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

<ul>
<li>On January 4th, Microsoft announced a design change for PCs whereby a new physical key will be added to PC keyboards; the Microsoft Copilot key.</li>
<li>Microsoft Copilot will become a must-have for companies in our view. Initial Copilot capabilities can dramatically improve worker productivity and this should help drive AI PC upgrades for the industry.</li>
<li>CES 2024 Jan 9th - 12th will showcase AI PC models sporting Intel's Core Ultra processors and Microsoft's new Copilot key. We also update our Dell vs. Taiwan PCs trade.</li>
</ul>


On January 4th, Microsoft announced a design change for PCs whereby a new physical key will be added to PC keyboards; the Microsoft Copilot key.
Microsoft Copilot will become a must-have for companies in our view. Initial Copilot capabilities can dramatically improve worker productivity and this should help drive AI PC upgrades for the industry.
CES 2024 Jan 9th - 12th will showcase AI PC models sporting Intel's Core Ultra processors and Microsoft's new Copilot key. We also update our Dell vs. Taiwan PCs trade.


'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

<ul>
<li>Taiwan PC makers have been top performers in the market; some may worry that their rallies have become over-extended by too much AI PC excitement.</li>
<li>We believe Dell may present a Long opportunity as the Long side to a Long/Short trade whereby one Sells Acer against it. Acer rose over 50% in December.</li>
<li>Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise potential in Dell.</li>
</ul>


Taiwan PC makers have been top performers in the market; some may worry that their rallies have become over-extended by too much AI PC excitement.
We believe Dell may present a Long opportunity as the Long side to a Long/Short trade whereby one Sells Acer against it. Acer rose over 50% in December.
Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise potential in Dell.


AI PC Reality Check: PC Upgrade Cycle Ahead, But Worth a 50% 1M Acer Rally? Long Dell Vs. Short Acer

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>Dell Technologies delivered a positive result and managed an all-around beat in the last quarter.</li><li>Government and small and medium-sized business demand also increased, and their transactional demand strengthened throughout the quarter.</li><li>While the overall DFS portfolio quality remains good and credit losses are around historically low levels, DFS ending managed assets achieved $14.7 billion.</li></ul>

Dell Technologies delivered a positive result and managed an all-around beat in the last quarter.Government and small and medium-sized business demand also increased, and their transactional demand strengthened throughout the quarter.While the overall DFS portfolio quality remains good and credit losses are around historically low levels, DFS ending managed assets achieved $14.7 billion.

Dell Technologies Inc.: Can The Moogsoft Acquisition Help Enhance Dell's AIOps Capabilities? - Major Drivers

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI</li>
<li>Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips</li>
<li>This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive</li>
</ul>


Apple Increasing Chip Orders with TSMC -- Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
This June 28th piece appears to be timely -- Memory Monitor: Micron's Shares May Be Falling But Results' Industry Implications Are Positive


Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

<ul>
<li>PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.</li>
<li>Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.</li>
<li>Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.</li>
</ul>


PC &amp; Server solutions names have fallen moderately from highs in June, however enterprise server company HPE soared 20% on AI strength.
Despite the market pullback from highs, we note that 2025E forward growth expectations have generally increased for the universe over the last month.
Latest Taiwan PC company revenues indicate healthy growth and HPE's management guided for Enterprise AI orders to accelerate.


PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

United States

Dell Technologies Inc. provides computer products. The Company offers laptops, desktops, tablets, workstations, servers, monitors, printers, gateways, software, storage, and networking products. Dell Technologies serves customers worldwide.

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Dell Technologies (DELL US)

'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

We believe Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...

Vincent Fernando, CFA

AI PC Reality Check: PC Upgrade Cycle Ahead, But Worth a 50% 1M Acer Rally? Long Dell Vs. Short Acer

Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise...

Vincent Fernando, CFA

Dell Technologies Inc.: Can The Moogsoft Acquisition Help Enhance Dell's AIOps Capabilities? - Major Drivers

Dell Technologies delivered a positive result and managed an all-around beat in the last quarter. Government and small and medium-sized business...

Baptista Research

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

'Clippy' Having the Last Laugh? Microsoft's Design Change to Drive AI PC Adoption; Dell Trade Update

We believe ​Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...

Vincent Fernando, CFA

AI PC Reality Check: PC Upgrade Cycle Ahead, But Worth a 50% 1M Acer Rally? Long Dell Vs. Short Acer

Dell will report its results end-February. We would Long Dell vs. Short Acer ahead of the Dell earnings event. We see more upside surprise...

Vincent Fernando, CFA

Dell Technologies Inc.: Can The Moogsoft Acquisition Help Enhance Dell's AIOps Capabilities? - Major Drivers

Dell Technologies delivered a positive result and managed an all-around beat in the last quarter. Government and small and medium-sized business...

Baptista Research

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

​Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

Vincent Fernando, CFA

PC Monitor: Growth Expectations Have Increased Recently; HPE Signals Enterprise AI Acceleration

​PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...

Vincent Fernando, CFA

We believe Microsoft's new Copilot key will drive awareness and usage of AI capabilities, driving AI PC upgrades. CES 2024 this week will showcase...

Apple and Google are increasing chip orders with TSMC for AI capabilities. Micron's shares inititially fell after reporting results previously,...

PC & Server Solution share prices have dipped from recent highs, however forward growth expectations have increased over the last month and...