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>Samsung's foundry business is losing more customers to TSMC, who is perceived as lower risk.</li>
<li>TSMC, UMC Monthly Sales: TSMC up strong but plateauing, UMC lackluster, confirming 2 big trends.</li>
<li>Memory Monitor: Nanya results miss; highlights weakness in non-AI demand.</li>
</ul>


Samsung's foundry business is losing more customers to TSMC, who is perceived as lower risk.
TSMC, UMC Monthly Sales: TSMC up strong but plateauing, UMC lackluster, confirming 2 big trends.
Memory Monitor: Nanya results miss; highlights weakness in non-AI demand.


Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>For 2nm technology, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> should start <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> iPhone 17 production in the middle of 2025, most likely.  </li>
<li>TSMC's competitors, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> are running foundry business and keeping owning manufacturing business at the same time, which is contradictory to purely foundry business.</li>
<li>To making the advanced chip in the US, we consider the main main concern still the cost.</li>
</ul>


For 2nm technology, Taiwan Semiconductor (TSMC) (2330 TT) should start Apple (AAPL US) iPhone 17 production in the middle of 2025, most likely.  
TSMC's competitors, Samsung Electronics (005930 KS) and Intel Corp (INTC US) are running foundry business and keeping owning manufacturing business at the same time, which is contradictory to purely foundry business.
To making the advanced chip in the US, we consider the main main concern still the cost.


TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

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>Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.</li>
<li>Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.</li>
<li>EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.</li>
</ul>


Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC's 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2's $20.82 billion, despite global headwinds.
Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.
EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.


TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

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

Meta Platforms (Facebook) / Equity Bottom-Up

<ul><li>Facebook's original vision Pro demo showcased impressive technology with custom silicon and high miniaturization, but it is still far from being a consumer product.</li><li>Comparisons were made between Facebook's demo and Apple's vision Pro, highlighting different approaches to hardware development and philosophies.</li><li>Despite debates on shipping products and final designs, both companies are pushing the boundaries of technology and advancing towards a glasses form factor for AR/VR.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Facebook's original vision Pro demo showcased impressive technology with custom silicon and high miniaturization, but it is still far from being a consumer product.Comparisons were made between Facebook's demo and Apple's vision Pro, highlighting different approaches to hardware development and philosophies.Despite debates on shipping products and final designs, both companies are pushing the boundaries of technology and advancing towards a glasses form factor for AR/VR.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 87: Shrinking Silicon (Meta Orion) and Excited about Hardware Again!

Thematic (Sector/Industry)

<ul>
<li>Meta faces $1.4 billion Texas biometric lawsuit settlement and a €1.2 billion GDPR fine for data transfers, alongside an FTC antitrust challenge targeting Instagram and WhatsApp acquisitions.</li>
<li>Apple’s $26 billion annual deal with Google is under DOJ investigation for antitrust violations, while its App Store commission model faces increasing scrutiny, threatening a key revenue source.</li>
<li>Google, holding 90% of the search market, is battling DOJ lawsuits targeting its advertising dominance, risking forced divestitures that could severely impact its $224 billion annual ad revenue.</li>
</ul>


Meta faces $1.4 billion Texas biometric lawsuit settlement and a €1.2 billion GDPR fine for data transfers, alongside an FTC antitrust challenge targeting Instagram and WhatsApp acquisitions.
Apple’s $26 billion annual deal with Google is under DOJ investigation for antitrust violations, while its App Store commission model faces increasing scrutiny, threatening a key revenue source.
Google, holding 90% of the search market, is battling DOJ lawsuits targeting its advertising dominance, risking forced divestitures that could severely impact its $224 billion annual ad revenue.


Big Tech Faces Record Fines, Antitrust Scrutiny, and Major Revenue Threats [Regulations Part 4]

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 Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...

Patrick Liao

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

Episode 87: Shrinking Silicon (Meta Orion) and Excited about Hardware Again!

Facebook showcased impressive technology at their demo, with similarities to Apple's vision, costing around $10,000 and aiming to lower it to...

The Circuit

Big Tech Faces Record Fines, Antitrust Scrutiny, and Major Revenue Threats [Regulations Part 4]

Apple, Meta, and Google are navigating heightened regulatory pressure, facing massive fines, antitrust lawsuits, and forced changes to their...

Mint Finance

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Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

​Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): The Productivity and Profitability Are the Essential Competitiveness.

​TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...

Patrick Liao

TSMC's Q3 Earnings Preview: Investors to Eye AI Demand Boost, Margins in Focus

TSMC is expected to report strong Q3 revenue growth driven by AI and advanced nodes, while facing pressure from weakening margins and slowing...

Mint Finance

Episode 87: Shrinking Silicon (Meta Orion) and Excited about Hardware Again!

Facebook showcased impressive technology at their demo, with similarities to Apple's vision, costing around $10,000 and aiming to lower it to...

The Circuit

Big Tech Faces Record Fines, Antitrust Scrutiny, and Major Revenue Threats [Regulations Part 4]

Apple, Meta, and Google are navigating heightened regulatory pressure, facing massive fines, antitrust lawsuits, and forced changes to their...

Mint Finance

Samsung's foundry business losing customers to TSMC due to perceived lower risk; TSMC and UMC sales trends confirm industry shifts, while Nanya...

TSMC may start producing iPhone 17 with 2nm technology in mid-2025, while competitors Samsung and Intel face challenges with their mixed business...