Managing Director, Zero One, Zero One

Vincent Fernando, CFA

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

Managing Director, Zero One

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

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

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

Long/Short SK Vs. Nanya: AI Memory Leadership to Outperform Legacy DRAM’s Final Cyclical Peak

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

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

Taiwan Dual-Listings Monitor: TSMC Premium Compresses; ASE and UMC Flip to Discount

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>
Management Addresses Recently Closed US$2.5B Strategic Placement. SanDisk, Kioxia, SK Hynix's Solidigm, and Cisco took 10.19% of Nanya Technology (2408 TT) to lock in legacy DRAM supply.</li>
<li>
FY1Q26 Confirms Supply-Driven Tightness That Will Persist. Nanya reported 67.9% gross margin with ASPs +&gt;70% QoQ on falling bit shipments; management cannot satisfy market demand this year.</li>
<li>
Close Our Long <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> / Short <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a> Pair. SK has rallied to new highs while Nanya has retraced from its peak.</li>
</ul>



Management Addresses Recently Closed US$2.5B Strategic Placement. SanDisk, Kioxia, SK Hynix's Solidigm, and Cisco took 10.19% of Nanya Technology (2408 TT) to lock in legacy DRAM supply.

FY1Q26 Confirms Supply-Driven Tightness That Will Persist. Nanya reported 67.9% gross margin with ASPs +&gt;70% QoQ on falling bit shipments; management cannot satisfy market demand this year.

Close Our Long SK Hynix (000660 KS) / Short Nanya Technology (2408 TT) Pair. SK has rallied to new highs while Nanya has retraced from its peak.


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