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>
TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. </li>
<li>
AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. </li>
<li>
Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.</li>
</ul>



TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. 

AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. 

Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.


Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

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.

<ul><li>Apple’s spectacular 2024 has positioned it as a behemoth in the technology sector, with its stock climbing 30% compared to the S&P 500’s 23% gain.</li><li>It closed the year at $250 per share, giving the company a valuation exceeding $3.8 trillion, just shy of the $4 trillion milestone—a feat no company has achieved.</li><li>This growth was driven by new product launches, including the revolutionary Apple Vision Pro, advancements in AI with Apple Intelligence, and record-breaking revenue of $94.9 billion for the September quarter.</li></ul>

Apple’s spectacular 2024 has positioned it as a behemoth in the technology sector, with its stock climbing 30% compared to the S&P 500’s 23% gain.It closed the year at $250 per share, giving the company a valuation exceeding $3.8 trillion, just shy of the $4 trillion milestone—a feat no company has achieved.This growth was driven by new product launches, including the revolutionary Apple Vision Pro, advancements in AI with Apple Intelligence, and record-breaking revenue of $94.9 billion for the September quarter.

Apple's $4 Trillion Milestone: What Challenges Lie Ahead in 2025?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.</li>
<li>There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title</li>
<li>We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)</li>
</ul>


Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in progress.
There is little to do besides continue to ride the trend higher following our 11/5/24 and 11/19/24 Compass reports which both had "Buy the Pullback" in the title
We also continue to expect to see support at the 20-day MAs on the Russell 2000 (IWM), S&amp;P 500, and Nasdaq 100 (QQQ)


Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

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

<ul><li>Apple's approach to architecture and design is focused on efficiency and performance per watt, enabling them to deliver high performance in compact form factors.</li><li>The company's functional organization structure allows different teams to work closely together, ensuring seamless integration of hardware, software, and silicon.</li><li>Apple's continuous pursuit of performance is driven by a combination of innovative architecture, design optimization, and collaboration with software teams to push the limits of technology and stay ahead of industry trends.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Apple's approach to architecture and design is focused on efficiency and performance per watt, enabling them to deliver high performance in compact form factors.The company's functional organization structure allows different teams to work closely together, ensuring seamless integration of hardware, software, and silicon.Apple's continuous pursuit of performance is driven by a combination of innovative architecture, design optimization, and collaboration with software teams to push the limits of technology and stay ahead of industry trends.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 94: Chatting Apple Silicon with Apple's Tim Millet and Tom Boger

<ul><li>In the latest quarter, Apple Inc. reported a solid set of financial results, emphasizing both strengths and areas of lesser performance.</li><li>The company achieved a September quarter revenue record of $94.9 billion, marking a 6% increase from the previous year.</li><li>This growth is attributed to significant contributions from various product lines and geographic segments, with notable performance across iPhone, Services, and regions such as the Americas, Europe, and Asia Pacific.</li></ul>

In the latest quarter, Apple Inc. reported a solid set of financial results, emphasizing both strengths and areas of lesser performance.The company achieved a September quarter revenue record of $94.9 billion, marking a 6% increase from the previous year.This growth is attributed to significant contributions from various product lines and geographic segments, with notable performance across iPhone, Services, and regions such as the Americas, Europe, and Asia Pacific.

Inside Apple's Billion-Dollar Move: Why This Chip Development Could Be a Game-Changer!

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

Apple's $4 Trillion Milestone: What Challenges Lie Ahead in 2025?

Apple’s spectacular 2024 has positioned it as a behemoth in the technology sector, with its stock climbing 30% compared to the S&P 500’s 23%...

Baptista Research

Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

Improving Market Dynamics; Outlook Remains Bullish $SPX $IWM $QQQ; MSCI EAFE $EFA, ACWI ex-US $ACWX, and Europe $HEDJ $FEZ to Join the Party?...

Vermilion Research

Episode 94: Chatting Apple Silicon with Apple's Tim Millet and Tom Boger

Apple's detailed and architecture-focused presentations highlight their commitment to performance per watt, integration of hardware, software, and...

The Circuit

Inside Apple's Billion-Dollar Move: Why This Chip Development Could Be a Game-Changer!

In the latest quarter, Apple Inc. reported a solid set of financial results, emphasizing both strengths and areas of lesser performance. The...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

​TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

Apple's $4 Trillion Milestone: What Challenges Lie Ahead in 2025?

Apple’s spectacular 2024 has positioned it as a behemoth in the technology sector, with its stock climbing 30% compared to the S&P 500’s 23%...

Baptista Research

Improving Market Dynamics; Outlook Remains Bullish; MSCI EAFE, ACWI Ex-US, Europe to Join the Party?

Improving Market Dynamics; Outlook Remains Bullish $SPX $IWM $QQQ; MSCI EAFE $EFA, ACWI ex-US $ACWX, and Europe $HEDJ $FEZ to Join the Party?...

Vermilion Research

Episode 94: Chatting Apple Silicon with Apple's Tim Millet and Tom Boger

Apple's detailed and architecture-focused presentations highlight their commitment to performance per watt, integration of hardware, software, and...

The Circuit

Inside Apple's Billion-Dollar Move: Why This Chip Development Could Be a Game-Changer!

In the latest quarter, Apple Inc. reported a solid set of financial results, emphasizing both strengths and areas of lesser performance. The...

Baptista Research

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...