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>We hosted a conference call with Global Unichip (GUC); GUC is 34.8% held by TSMC and a key provider of semiconductor design services to companies aiming to manufacture with TSMC.</li>
<li>GUC's Revenue Prospects are Linked to TSMC's Growth, However the Success of Its Customers' Chips Also a Factor -- Lagged Strong Revenue Growth Likely</li>
<li>Conclusion: GUC a Second-Derivative Play on TSMC's Structural Drivers with Potential to Surprise the Market and Catch Up to TSMC's Share Performance</li>
</ul>


We hosted a conference call with Global Unichip (GUC); GUC is 34.8% held by TSMC and a key provider of semiconductor design services to companies aiming to manufacture with TSMC.
GUC's Revenue Prospects are Linked to TSMC's Growth, However the Success of Its Customers' Chips Also a Factor -- Lagged Strong Revenue Growth Likely
Conclusion: GUC a Second-Derivative Play on TSMC's Structural Drivers with Potential to Surprise the Market and Catch Up to TSMC's Share Performance


TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.</li>
<li>TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.</li>
<li>We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.</li>
</ul>


Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.
TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.
We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.


From Nvidia Results to See Supply Chain Stories?

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

<ul>
<li>Taiwan Tech Stocks Rally, But Lag Nvidia's Massive Rally; Prepare for Nvidia, Dell, HP Results Next Week</li>
<li>Hon Hai &amp; Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound </li>
<li>TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering? Why It Is Significant</li>
</ul>


Taiwan Tech Stocks Rally, But Lag Nvidia's Massive Rally; Prepare for Nvidia, Dell, HP Results Next Week
Hon Hai &amp; Zhen Ding Show No Major AI Slowdown; Taiwan AI Supply Chain Names Lag Nvidia's Rebound 
TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering? Why It Is Significant


Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

<ul>
<li>Taiwan Tech and Nvidia Rally Ahead of Nvidia Earnings Next Week; Microsoft Build Conference Could Showcase Edge AI Copilot</li>
<li>Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E </li>
<li>Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle </li>
</ul>


Taiwan Tech and Nvidia Rally Ahead of Nvidia Earnings Next Week; Microsoft Build Conference Could Showcase Edge AI Copilot
Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E 
Asustek: Margin Beat, Guides More Upside; Qualcomm for AI PCs; Why Asus Confident in AI PC Up-Cycle 


Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

<ul>
<li>TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. </li>
<li>Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising </li>
<li>UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. </li>
</ul>


TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab. 
Memory Monitor: Nanya's Results to Provide Latest Color on DRAM Post Earthquake; Short Int Rising 
UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ. 


Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

Taiwan

Global Unichip Corporation designs and produces a wide variety of silicon chips.

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Global Unichip (3443 TT)

TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...

Vincent Fernando, CFA

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Vincent Fernando, CFA

Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TechChain Insights: Call with TSMC Partner Global Unichip; Potential to Outpace TSMC Revenue Growth?

​GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...

Vincent Fernando, CFA

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

Taiwan Tech Weekly: Taiwan Rebound Lagging Nvidia; Why TSMC's 'Foundry 2.0' Is Significant

​Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Vincent Fernando, CFA

Taiwan Tech Weekly: All Eyes on Nvidia Results Next Week; Microsoft Copilot Edge AI To Be Showcased?

​Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Wins Major U.S. Support; Nanya Results; UMC Rush Orders

​TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...

Vincent Fernando, CFA

GUC, a key provider of semiconductor design services, is a second-derivative play on TSMC's growth with potential to surprise the market and catch...

Taiwan tech stocks rally but lag behind Nvidia; focus on upcoming results from Nvidia, Dell, and HP. TSMC's strategic shift to Foundry 2.0 is...

Taiwan's earnings season is wrapping up but one of the most important companies for the market, Nvidia, is set to release results next week.

TSMC receives $6.6bn from US CHIPS Act; also plans for 2nd Japanese fab; Nanya's results to shed light on DRAM post-earthquake; UMC sees rush...