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>TSMC: +9.2% Premium, Major Breakdown From Previous Historically Extreme High</li>
<li>UMC: -1.9% Discount, Is Near Low End of Historical Range</li>
<li>ASE: +10.4%; ADR Short Interest Jumps to Very High Level vs. History</li>
</ul>


TSMC: +9.2% Premium, Major Breakdown From Previous Historically Extreme High
UMC: -1.9% Discount, Is Near Low End of Historical Range
ASE: +10.4%; ADR Short Interest Jumps to Very High Level vs. History


Taiwan Dual-Listings Monitor: TSMC Breaks Down From Extreme, UMC Discount Near Historical Low

Taiwan Tech Focused Senior Analyst

Patrick Liao

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Declaring a slower recovery for mature nodes was an outlier, indicating that Vanguard's recovery progress might be slower. </li>
<li>Apple's iPhone is expected to be the focus for N2 production in 4Q15F.  </li>
<li>TSMC's long-term gross margin is set at 53%, signifying a few key points. </li>
</ul>


Declaring a slower recovery for mature nodes was an outlier, indicating that Vanguard's recovery progress might be slower. 
Apple's iPhone is expected to be the focus for N2 production in 4Q15F.  
TSMC's long-term gross margin is set at 53%, signifying a few key points. 


TSMC (2330.TT; TSM.US): 2Q24F Sales in Line, 2024F Is Lowering the Growth Target Below 25% YoY

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 Dual-Listings Monitor: TSMC Breaks Down From Extreme, UMC Discount Near Historical Low

TSMC and ASE ADR premiums fall from extreme highs; ChipMOS and UMC ADR discounts are near the lower end of their historical trading ranges.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2Q24F Sales in Line, 2024F Is Lowering the Growth Target Below 25% YoY

With Apple's iPhone driving N2 production for TSMC in 4Q15F, maintaining a long-term gross margin of 53%. TSMC's long-term gross margin is set at 53%

Patrick Liao

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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 Dual-Listings Monitor: TSMC Breaks Down From Extreme, UMC Discount Near Historical Low

TSMC and ASE ADR premiums fall from extreme highs; ChipMOS and UMC ADR discounts are near the lower end of their historical trading ranges.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2Q24F Sales in Line, 2024F Is Lowering the Growth Target Below 25% YoY

With Apple's iPhone driving N2 production for TSMC in 4Q15F, maintaining a long-term gross margin of 53%. TSMC's long-term gross margin is set at 53%

Patrick Liao

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