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>TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon</li>
<li>Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength</li>
<li>Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race</li>
</ul>


TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon
Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength
Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race


Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

<ul>
<li>TSMC's Latest 2024E Industry Guidance Provided at Symposium in Taiwan</li>
<li>More Potential Details on Nvidia &amp; Mediatek's AI PC Chip to Compete with Qualcomm &amp; Intel</li>
<li>Samsung's HBM DRAM Chips Face Challenges in Meeting Nvidia's AI Requirements</li>
</ul>


TSMC's Latest 2024E Industry Guidance Provided at Symposium in Taiwan
More Potential Details on Nvidia &amp; Mediatek's AI PC Chip to Compete with Qualcomm &amp; Intel
Samsung's HBM DRAM Chips Face Challenges in Meeting Nvidia's AI Requirements


Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Google introduces Axion, their new CPU designed for cloud-based workloads</li><li>Facebook unveils second version of RiSC-V based processor for AI workloads</li><li>Marvell announces custom projects with another big hyperscaler, highlighting the trend towards custom silicon solutions for AI workloads</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Google introduces Axion, their new CPU designed for cloud-based workloadsFacebook unveils second version of RiSC-V based processor for AI workloadsMarvell announces custom projects with another big hyperscaler, highlighting the trend towards custom silicon solutions for AI workloadsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 63: The Continued March of Custom Silicon, is it Sustainable?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>I wrote about this in my recent post about HBM, and it seems almost everything I talked about became true. HBM is going to bail out the memory markets meaningfully.</li><li>Let’s talk about earnings, but I was hoping you could keep this post in mind while I discuss Micron.</li><li>These are the kinds of beats we start to see when the cycle turns. Now, the stocks have begun to anticipate this, but given the pricing dynamics of HBM, I feel very confident in Micron’s ability to hit a new cycle high in profitability.</li></ul>

I wrote about this in my recent post about HBM, and it seems almost everything I talked about became true. HBM is going to bail out the memory markets meaningfully.Let’s talk about earnings, but I was hoping you could keep this post in mind while I discuss Micron.These are the kinds of beats we start to see when the cycle turns. Now, the stocks have begun to anticipate this, but given the pricing dynamics of HBM, I feel very confident in Micron’s ability to hit a new cycle high in profitability.

Micron's Earnings and Broadcom's Accelerators

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Our base case valuation is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of the IPO price range (US$30).</li>
<li>We estimate Astera Labs (ALAB US) to generate revenue of $221.3 million (up 91.1% YoY) in 2024 and $304.5 million (up 37.5% YoY) in 2025.</li>
<li>Many investors are willing to take extra risk to invest in companies such as Astera Labs that could generate strong sales growth amid rush to aggressively expand AI capabilities.</li>
</ul>


Our base case valuation is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of the IPO price range (US$30).
We estimate Astera Labs (ALAB US) to generate revenue of $221.3 million (up 91.1% YoY) in 2024 and $304.5 million (up 37.5% YoY) in 2025.
Many investors are willing to take extra risk to invest in companies such as Astera Labs that could generate strong sales growth amid rush to aggressively expand AI capabilities.


United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...

Vincent Fernando, CFA

Episode 63: The Continued March of Custom Silicon, is it Sustainable?

In summary, major tech companies are increasingly developing their own custom CPUs and accelerators for cloud-based workloads, with Google, Amazon,...

The Circuit

Micron's Earnings and Broadcom's Accelerators

It's all about AI. Micron is proving the memory thesis true, and Broadcom has a new accelerator customer. Also Nvidia's Moat.

Fabricated Knowledge

Astera Labs IPO Valuation Analysis

Our base case valuation of Astera Labs is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

​TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

​TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...

Vincent Fernando, CFA

Episode 63: The Continued March of Custom Silicon, is it Sustainable?

In summary, major tech companies are increasingly developing their own custom CPUs and accelerators for cloud-based workloads, with Google, Amazon,...

The Circuit

Micron's Earnings and Broadcom's Accelerators

It's all about AI. Micron is proving the memory thesis true, and Broadcom has a new accelerator customer. Also Nvidia's Moat.

Fabricated Knowledge

Astera Labs IPO Valuation Analysis

Our base case valuation of Astera Labs is market cap of US$5.4 billion or target price of US$35.9 per share, which is 20% higher than high end of...

Douglas Kim

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...