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>Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis</li>
<li>Global Semi Sales Strength Continues In July. How Long Can It Last? </li>
<li>Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers</li>
</ul>


Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis
Global Semi Sales Strength Continues In July. How Long Can It Last? 
Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers


Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Taiwan Tech Focused Senior Analyst

Patrick Liao

Novatek Microelectronics Corp / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> will initially use Novatek's DDIC (Display Driver IC) for the iPhone 16, but it will soon being replaced largely.</li>
<li>In 4Q24, there is a possibility of experiencing a decline, with a potential quarter-over-quarter decrease of approximately 5-10%.</li>
<li>The Chinese panel market continues to be a key battleground, and Novatek must navigate these challenges to remain competitive.</li>
</ul>



Apple (AAPL US) will initially use Novatek's DDIC (Display Driver IC) for the iPhone 16, but it will soon being replaced largely.
In 4Q24, there is a possibility of experiencing a decline, with a potential quarter-over-quarter decrease of approximately 5-10%.
The Chinese panel market continues to be a key battleground, and Novatek must navigate these challenges to remain competitive.


Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

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.

Thematic (Sector/Industry)

<ul>
<li>Meta’s ongoing compliance with the DSA has escalated expenses, requiring a dedicated team of over 1,000 and an annual content moderation budget exceeding $5 billion. </li>
<li>The DSA imposes restrictions on targeted advertising, crucial to Google’s revenue, necessitating shifts toward less invasive methods, increasing operational complexity and long-term financial risk. </li>
<li>Compliance with the DSA and DMA could undermine Apple’s closed ecosystem, forcing it to allow third-party app stores, jeopardizing its revenue from App Store commissions.</li>
</ul>


Meta’s ongoing compliance with the DSA has escalated expenses, requiring a dedicated team of over 1,000 and an annual content moderation budget exceeding $5 billion. 
The DSA imposes restrictions on targeted advertising, crucial to Google’s revenue, necessitating shifts toward less invasive methods, increasing operational complexity and long-term financial risk. 
Compliance with the DSA and DMA could undermine Apple’s closed ecosystem, forcing it to allow third-party app stores, jeopardizing its revenue from App Store commissions.


The EU Digital Services Act: Transforming Big Tech's Operational Landscape [Regulations Part 3]

<ul>
<li>Revenue Impact: Google’s ad segment may see a 5-10% drop due to stricter user data protections, reducing personalized advertising reach. </li>
<li>App Store Revenue Loss: Mandated alternative payment systems threaten Google Play and Apple’s app store revenue streams, cutting commissions. </li>
<li>Operational Costs: Non-compliance fines of up to 20% of annual revenue and the added costs for compliance systems intensify financial pressure.</li>
</ul>


Revenue Impact: Google’s ad segment may see a 5-10% drop due to stricter user data protections, reducing personalized advertising reach. 
App Store Revenue Loss: Mandated alternative payment systems threaten Google Play and Apple’s app store revenue streams, cutting commissions. 
Operational Costs: Non-compliance fines of up to 20% of annual revenue and the added costs for compliance systems intensify financial pressure.


Tech Giants Overhaul Platforms Amidst EU's Digital Markets Act Enforcement [Regulations Part 2]

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

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: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...

Patrick Liao

The EU Digital Services Act: Transforming Big Tech's Operational Landscape [Regulations Part 3]

The DSA mandates major tech firms like Meta, Google, and Apple to adopt new transparency, data privacy, and content moderation practices,...

Mint Finance

Tech Giants Overhaul Platforms Amidst EU's Digital Markets Act Enforcement [Regulations Part 2]

The EU's Digital Markets Act targets monopolistic behaviors, prompting major changes from Google, Meta, and Apple, as they navigate compliance,...

Mint Finance

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Deposit base in the US remains incredibly large, and with declining interest rates, there can be sizeable flows to the stock market (as well as to...

Daniel Tabbush

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

​Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

Novatek (3034.TT): To Utilizing on IPhone 16 DDIC Will Soon Be Largely Replaced by Korean Fabless.

​In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...

Patrick Liao

The EU Digital Services Act: Transforming Big Tech's Operational Landscape [Regulations Part 3]

The DSA mandates major tech firms like Meta, Google, and Apple to adopt new transparency, data privacy, and content moderation practices,...

Mint Finance

Tech Giants Overhaul Platforms Amidst EU's Digital Markets Act Enforcement [Regulations Part 2]

The EU's Digital Markets Act targets monopolistic behaviors, prompting major changes from Google, Meta, and Apple, as they navigate compliance,...

Mint Finance

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Deposit base in the US remains incredibly large, and with declining interest rates, there can be sizeable flows to the stock market (as well as to...

Daniel Tabbush

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

In 4Q24, Novatek faces potential decline in Chinese panel market, with a potential QoQ decrease of approximately 5-10%, and the demand may start...