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

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

<ul><li>Merck to establish new advanced materials center in Japan, expanding global presence in innovative materials science field.</li><li>Global smartphones market projected to see growth in 3Q 2024, suggesting sustained demand and continuous innovation in tech sector.</li><li>US government unveils quadrennial supply chain review to enhance national security and boost domestic production, with focus on semiconductor manufacturing.</li></ul>

Merck to establish new advanced materials center in Japan, expanding global presence in innovative materials science field.Global smartphones market projected to see growth in 3Q 2024, suggesting sustained demand and continuous innovation in tech sector.US government unveils quadrennial supply chain review to enhance national security and boost domestic production, with focus on semiconductor manufacturing.

Tech Supply Chain Tracker (21-Dec-2024): Merck opens new materials center in Japan.

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

Wistron Corporation manufactures and markets notebook computers, personal computers, and other related information products.

<ul><li>China leads the battery materials market as South Korea's Posco considers exiting, while Lotte gears up for mass production of LFP batteries.</li><li>Rapidus focuses on installing EUV equipment for multiple units deployment amidst industry challenges, while Micron sees record data center sales but misses guidance targets.</li><li>Nvidia eyes Taiwan for humanoid robot assembly, Japan enters 2nm chip race alongside Samsung, Intel, and TSMC amid supply chain obstacles.</li></ul>

China leads the battery materials market as South Korea's Posco considers exiting, while Lotte gears up for mass production of LFP batteries.Rapidus focuses on installing EUV equipment for multiple units deployment amidst industry challenges, while Micron sees record data center sales but misses guidance targets.Nvidia eyes Taiwan for humanoid robot assembly, Japan enters 2nm chip race alongside Samsung, Intel, and TSMC amid supply chain obstacles.

Tech Supply Chain Tracker (20-Dec-2024): China leads battery materials, Posco Future M exits, Lotte eyes LFP production.

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.

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

<ul><li>Oracle Corporation's recent earnings for the second quarter of fiscal year 2025 highlighted a strong performance driven by significant growth in their cloud services segment.</li><li>Total revenue reached $14.1 billion, reflecting a 9% increase from the previous year, while non-GAAP earnings per share were reported at $1.47, marking a 10% growth year-over-year.</li><li>Such results slightly surpassed expectations, given the challenging currency fluctuations owing to a strengthening U.S. dollar.</li></ul>

Oracle Corporation's recent earnings for the second quarter of fiscal year 2025 highlighted a strong performance driven by significant growth in their cloud services segment.Total revenue reached $14.1 billion, reflecting a 9% increase from the previous year, while non-GAAP earnings per share were reported at $1.47, marking a 10% growth year-over-year.Such results slightly surpassed expectations, given the challenging currency fluctuations owing to a strengthening U.S. dollar.

Oracle’s Astonishing SaaS Expansion Promises to Catapult Stock Prices! - Major Drivers

Insights on Companies in the NVIDIA Supply Chain

NVIDIA Supply Chain
Insights on Companies in the NVIDIA 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

Tech Supply Chain Tracker (21-Dec-2024): Merck opens new materials center in Japan.

Merck to build advanced materials center in Japan, global smartphone market to grow in 3Q 2024, US gov't releases supply chain review, SK Hynix...

Tech Supply Chain Tracker

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 Supply Chain Tracker (20-Dec-2024): China leads battery materials, Posco Future M exits, Lotte eyes LFP production.

China leads battery materials market, Posco Future M may exit, Lotte to mass produce LFP batteries, Rapidus adopts EUV, Micron posts record sales...

Tech Supply Chain Tracker

Oracle’s Astonishing SaaS Expansion Promises to Catapult Stock Prices! - Major Drivers

Oracle Corporation's recent earnings for the second quarter of fiscal year 2025 highlighted a strong performance driven by significant growth in...

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

Tech Supply Chain Tracker (21-Dec-2024): Merck opens new materials center in Japan.

Merck to build advanced materials center in Japan, global smartphone market to grow in 3Q 2024, US gov't releases supply chain review, SK Hynix...

Tech Supply Chain Tracker

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 Supply Chain Tracker (20-Dec-2024): China leads battery materials, Posco Future M exits, Lotte eyes LFP production.

China leads battery materials market, Posco Future M may exit, Lotte to mass produce LFP batteries, Rapidus adopts EUV, Micron posts record sales...

Tech Supply Chain Tracker

Oracle’s Astonishing SaaS Expansion Promises to Catapult Stock Prices! - Major Drivers

Oracle Corporation's recent earnings for the second quarter of fiscal year 2025 highlighted a strong performance driven by significant growth in...

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...