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>Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance</li>
<li>Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending</li>
<li>Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag</li>
</ul>


Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance
Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending
Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag


Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

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>Vanguard’s 95.3% reduction in TSMC holdings underscores concerns over geopolitical tensions and supply chain risks impacting the semiconductor sector’s stability and future growth. </li>
<li>Citadel’s 876% increase in Thermo Fisher shares reflects strong confidence in the healthcare sector, particularly in companies poised to benefit from technological advancements and market expansion. </li>
<li>Berkshire Hathaway’s 49.3% cut in Apple holdings suggests a strategic move to lock in profits after significant gains, while reallocating capital to less volatile investments.</li>
</ul>


Vanguard’s 95.3% reduction in TSMC holdings underscores concerns over geopolitical tensions and supply chain risks impacting the semiconductor sector’s stability and future growth. 
Citadel’s 876% increase in Thermo Fisher shares reflects strong confidence in the healthcare sector, particularly in companies poised to benefit from technological advancements and market expansion. 
Berkshire Hathaway’s 49.3% cut in Apple holdings suggests a strategic move to lock in profits after significant gains, while reallocating capital to less volatile investments.


Institutions Adjust Portfolios Amid Economic Uncertainty and Market Volatility (13F Filings 30/Jun)

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC's top 5 clients for 2024 are <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.</li>
<li>Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.</li>
<li>Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.</li>
</ul>


TSMC's top 5 clients for 2024 are Apple (AAPL US), Advanced Micro Devices (AMD US, Qualcomm Inc (QCOM US), Mediatek Inc (2454 TT) and NVIDIA Corp (NVDA US).
Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.
Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.


<ul>
<li>Nvidia, Dell, Marvell results coming out this week.. Apple iPhone 16 Reveal September 9th?</li>
<li>Micron progressing on potential Taiwan capacity expansion due to strong HBM DRAM demand</li>
<li>AMD acquires a key U.S. server systems integrator, expanding its enterprise server opportunity in a market including Taiwan's server ODM players such as Hon Hai, Wiwynn, Inventec, Quanta, and Compal.</li>
</ul>


Nvidia, Dell, Marvell results coming out this week.. Apple iPhone 16 Reveal September 9th?
Micron progressing on potential Taiwan capacity expansion due to strong HBM DRAM demand
AMD acquires a key U.S. server systems integrator, expanding its enterprise server opportunity in a market including Taiwan's server ODM players such as Hon Hai, Wiwynn, Inventec, Quanta, and Compal.


Taiwan Tech Weekly: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

<ul>
<li>
Diverse AI Portfolio: Microsoft’s diversified AI investments, including partnerships with G42 and Mistral AI, reduce reliance on OpenAI and ensure continued innovation across multiple AI ventures.</li>
<li>
Azure’s Competitive Edge: The partnership with OpenAI strengthens Azure’s position by offering exclusive AI-driven cloud services, boosting demand from enterprises seeking advanced automation and productivity tools.</li>
<li>
Industry Leadership: As AI investment intensifies across the tech sector, Microsoft’s significant spending outpaces peers, positioning the company as a frontrunner while highlighting competitive pressures in the growing AI landscape.</li>
</ul>



Diverse AI Portfolio: Microsoft’s diversified AI investments, including partnerships with G42 and Mistral AI, reduce reliance on OpenAI and ensure continued innovation across multiple AI ventures.

Azure’s Competitive Edge: The partnership with OpenAI strengthens Azure’s position by offering exclusive AI-driven cloud services, boosting demand from enterprises seeking advanced automation and productivity tools.

Industry Leadership: As AI investment intensifies across the tech sector, Microsoft’s significant spending outpaces peers, positioning the company as a frontrunner while highlighting competitive pressures in the growing AI landscape.


Microsoft's Billion Dollar Bets on OpenAI & G42; Azure to Benefit from Industry Growth

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: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

Institutions Adjust Portfolios Amid Economic Uncertainty and Market Volatility (13F Filings 30/Jun)

Investors are moving away from overvalued tech stocks towards undervalued sectors like infrastructure and healthcare due to increasing economic...

Mint Finance

TSMC (2330.TT; TSM.US): 2024 Top Clients

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

Taiwan Tech Weekly: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

Nvidia, Dell, and Marvell to soon release results, while Micron considers Taiwan expansion and AMD acquires U.S. server integrator in industry of...

Vincent Fernando, CFA

Microsoft's Billion Dollar Bets on OpenAI & G42; Azure to Benefit from Industry Growth

Microsoft's AI investments include $10B in OpenAI, $1.5B in G42, and $2.1B in Mistral AI. Azure's exclusivity with OpenAI ensures revenue. Leading...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

Institutions Adjust Portfolios Amid Economic Uncertainty and Market Volatility (13F Filings 30/Jun)

Investors are moving away from overvalued tech stocks towards undervalued sectors like infrastructure and healthcare due to increasing economic...

Mint Finance

TSMC (2330.TT; TSM.US): 2024 Top Clients

​TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

Taiwan Tech Weekly: Nvidia Results Imminent; Apple IPhone 16 Reveal Date; Micron's Taiwan Expansion

Nvidia, Dell, and Marvell to soon release results, while Micron considers Taiwan expansion and AMD acquires U.S. server integrator in industry of...

Vincent Fernando, CFA

Microsoft's Billion Dollar Bets on OpenAI & G42; Azure to Benefit from Industry Growth

Microsoft's AI investments include $10B in OpenAI, $1.5B in G42, and $2.1B in Mistral AI. Azure's exclusivity with OpenAI ensures revenue. Leading...

Mint Finance

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...