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>Dell and HP's latest results indicate an improving PC industry environment in 2H23E, though weaker than expected China demand has softened initial expectations.</li>
<li>A key take-away is that a major AI PC upgrade cycle is indeed on the horizon, with additional clarity now provided as to when and how it will unfold.</li>
<li>A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the market.</li>
</ul>


Dell and HP's latest results indicate an improving PC industry environment in 2H23E, though weaker than expected China demand has softened initial expectations.
A key take-away is that a major AI PC upgrade cycle is indeed on the horizon, with additional clarity now provided as to when and how it will unfold.
A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the market.


Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>2024 Taiwan notebooks set for release in 3rd quarter, increasing competition in the tech market.</li><li>TSMC's October revenue surpasses NT$300 billion, fueled by orders from major clients, showcasing the company's strong performance.</li><li>Wafer Works establishes new 12-inch semiconductor fab in Taiwan to cater to AI and EV industries globally, highlighting the industry's growth and development.</li></ul>

2024 Taiwan notebooks set for release in 3rd quarter, increasing competition in the tech market.TSMC's October revenue surpasses NT$300 billion, fueled by orders from major clients, showcasing the company's strong performance.Wafer Works establishes new 12-inch semiconductor fab in Taiwan to cater to AI and EV industries globally, highlighting the industry's growth and development.

Tech Supply Chain Tracker (09-Nov-2024): Taiwan notebooks, Q3 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.</li>
<li>We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2024 index rebal event.
We expect two regular changes in December 2024. There are also several live spin-off and M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.


Quiddity Leaderboard S&P 500 Dec 24 Rebal: APO, CRH, WDAY, TPL

Quiddity Leaderboard S&P 500 Dec 24: Two ADDs (One Biggie), Two DELs, Possible Big Intrareview Moves

<ul>
<li>PC Maker Shares Under Pressure -- PC makers' share prices fell by mid-to-high single digits during July. However, pure PC exposure outperformed as shown by HPQ's gain during the month.</li>
<li>Latest PC Industry Data is Promising -- Latest IDC data shows that global PC shipments increased 3% YoY in 2Q24, and are up 5% YoY ex-China.</li>
<li>Microsoft &amp; Taiwan PC Maker Earnings Ahead -- Microsoft reports July 30th U.S. time. We expect Taiwan PC makers to report earnings within the first two weeks of August.</li>
</ul>


PC Maker Shares Under Pressure -- PC makers' share prices fell by mid-to-high single digits during July. However, pure PC exposure outperformed as shown by HPQ's gain during the month.
Latest PC Industry Data is Promising -- Latest IDC data shows that global PC shipments increased 3% YoY in 2Q24, and are up 5% YoY ex-China.
Microsoft &amp; Taiwan PC Maker Earnings Ahead -- Microsoft reports July 30th U.S. time. We expect Taiwan PC makers to report earnings within the first two weeks of August.


PC Monitor: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

United States

Hewlett Packard Enterprise Company provides information technology solutions. The Company offers enterprise security, analytics and data management, applications development and testing, data center care, cloud consulting, and business process services. Hewlett Packard Enterprise serves customers worldwide.

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Hewlett Packard Enterprise (HPE US)

Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the...

Vincent Fernando, CFA

Tech Supply Chain Tracker (09-Nov-2024): Taiwan notebooks, Q3 2024

Taiwan's semiconductor industry sees growth as TSMC's revenue surpasses NT$300 billion, Wafer Works opens new fab, SMIC targets global chip market,...

Tech Supply Chain Tracker

Quiddity Leaderboard S&P 500 Dec 24 Rebal: APO, CRH, WDAY, TPL

The S&P500 rebalance in December is shaping up to be a trade worth $8-13bn a side but there is a possible intra-review change to come as well....

Travis Lundy

Quiddity Leaderboard S&P 500 Dec 24: Two ADDs (One Biggie), Two DELs, Possible Big Intrareview Moves

There are currently two expected ADDs and two expected DELs for the SP500 Dec24 Rebalance. There could be more from spinoffs and mergers. One big...

Travis Lundy

PC Monitor: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Recent Dell & HP Results Provide Additional Clarity on Coming AI PC Wave

A 'step-change' AI PC upgrade cycle will make the strength of the current near-term cycle recovery less relevant, and isn't yet priced-in by the...

Vincent Fernando, CFA

Tech Supply Chain Tracker (09-Nov-2024): Taiwan notebooks, Q3 2024

Taiwan's semiconductor industry sees growth as TSMC's revenue surpasses NT$300 billion, Wafer Works opens new fab, SMIC targets global chip market,...

Tech Supply Chain Tracker

Quiddity Leaderboard S&P 500 Dec 24 Rebal: APO, CRH, WDAY, TPL

The S&P500 rebalance in December is shaping up to be a trade worth $8-13bn a side but there is a possible intra-review change to come as well....

Travis Lundy

Quiddity Leaderboard S&P 500 Dec 24: Two ADDs (One Biggie), Two DELs, Possible Big Intrareview Moves

There are currently two expected ADDs and two expected DELs for the SP500 Dec24 Rebalance. There could be more from spinoffs and mergers. One big...

Travis Lundy

PC Monitor: MSFT Results Imminent; Look for Copilot Progress; Taiwan PC Makers Show Healthy Growth

​PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...

Vincent Fernando, CFA

PC makers' shares fell in July, but pure PC exposure like HPQ outperformed. Global PC shipments increased 3% YoY in 2Q24, with Microsoft and...