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>Key iPhone components suppliers' share prices have substantially underperformed Apple, particularly Largan Precision, Genius Electronic Optical, and Zhen Ding.</li>
<li>There are reasons for iPhone 16 upgrade optimism. We also note that key suppliers failed to rally with Apple shares post-Fed rate cut.</li>
<li>Apple suppliers' 2025E forecasts haven't fallen much so far, despite the negative stock market reaction. If negative iPhone 16 reports prove exaggerated, Largan, Genius, and Zhen Ding could rebound.</li>
</ul>


Key iPhone components suppliers' share prices have substantially underperformed Apple, particularly Largan Precision, Genius Electronic Optical, and Zhen Ding.
There are reasons for iPhone 16 upgrade optimism. We also note that key suppliers failed to rally with Apple shares post-Fed rate cut.
Apple suppliers' 2025E forecasts haven't fallen much so far, despite the negative stock market reaction. If negative iPhone 16 reports prove exaggerated, Largan, Genius, and Zhen Ding could rebound.


Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

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

<ul>
<li>Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis</li>
<li>Global Semi Sales Strength Continues In July. How Long Can It Last? </li>
<li>Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers</li>
</ul>


Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel's Existential Crisis
Global Semi Sales Strength Continues In July. How Long Can It Last? 
Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers


Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

<ul>
<li>TSMC's U.S. Production Strategy Achieves Major Milestone - Begins Production of Apple A16 Chips in Arizona</li>
<li>Reports of Apple's Disappointing Initial iPhone 16 Sales Data; Key Taiwan Suppliers Top Losers Recently</li>
<li>Samsung Falling Behind TSMC - New Report of Low Yields Continuing to Plague Samsung's 3nm AI Processors</li>
</ul>


TSMC's U.S. Production Strategy Achieves Major Milestone - Begins Production of Apple A16 Chips in Arizona
Reports of Apple's Disappointing Initial iPhone 16 Sales Data; Key Taiwan Suppliers Top Losers Recently
Samsung Falling Behind TSMC - New Report of Low Yields Continuing to Plague Samsung's 3nm AI Processors


Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

<ul>
<li>TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

<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

Taiwan

Largan Precision Company Limited manufactures and markets optical lens modules and optoelectronic components. The Company offers lenses for liquid crystal display (LCD) projectors, scanners, optical mice, digital still cameras (DSCs), digital versatile discs (DVDs), light emitting diodes (LEDs), and photography mobile phones.

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Largan Precision (3008 TT)

Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...

Vincent Fernando, CFA

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Apple Supply Chain Monitor: Key IPhone Suppliers Didn't Rally With Apple; Opportunity for Rebound?

​iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...

Vincent Fernando, CFA

Taiwan Tech Weekly: Qualcomm Eyes Bold Intel Acquisition; Global Semi Sales Strength Continues

​Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

​TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

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

iPhone suppliers' shares have lagged behind Apple's, but could revert and catch up if initial negative iPhone reports prove unfounded. Solid 2025E...

Qualcomm considers acquiring struggling Intel, global semiconductor sales remain strong in July, Asustek achieves new highs among PC makers.

TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...