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 Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally</li>
<li>Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting</li>
<li>Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break </li>
</ul>


Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally
Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting
Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break 


Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>, a supplier of advanced semiconductors, is offering <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> shareholders A$68.50/share, in cash, a lifetime high, by way of a Scheme.</li>
<li>Back in June 2021, Altium <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02382370-2A1302312" target="_blank" rel="noopener">rejected</a> a A$38.50/share NBIO, then a A$40/share verbal Offer, from US engineering software giant <a href="https://www.smartkarma.com/entities/autodesk-inc" target="_blank" data-smartkarma-citation="entities:13211:1" rel="noopener">Autodesk</a>. This was discussed in <a href="https://skr.ma/we6mt" target="_blank" rel="noopener">Altium Ltd (ALU) Rebuffs Autodesk Offer </a>
</li>
<li>This is compelling Offer for Altium. For Renesas, this transaction is a paradigm shift away from its core semiconductors manufacturing ops.</li>
</ul>



Renesas Electronics (6723 JP), a supplier of advanced semiconductors, is offering Altium Ltd (ALU AU) shareholders A$68.50/share, in cash, a lifetime high, by way of a Scheme.
Back in June 2021, Altium rejected a A$38.50/share NBIO, then a A$40/share verbal Offer, from US engineering software giant Autodesk. This was discussed in Altium Ltd (ALU) Rebuffs Autodesk Offer 

This is compelling Offer for Altium. For Renesas, this transaction is a paradigm shift away from its core semiconductors manufacturing ops.


Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Sam Altman is reportedly looking to raise $5 to $7 trillion for a semiconductor project, but it is unclear who he is talking to or how realistic this goal is.</li><li>The speculation is that Altman and OpenAI may be in negotiations with Nvidia over purchasing their chips, but the terms offered were not satisfactory, leading to Altman's desire to build their own chips.</li><li>There are concerns about the feasibility of raising such a large amount of money and finding the necessary talent to undertake this project. Intel may be open to partnering with Altman, but the investment potential and business viability are uncertain.</li></ul>This podcast is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Sam Altman is reportedly looking to raise $5 to $7 trillion for a semiconductor project, but it is unclear who he is talking to or how realistic this goal is.The speculation is that Altman and OpenAI may be in negotiations with Nvidia over purchasing their chips, but the terms offered were not satisfactory, leading to Altman's desire to build their own chips.There are concerns about the feasibility of raising such a large amount of money and finding the necessary talent to undertake this project. Intel may be open to partnering with Altman, but the investment potential and business viability are uncertain.This podcast is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Episode 53: Supply Chain Demand Help and Dueling Mega Cycles

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.

<ul><li>Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive.</li><li>Fabrinet and Coherent both achieved good results, but Fabrinet disappointed expectations for Nvidia's pluggable revenue. Is this a weak read-through? Unlikely. Marvell should have an amazing year if Coherent’s TAM is remotely correct.</li><li>MKSI put up the exact results I was looking for, and this continues to be my favorite idea. As WFE increases, inventory builds will happen, and then financial and operational leverage will take care of the rest.</li></ul>

Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive.Fabrinet and Coherent both achieved good results, but Fabrinet disappointed expectations for Nvidia's pluggable revenue. Is this a weak read-through? Unlikely. Marvell should have an amazing year if Coherent’s TAM is remotely correct.MKSI put up the exact results I was looking for, and this continues to be my favorite idea. As WFE increases, inventory builds will happen, and then financial and operational leverage will take care of the rest.

Automotive (NXPI, IFX) Optics (FN, COHR), MKSI, MPWR, ACLS, SLAB, RMBS, ARM

Head of Research, Steno Research

Emil Moller

Head of Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Hello everyone and welcome back to yet another assessment of our macro book- and as per usual accompanied by our current macro outlook!We knock on the door to a week with yet another US CPI release- this time revised:The revision we received today proved not to be the unpleasant surprise everyone feared given the 2023 revision and Waller &amp; Powell both having flagged it and as a result, our expectations of a soft print remain unchanged- for elaboration see here.</li><li>While it might feel like we’re repeating ourselves, our belief in the USD and US risk assets being the best options out there hasn’t budged.</li><li>That said, we’ve been tossing around a few ideas and topics internally over the last week: Markets haven’t continued the dramatic price movements since last Friday’s (some might label it as “fake”, see here) NFP blowout, but it’s noteworthy that short-term expectations are significantly outstripping those further along the curve.</li></ul>

Hello everyone and welcome back to yet another assessment of our macro book- and as per usual accompanied by our current macro outlook!We knock on the door to a week with yet another US CPI release- this time revised:The revision we received today proved not to be the unpleasant surprise everyone feared given the 2023 revision and Waller &amp; Powell both having flagged it and as a result, our expectations of a soft print remain unchanged- for elaboration see here.While it might feel like we’re repeating ourselves, our belief in the USD and US risk assets being the best options out there hasn’t budged.That said, we’ve been tossing around a few ideas and topics internally over the last week: Markets haven’t continued the dramatic price movements since last Friday’s (some might label it as “fake”, see here) NFP blowout, but it’s noteworthy that short-term expectations are significantly outstripping those further along the curve.

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Taiwan Tech Weekly: TSMC Playing Post-CNY Catch-Up; All Eyes on Upcoming Nvidia Results

Strong rebound after CNY with TSMC leading the gains. Nvidia results and key Taiwan companies reporting in the upcoming week. High spreads have...

Vincent Fernando, CFA

Renesas' Transformative Offer For Altium

Trading at a gross/annualised spread - assuming September completion - of 4.6%/7.9%. Inclusive of a A$0.25/share interim dividend. Pretty clean...

David Blennerhassett

Episode 53: Supply Chain Demand Help and Dueling Mega Cycles

Sam Altman is reportedly looking to raise $5 to $7 trillion for a semiconductor project, but it is unclear who he is talking to or how realistic...

The Circuit

Automotive (NXPI, IFX) Optics (FN, COHR), MKSI, MPWR, ACLS, SLAB, RMBS, ARM

Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive...

Fabricated Knowledge

Portfolio Watch: NVDA or Bust?

Hello everyone and welcome back to yet another assessment of our macro book- and as per usual accompanied by our current macro outlook!We knock on...

Steno Research

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