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

TSMC (Taiwan Semiconductor Manufacturing) - 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.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights</li>
<li>Apple Anchors 2nm Volumes -- Insulates from Potential AI Capex Slowdown</li>
<li>TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown</li>
</ul>


Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights
Apple Anchors 2nm Volumes -- Insulates from Potential AI Capex Slowdown
TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown


TSMC: A Resilient Long Holding Insulated From an AI Slowdown

<ul>
<li>TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet</li>
<li>Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities </li>
<li>Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus </li>
</ul>


TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet
Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities 
Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus 


Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

<ul>
<li>VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.</li>
<li>VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.</li>
<li>VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.</li>
</ul>


VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.
VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.
VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.


VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

<ul>
<li>TSMC: +23% Premium; Has Broken Down from Historically High Level</li>
<li>ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread</li>
<li>CHT: -1.1% Discount; Good Level to Go Long the ADR Spread</li>
</ul>


TSMC: +23% Premium; Has Broken Down from Historically High Level
ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread
CHT: -1.1% Discount; Good Level to Go Long the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

<ul>
<li>Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View </li>
<li>Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E </li>
<li>Taiwan Dual-Listings Monitor: TSMC &amp; UMC Spreads at Historically Rare Levels </li>
</ul>


Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View 
Silicon Motion (SIMO US): Multiple Growth Drivers Converging Into 2026E 
Taiwan Dual-Listings Monitor: TSMC &amp; UMC Spreads at Historically Rare Levels 


Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

Zero One
Independent Investment Research

TSMC: A Resilient Long Holding Insulated From an AI Slowdown

TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Vincent Fernando, CFA

TSMC: A Resilient Long Holding Insulated From an AI Slowdown

​TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

​TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Taiwan Tech Weekly: Industry Moves Show Silicon Photonics Becoming Must-Have for Next Gen Compute

​Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...

Vincent Fernando, CFA

TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Silicon photonics and multiple growth drivers are shaping the strategic imperatives for firms like Himax and Silicon Motion in Taiwan. TSMC and...