Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

<ul>
<li>Micron's Latest Outlook Disappoints &amp; Shares Fall; Decoupling Trade Between SK Hynix &amp; Nanya Tech Has Worked However</li>
<li>Smartphone AI Insights -- On-Device Local Search &amp; Context-Aware Interfaces Emerging as Key Local AI Needs</li>
<li>Conclusion -- Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade</li>
</ul>


Micron's Latest Outlook Disappoints &amp; Shares Fall; Decoupling Trade Between SK Hynix &amp; Nanya Tech Has Worked However
Smartphone AI Insights -- On-Device Local Search &amp; Context-Aware Interfaces Emerging as Key Local AI Needs
Conclusion -- Consider Swapping In MICRON as the Long Side of the Memory Decoupling Trade


Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

<ul>
<li>2025 could be thorny for Asian equities. The main themes - "Trump turmoil", a slower Fed and a "stronger for longer" Dollar and continued AI boom - have mixed implications.</li>
<li>China's policy articulation to support consumption departing from earlier supply-side measures, would be an important investment driver. India, though expensive, has a few "unloved" sectors that investors should focus on.</li>
<li>Based on our five investment themes, we identify five high quality liquid top picks in Asia - two listed in Hong Kong and one each in Taiwan, India and Korea. </li>
</ul>


2025 could be thorny for Asian equities. The main themes - "Trump turmoil", a slower Fed and a "stronger for longer" Dollar and continued AI boom - have mixed implications.
China's policy articulation to support consumption departing from earlier supply-side measures, would be an important investment driver. India, though expensive, has a few "unloved" sectors that investors should focus on.
Based on our five investment themes, we identify five high quality liquid top picks in Asia - two listed in Hong Kong and one each in Taiwan, India and Korea. 


Asian Equities: 2025 High Conviction – Five Themes, Five Top Picks

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Lots of Jobs eliminated by Large Tech firms. Stable Mediatek-Qualcomm market share in Mobile. Foundry Top-10: 5-4-3nm still booming, Mature nodes still lagging.</li>
<li>Samsung multiple troubles. HBM3e still not qualified, losing iPhone OLED share, US CHIPS Act subsidies gone, Exynos 2500 delayed, Smartphone forecasts lower  </li>
<li>Intel new CEOs admit they don’t have an AI roadmap – Gaudi 3 failed, next-gen Falcon Shores is a learning opportunity… but 18A process on track (for 2027?).</li>
</ul>


Lots of Jobs eliminated by Large Tech firms. Stable Mediatek-Qualcomm market share in Mobile. Foundry Top-10: 5-4-3nm still booming, Mature nodes still lagging.
Samsung multiple troubles. HBM3e still not qualified, losing iPhone OLED share, US CHIPS Act subsidies gone, Exynos 2500 delayed, Smartphone forecasts lower  
Intel new CEOs admit they don’t have an AI roadmap – Gaudi 3 failed, next-gen Falcon Shores is a learning opportunity… but 18A process on track (for 2027?).


Tech News This Week: Samsung Multiple Negatives. Intel Facing Reality. TSMC, Mediatek.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul><li>Samsung Display appoints new VP to lead strategic product realignment, driving focus on key areas.</li><li>BYD expands EV production in Europe, while Gotion aims for battery growth in Morocco and Slovakia.</li><li>Google unveils Gemini 2.0 and next-gen TPU Trillium, ushering in the era of AI agents; Morris Chang shares insights on Intel's leadership crisis. Samsung shifts 2,000 engineers to Pyeongtaek to tackle HBM hurdles.</li></ul>

Samsung Display appoints new VP to lead strategic product realignment, driving focus on key areas.BYD expands EV production in Europe, while Gotion aims for battery growth in Morocco and Slovakia.Google unveils Gemini 2.0 and next-gen TPU Trillium, ushering in the era of AI agents; Morris Chang shares insights on Intel's leadership crisis. Samsung shifts 2,000 engineers to Pyeongtaek to tackle HBM hurdles.

