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>Key Events: 1) Nvidia Results Coming Today in the U.S. 2) Elan &amp; ChipMOS Tomorrow in Taiwan 3) U.S. PC Maker Results Next Week</li>
<li>Why United Microelectronics Is Becoming a Great Long-Term Acquisition Target for Intel </li>
<li>Novatek a Top Gainer After Reports of Alliance with ARM to Build Neoverse V2 for AI</li>
</ul>


Key Events: 1) Nvidia Results Coming Today in the U.S. 2) Elan &amp; ChipMOS Tomorrow in Taiwan 3) U.S. PC Maker Results Next Week
Why United Microelectronics Is Becoming a Great Long-Term Acquisition Target for Intel 
Novatek a Top Gainer After Reports of Alliance with ARM to Build Neoverse V2 for AI


Taiwan Tech Weekly: AI Plays Weak Ahead of Nvidia Results Today; Intel & UMC; ARM & Novatek

<ul>
<li>Taiwan PC names have been the top losers over the recent period, after having previously been the top winners. Our Long Dell vs. Short Acer trade is doing well.</li>
<li>Nanya Tech was a top loser, falling along with its international Memory peers. Nevertheless, we note it underperformed Micron and SK Hynix. We continue to prefer SK Hynix for Memory.</li>
<li>CES is happening now and will be wrapping up Friday. We like our Dell vs. Taiwan PC names through the CES event. TSMC will be reporting results January 18th.</li>
</ul>


Taiwan PC names have been the top losers over the recent period, after having previously been the top winners. Our Long Dell vs. Short Acer trade is doing well.
Nanya Tech was a top loser, falling along with its international Memory peers. Nevertheless, we note it underperformed Micron and SK Hynix. We continue to prefer SK Hynix for Memory.
CES is happening now and will be wrapping up Friday. We like our Dell vs. Taiwan PC names through the CES event. TSMC will be reporting results January 18th.


Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

<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

<ul>
<li>PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results</li>
<li>Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade</li>
<li>Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining</li>
</ul>


PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest results
Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade
Taiwan Dual-Listings Monitor: TSMC Premium at a Decent Short Level; ASE Short Interest Declining


Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ US)

Taiwan Tech Weekly: AI Plays Weak Ahead of Nvidia Results Today; Intel & UMC; ARM & Novatek

Key developments: Nvidia results today, Elan & ChipMOS tomorrow, and U.S. PC maker results next week. UMC a potential acquisition for Intel?...

Vincent Fernando, CFA

Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...

Vincent Fernando, CFA

'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

Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: AI Plays Weak Ahead of Nvidia Results Today; Intel & UMC; ARM & Novatek

Key developments: Nvidia results today, Elan & ChipMOS tomorrow, and U.S. PC maker results next week. UMC a potential acquisition for Intel?...

Vincent Fernando, CFA

Taiwan Tech Weekly: Dell Outperforms Taiwan PC Names; TSMC Results Coming After Taiwan Election

​Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...

Vincent Fernando, CFA

'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

Taiwan Tech Weekly: PC Shares Clearly On Santa's Nice List; Soaring After AI PC Releases; Dell Trade

PC Shares Soaring -- After 1) Intel's AI Everywhere AI chip launch, 2) Launch of First AI PCs, 3) Micron's positive outlook for PCs in its latest...

Vincent Fernando, CFA

Taiwan PC names have gone from being top winners to top losers, while Nanya Tech underperformed compared to Micron and SK Hynix. Could Microsoft...

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...