours

TSMC Keeps Beating. Consensus Expects 38% EPS Growth in 2026. 1H26 EPS Growth Is Above 50% YoY.

TSMC: Arm's Foundry Exclusivity Reinforces Advanced Node Dominance & Margins Stronger for Longer

Where the AI & Semi Supply Chain Is Actually Flowing: Bottom-Up Read From Taiwan's March Sales Data

Why Nanya Results and Placement Mean Memory Tightness to Last Much Longer; Close SK Hynix/Nanya Pair

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
Record 66.2% gross margin beat guidance by 120bps; management raised full-year revenue growth to "above 30%" and capex to high end of $52-56B on insatiable AI demand. </li>
<li>
Supply constraints persist through 2027 as TSMC builds three new N3 fabs globally. AI accelerator revenue CAGR reaffirmed at "higher-50s" through 2029. </li>
<li>
Supply chain scorecard: strongly positive for ASML, SK Hynix,  ASE; mixed for MediaTek and Apple; negative for Intel and Samsung  foundry competitiveness.</li>
</ul>



Record 66.2% gross margin beat guidance by 120bps; management raised full-year revenue growth to "above 30%" and capex to high end of $52-56B on insatiable AI demand. 

Supply constraints persist through 2027 as TSMC builds three new N3 fabs globally. AI accelerator revenue CAGR reaffirmed at "higher-50s" through 2029. 

Supply chain scorecard: strongly positive for ASML, SK Hynix,  ASE; mixed for MediaTek and Apple; negative for Intel and Samsung  foundry competitiveness.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

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