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

<ul>
<li>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

<ul>
<li>TSMC: Premium Soars to +15.2%, Good Level to Consider Shorting the Spread</li>
<li>UMC: Spread Bounces from Lows to Relatively Extreme High of +1.9%; Good Level to Short</li>
<li>ASE: Spread Soars to Near All-Time High of +15.5%; Consider Shorting the Spread</li>
</ul>


TSMC: Premium Soars to +15.2%, Good Level to Consider Shorting the Spread
UMC: Spread Bounces from Lows to Relatively Extreme High of +1.9%; Good Level to Short
ASE: Spread Soars to Near All-Time High of +15.5%; Consider Shorting the Spread


Taiwan Dual-Listings Monitor: TSMC & ASE Spreads Surge to Extremes; CHT Shorts Massing Pre-Earnings

<ul>
<li>Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed</li>
<li>What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? </li>
<li>ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)</li>
</ul>


Taiwan Tech Shares Fell Sharply Along With Global Selling -- Semiconductor and AI Names Most Exposed
What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? 
ASE Technology Holding (3711 TT) Wins iPhone 16 System-in-Package Order from Apple (AAPL US)


Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

<ul>
<li>UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.</li>
<li>Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift</li>
<li>First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid</li>
</ul>


UMC &amp; Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax &amp; Novatek Top Losers Ahead of Results.
Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan's Geopolitical Shift
First Run of Tech/Semis' Guidance Tells Us What Industries and Companies to Avoid


Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

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.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC started this season’s earnings with a strong result. Shares rallied immensely on this print, and it’s justified. In almost every metric, TSMC came out ahead.</li>
<li>
<p>TSMC had a revenue, operating income, and gross margin beat and guided above the street.</p>
</li>
<li>
<p>Now let’s break out revenue by node and platform for a further look into the results of the world’s largest foundry.</p>
</li>
</ul>


TSMC started this season’s earnings with a strong result. Shares rallied immensely on this print, and it’s justified. In almost every metric, TSMC came out ahead.

TSMC had a revenue, operating income, and gross margin beat and guided above the street.


Now let’s break out revenue by node and platform for a further look into the results of the world’s largest foundry.



TSMC, SMCI, Texas Instruments, AWE, ASML, and LRCX

Taiwan

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.

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Taiwan Semiconductor (TSMC) (2330 TT)

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC & ASE Spreads Surge to Extremes; CHT Shorts Massing Pre-Earnings

ADR spreads have surged to historically extreme levels for TSMC, ASE, and UMC. For CHT, we note a surge in short interest for its Taiwan shares...

Vincent Fernando, CFA

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

TSMC, SMCI, Texas Instruments, AWE, ASML, and LRCX

Its the first week of earnings, and it's already a busy one. TSMC started this season’s earnings with a strong result. Shares rallied immensely on...

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC & ASE Spreads Surge to Extremes; CHT Shorts Massing Pre-Earnings

ADR spreads have surged to historically extreme levels for TSMC, ASE, and UMC. For CHT, we note a surge in short interest for its Taiwan shares...

Vincent Fernando, CFA

Taiwan Tech Weekly: Semi/AI Darlings Slammed; TSMC Supply Chain Insights; ASE Wins Key IPhone Order

​Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...

Vincent Fernando, CFA

Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today

Key Taiwan results ahead include Mediatek, UMC, Realtek, Novatek, and Himax. Taiwan AI names have been flying lately while Novatek and Himax have...

Vincent Fernando, CFA

TSMC, SMCI, Texas Instruments, AWE, ASML, and LRCX

Its the first week of earnings, and it's already a busy one. TSMC started this season’s earnings with a strong result. Shares rallied immensely on...

Fabricated Knowledge

Taiwan tech shares drop sharply due to global selling, with semiconductor and AI companies most affected. TSMC sheds light on the semiconductor...