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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?</li>
<li>Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech </li>
<li>Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High</li>
</ul>


Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?
Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech 
Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High


Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

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

Taiwan Tech Focused Senior Analyst

Patrick Liao

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

<ul>
<li>Regardless of the circumstances, <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> must select a new CEO and hope that a new strategy will turn the situation around.  </li>
<li>A possible decision to spin off Altera could signal the possibility of Intel further breaking into several parts.</li>
<li>For the near term, Intel must overcome financial and management challenges, and laying off 1/10 of its workforce is a short-term and necessary step.  </li>
</ul>


Regardless of the circumstances, Intel Corp (INTC US) must select a new CEO and hope that a new strategy will turn the situation around.  
A possible decision to spin off Altera could signal the possibility of Intel further breaking into several parts.
For the near term, Intel must overcome financial and management challenges, and laying off 1/10 of its workforce is a short-term and necessary step.  


Intel (INTC.US): Exploring a Tough Journey.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li><a href="https://semianalysis.com/2024/12/11/scaling-laws-o1-pro-architecture-reasoning-training-infrastructure-orion-and-claude-3-5-opus-failures/" target="_blank" rel="noopener">Technological model scaling is not dead,</a> but we are clearly at a critical moment when the definitions will shift.</li><li>Pre-training, <a href="https://x.com/fchollet/status/1869051991743439028" target="_blank" rel="noopener">the original scaling law</a>, might hit its first diminishing return. The piece SemiAnalysis used the analogy that pre-training was like the end of Dennard’s law.</li><li>However, multi-core scaling led to another decade of scaling transistors. Technology progresses, just not in the same way.</li></ul>

Technological model scaling is not dead, but we are clearly at a critical moment when the definitions will shift.Pre-training, the original scaling law, might hit its first diminishing return. The piece SemiAnalysis used the analogy that pre-training was like the end of Dennard’s law.However, multi-core scaling led to another decade of scaling transistors. Technology progresses, just not in the same way.

Scaling Laws Meet Economics, but Adoption is still Accelerating

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL US)</a> Pixel 10 will use the <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> T9000 modem.  </li>
<li>The shipment quantity to the smartphone market is small, and we see this as a small triumph for <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> is facing a 3nm process issue and lacks the capacity to support its own smartphone CPU Exynos 2400.</li>
</ul>



Alphabet (GOOGL US) Pixel 10 will use the Mediatek Inc (2454 TT) T9000 modem.  
The shipment quantity to the smartphone market is small, and we see this as a small triumph for Mediatek Inc (2454 TT).

Samsung Electronics (005930 KS) is facing a 3nm process issue and lacks the capacity to support its own smartphone CPU Exynos 2400.


MediaTek (2454.TT): Google Pixel 10 Will Use MediaTek's Modem

Insights on Tech Hardware and Semiconductors

Tech Hardware and Semiconductor Research
Insights on Tech Hardware and Semiconductors

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

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

Intel (INTC.US): Exploring a Tough Journey.

Intel Corp faces challenges and must choose a new CEO, potentially signaling a breakup with a spinoff of Altera, amidst financial struggles and...

Patrick Liao

Scaling Laws Meet Economics, but Adoption is still Accelerating

Technological model scaling is not dead, but we are clearly at a critical moment when the definitions will shift. Pre-training, the original...

Fabricated Knowledge

MediaTek (2454.TT): Google Pixel 10 Will Use MediaTek's Modem

Alphabet's Pixel 10 to use Mediatek T9000 modem, a small win for Mediatek. Samsung faces 3nm process issue for Exynos 2400 CPU.

Patrick Liao

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

​Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

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

Intel (INTC.US): Exploring a Tough Journey.

​Intel Corp faces challenges and must choose a new CEO, potentially signaling a breakup with a spinoff of Altera, amidst financial struggles and...

Patrick Liao

Scaling Laws Meet Economics, but Adoption is still Accelerating

Technological model scaling is not dead, but we are clearly at a critical moment when the definitions will shift. Pre-training, the original...

Fabricated Knowledge

MediaTek (2454.TT): Google Pixel 10 Will Use MediaTek's Modem

​Alphabet's Pixel 10 to use Mediatek T9000 modem, a small win for Mediatek. Samsung faces 3nm process issue for Exynos 2400 CPU.

Patrick Liao

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

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...

Intel Corp faces challenges and must choose a new CEO, potentially signaling a breakup with a spinoff of Altera, amidst financial struggles and...

Alphabet's Pixel 10 to use Mediatek T9000 modem, a small win for Mediatek. Samsung faces 3nm process issue for Exynos 2400 CPU.