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

<ul>
<li>On January 4th, Microsoft announced a design change for PCs whereby a new physical key will be added to PC keyboards; the Microsoft Copilot key.</li>
<li>Microsoft Copilot will become a must-have for companies in our view. Initial Copilot capabilities can dramatically improve worker productivity and this should help drive AI PC upgrades for the industry.</li>
<li>CES 2024 Jan 9th - 12th will showcase AI PC models sporting Intel's Core Ultra processors and Microsoft's new Copilot key. We also update our Dell vs. Taiwan PCs trade.</li>
</ul>


On January 4th, Microsoft announced a design change for PCs whereby a new physical key will be added to PC keyboards; the Microsoft Copilot key.
Microsoft Copilot will become a must-have for companies in our view. Initial Copilot capabilities can dramatically improve worker productivity and this should help drive AI PC upgrades for the industry.
CES 2024 Jan 9th - 12th will showcase AI PC models sporting Intel's Core Ultra processors and Microsoft's new Copilot key. We also update our Dell vs. Taiwan PCs trade.


'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The Magnificent 7, comprising Microsoft, Apple, Alphabet, Amazon, Meta, NVIDIA and Tesla  hit record high allocations among active Global equity funds this year.</li>
<li>Thought of as a standalone allocation, they represent the 2nd largest country weight, but also stand as a sizeable underweight versus the benchmark.</li>
<li>Microsoft's dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from active Global investors.</li>
</ul>


The Magnificent 7, comprising Microsoft, Apple, Alphabet, Amazon, Meta, NVIDIA and Tesla  hit record high allocations among active Global equity funds this year.
Thought of as a standalone allocation, they represent the 2nd largest country weight, but also stand as a sizeable underweight versus the benchmark.
Microsoft's dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from active Global investors.


Riding High: The Magnificent 7 Surge in Global Equity Funds

Taiwan Tech Focused Senior Analyst

Patrick Liao

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>We assume that Intel's current business model is unable to fully meet the manufacturing needs in that case.</li>
<li>As for the Intel Foundry Business, we believe that there is potential upside for growth.</li>
<li>If Intel was doing great in Wafer Manufacturing Business, then why does it have to consider splitting up?</li>
</ul>


We assume that Intel's current business model is unable to fully meet the manufacturing needs in that case.
As for the Intel Foundry Business, we believe that there is potential upside for growth.
If Intel was doing great in Wafer Manufacturing Business, then why does it have to consider splitting up?


TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?

uPI Semiconductor Corp / Equity Bottom-Up

<ul>
<li>UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.</li>
<li>UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.</li>
<li>UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.</li>
</ul>


UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.
UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.
UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.


Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

Energy Transition | AI | Shifting World Order, Mint Finance

Suhas Reddy

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>The Federal Trust Commission (FTC) and Department of Justice (DoJ) issued new guidelines for mergers and acquisitions addressing modern market realities.</li>
<li>Guidelines are aimed at preventing large corporations in highly concentrated markets from acquiring current and/or potential competitors with a view to monopolising their industries.</li>
<li>The new guidelines give regulators better ammunition to scrutinise vertical and cross mergers, giving them much needed “teeth” to challenge “clever” M&amp;A transactions.</li>
</ul>


The Federal Trust Commission (FTC) and Department of Justice (DoJ) issued new guidelines for mergers and acquisitions addressing modern market realities.
Guidelines are aimed at preventing large corporations in highly concentrated markets from acquiring current and/or potential competitors with a view to monopolising their industries.
The new guidelines give regulators better ammunition to scrutinise vertical and cross mergers, giving them much needed “teeth” to challenge “clever” M&amp;A transactions.


FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

We believe Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...

Vincent Fernando, CFA

Riding High: The Magnificent 7 Surge in Global Equity Funds

Microsoft's dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from...

Steven Holden

TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?

Intel's current business model may not meet manufacturing needs, but there is potential for growth in the Intel Foundry Business, raising...

Patrick Liao

FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals

Clever business models are essential to outperform which includes astute M&A deals. With regulators getting trigger happy and equipped with shrewd...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

We believe ​Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...

Vincent Fernando, CFA

Riding High: The Magnificent 7 Surge in Global Equity Funds

Microsoft's dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from...

Steven Holden

TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?

​Intel's current business model may not meet manufacturing needs, but there is potential for growth in the Intel Foundry Business, raising...

Patrick Liao

Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

UPI's clients include most of the world's leading tech companies for chip distribution and AI products. UPI shares have lagged the strong...

Vincent Fernando, CFA

FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals

Clever business models are essential to outperform which includes astute M&A deals. With regulators getting trigger happy and equipped with shrewd...

Mint Finance

We believe Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...

Intel's current business model may not meet manufacturing needs, but there is potential for growth in the Intel Foundry Business, raising...