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) / Equity Bottom-Up

<ul>
<li>Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.</li>
<li>Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.</li>
<li>Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe</li>
</ul>


Key Results This Week: Delta, Elan, ChipMOS, Nuvoton, AU Optronics in Taiwan... Plus Samsung, AMD, and Qualcomm.
Positive signs for the PC &amp; mobile space have come from recent Intel, UMC, Mediatek results.
Top Losers: Macronix Slumps on Weak Results and Outlook, Hon Hai Slumps on China Tax &amp; Land Probe


Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Near-term: strong demand with visibility into 2024, supply chain ramp-up in progress.</li><li>Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.</li><li>Current bottlenecks are CoWoS and HBM. Suppliers are ramping up capacity to meet the demand (already observed signs of shortage easing recently). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Near-term: strong demand with visibility into 2024, supply chain ramp-up in progress.Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.Current bottlenecks are CoWoS and HBM. Suppliers are ramping up capacity to meet the demand (already observed signs of shortage easing recently). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic Investment and Megatrend - Riding the AI Wave into the Next Phase

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Samsung's pre-earnings release indicates revenue increased 11.6% QoQ and operating profit has increased almost 4x QoQ.</li>
<li>According to Garner, Q323 PC unit shipments rose 7.7% QoQ. While this is the second such quarter of sequential growth, shipments in the third quarter were still down 9% YoY</li>
<li>ASPEED's monthly revenue grew 32% sequentially in September. After 8 months of flat to no growth, this marks a clear turn around in the server market. </li>
</ul>


Samsung's pre-earnings release indicates revenue increased 11.6% QoQ and operating profit has increased almost 4x QoQ.
According to Garner, Q323 PC unit shipments rose 7.7% QoQ. While this is the second such quarter of sequential growth, shipments in the third quarter were still down 9% YoY
ASPEED's monthly revenue grew 32% sequentially in September. After 8 months of flat to no growth, this marks a clear turn around in the server market. 


Semiconductor Events Deserving Your Attention @16/10/23

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Advanced Micro Devices / Equity Bottom-Up

<ul><li>Advanced Micro Devices Inc. (AMD) delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings, showcasing strategic execution and notable achievements.</li><li>Despite a year-over-year decline in revenue, the company reported steady performance compared to the previous quarter.</li><li>The data center segment experienced sequential growth, primarily attributed to cloud providers' accelerated adoption of the fourth-gen EPYC CPUs.</li></ul>

Advanced Micro Devices Inc. (AMD) delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings, showcasing strategic execution and notable achievements.Despite a year-over-year decline in revenue, the company reported steady performance compared to the previous quarter.The data center segment experienced sequential growth, primarily attributed to cloud providers' accelerated adoption of the fourth-gen EPYC CPUs.

Advanced Micro Devices (AMD): Setting the Pace in AI with New Acquisitions? - Major Drivers

<ul>
<li>Year to date, Intel's data center revenues are down 28% YoY. </li>
<li>By comparison, AMD's year-to-date revenues are down just 6% YoY</li>
<li>Why is AMD performing so much better than Intel in the data center and will their market share growth continue?</li>
</ul>


Year to date, Intel's data center revenues are down 28% YoY. 
By comparison, AMD's year-to-date revenues are down just 6% YoY
Why is AMD performing so much better than Intel in the data center and will their market share growth continue?


United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

Taiwan Tech Weekly: Wave of Key Taiwan Results; Heavyweights Samsung, AMD, Qualcomm Internationally

This week's key results in Taiwan include Delta, Elan, ChipMOS, Nuvoton, and AU Optronics. Positive signs for the PC and mobile space have been...

Vincent Fernando, CFA

Thematic Investment and Megatrend - Riding the AI Wave into the Next Phase

Hypercalers, AI related chip providers and supply chain channel all confirmed demands remain strong, with visibility into 2024.

CMB International

Semiconductor Events Deserving Your Attention @16/10/23

Samsung's pre-earnings release indicates revenue increased 11.6% QoQ & op profit has increased almost 4x QoQ. ASPEED's revenue grew 32% MoM in...

William Keating

Advanced Micro Devices (AMD): Setting the Pace in AI with New Acquisitions? - Major Drivers

Advanced Micro Devices Inc. (AMD) delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par...

Baptista Research

Intel's Data Centre Meltdown

YTD Intel's data center revenues are down 28% YoY. By contrast, AMD's YTD data center revenues are down just 6% YoY. Why is AMD performing so much...

William Keating

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