Tech Supply Chain Tracker (14-Dec-2024): Samsung: VP leads key unit, strategic realignment.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

GLOBALFOUNDRIES Inc. operates as a semiconductor contract manufacturing and design company. The Company offers chips designed for markets such as mobility, automotive, computing and wired connectivity, and consumer internet of things (IoT). GLOBALFOUNDRIES serves customers worldwide.

<ul><li>GlobalFoundries' third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic initiatives.</li><li>The company reported revenue of $1.739 billion for the quarter, reflecting a 7% sequential growth, albeit a 6% decline year-over-year.</li><li>This revenue growth is commendable given the challenging industry conditions with lower factory utilization levels around mid-70s.</li></ul>

GlobalFoundries' third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic initiatives.The company reported revenue of $1.739 billion for the quarter, reflecting a 7% sequential growth, albeit a 6% decline year-over-year.This revenue growth is commendable given the challenging industry conditions with lower factory utilization levels around mid-70s.

GlobalFoundries Inc.: Automotive & Industrial IoT Integration As A Critical Growth Lever! - Major Drivers

Insights on Companies in the AMD Supply Chain

AMD Supply Chain
Insights on Companies in the AMD Supply Chain

Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Vincent Fernando, CFA

Asian Equities: 2025 High Conviction – Five Themes, Five Top Picks

2025 may be tricky for Asian equity with "Trump turmoil", slower Fed, strong Dollar. AI boom would help. Ditto China's consumption focus & India's...

Manishi Raychaudhuri

Tech News This Week: Samsung Multiple Negatives. Intel Facing Reality. TSMC, Mediatek.

Tech industry facing job cuts. stable market share for Mediatek-Qualcomm in mobile, foundry top-10 sees growth in 5-4-3nm but struggles with...

Nicolas Baratte

Tech Supply Chain Tracker (14-Dec-2024): Samsung: VP leads key unit, strategic realignment.

Samsung Display appoints new VP for strategic realignment, BYD and Gotion expand EV and battery production, Google reveals Gemini 2.0 and TPU...

Tech Supply Chain Tracker

GlobalFoundries Inc.: Automotive & Industrial IoT Integration As A Critical Growth Lever! - Major Drivers

GlobalFoundries' third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic...

Baptista Research

Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech

​Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

Vincent Fernando, CFA

Asian Equities: 2025 High Conviction – Five Themes, Five Top Picks

​2025 may be tricky for Asian equity with "Trump turmoil", slower Fed, strong Dollar. AI boom would help. Ditto China's consumption focus & India's...

Manishi Raychaudhuri

Tech News This Week: Samsung Multiple Negatives. Intel Facing Reality. TSMC, Mediatek.

​Tech industry facing job cuts. stable market share for Mediatek-Qualcomm in mobile, foundry top-10 sees growth in 5-4-3nm but struggles with...

Nicolas Baratte

Tech Supply Chain Tracker (14-Dec-2024): Samsung: VP leads key unit, strategic realignment.

Samsung Display appoints new VP for strategic realignment, BYD and Gotion expand EV and battery production, Google reveals Gemini 2.0 and TPU...

Tech Supply Chain Tracker

GlobalFoundries Inc.: Automotive & Industrial IoT Integration As A Critical Growth Lever! - Major Drivers

GlobalFoundries' third-quarter fiscal year 2024 results provide a comprehensive overview of its financial performance and strategic...

Baptista Research

Micron's outlook disappointed last week, but the decoupling trade of Long SK Hynix vs. Short Nanya Tech is working. Consider swapping in Micron as...

2025 may be tricky for Asian equity with "Trump turmoil", slower Fed, strong Dollar. AI boom would help. Ditto China's consumption focus & India's...

Tech industry facing job cuts. stable market share for Mediatek-Qualcomm in mobile, foundry top-10 sees growth in 5-4-3nm but struggles with...