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

UMC (2303.TT; UMC.US): 4Q25 Revenue Is Projected to Decline 5–10% QoQ.

UMC (2303.TT; UMC.US): 4Q25 Upbeat; 1Q26 May Be a Challenging Quarter Due to Expected Seasonality.

A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan's UMC

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

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.</li>
<li>Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.</li>
<li>UMC's growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.</li>
</ul>


UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.
Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.
UMC's growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization