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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>Recent results from Micron and SK Hynix did not only signal a recovery for DRAM but also for NAND flash memory. Micron expects improving NAND pricing through CY2025E.</li>
<li>Latest data shows a surge in NAND pricing -- 512GB NAND pricing is now up 116% from its 2023 lows.</li>
<li>Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer a laggard play.</li>
</ul>


Recent results from Micron and SK Hynix did not only signal a recovery for DRAM but also for NAND flash memory. Micron expects improving NAND pricing through CY2025E.
Latest data shows a surge in NAND pricing -- 512GB NAND pricing is now up 116% from its 2023 lows.
Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer a laggard play.


Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NIO: NIO launches new ET9 vehicle model at RMB 800K, set for delivery in 2025 (-)</li>
<li>MU/ SMIC: Micron and Fujian Jinhua reach legal settlement (+)</li>
<li>1810 HK/ 981 HK: Huawei launches four new Nova devices with two new SoC (-/+)</li>
</ul>


NIO: NIO launches new ET9 vehicle model at RMB 800K, set for delivery in 2025 (-)
MU/ SMIC: Micron and Fujian Jinhua reach legal settlement (+)
1810 HK/ 981 HK: Huawei launches four new Nova devices with two new SoC (-/+)


[Blue Lotus Daily]: NIO/LI/1211 HK/600104 CH/601633 CH/MU/SMIC/1810 HK/981 HK

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

<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

uPI Semiconductor Corp / Equity Bottom-Up

<ul>
<li>UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.</li>
<li>UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.</li>
<li>UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.</li>
</ul>


UPI Semi is a specialist designer of electronic components and semiconductors for power management. Power management is a key performance factor for AI devices.
UPI's clients include most of the world's largest leading technology companies for semiconductor distribution and AI products.
UPI shares have lagged the strong performance of its clients -- We see opportunity for UPI to now Outperform.


Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Objective Analysis has released its 2024 semiconductor forecast, calling for growth of below 5%</li>
<li>Other forecasters currently call for 11% to 17% growth, which would require another super cycle to accomplish</li>
<li>We do not see any event that will drive a 2024 super cycle, even with the current rapid adoption of AI in the data center</li>
</ul>


Objective Analysis has released its 2024 semiconductor forecast, calling for growth of below 5%
Other forecasters currently call for 11% to 17% growth, which would require another super cycle to accomplish
We do not see any event that will drive a 2024 super cycle, even with the current rapid adoption of AI in the data center


2024 High Conviction: Low Semiconductor Growth

United States

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Skyworks Solutions, Inc., a wireless semiconductor company, designs and manufactures radio frequency and complete semiconductor system solutions for mobile communications applications.  The Company provides front-end modules, radio frequency subsystems, and system solutions to wireless handset and infrastructure customers worldwide.

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

Entegris Inc. provides materials management products and services to the microelectronics industry on a worldwide basis.  The Company provides products such as wafer shippers, wafer transport and process carriers, pods, and work-in-process boxes.  Entegris also provides chemical delivery products such as valves, fittings, tubing, pipe, and containers.

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

LONGi Green Energy Technology Co., Ltd. develops, manufactures and sells silicon rods and silicon wafers. The Company's main products include 6 inch, 6.5 inch and 8 inch monocrystalline silicon rods and wafers.

LONGi Green Energy Technology (601012 CH)

Semiconductor Manufacturing International Corporation operates a semiconductor foundry. The Company provides integrated circuit foundry and technology services including the testing, development, design, manufacturing, packaging, and sale of integrated circuits. Semiconductor Manufacturing International offers its products and services around the world.

Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

DISCO CORPORATION manufactures abrasive and precision industrial machinery for cutting and grinding purposes.  The Company's products are applied in the semiconductor, electronics, and construction industries to produce consumer goods such as personal computers, digital cameras, video game systems, and Digital Video Disc (DVD) players.

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer...

Vincent Fernando, CFA

[Blue Lotus Daily]: NIO/LI/1211 HK/600104 CH/601633 CH/MU/SMIC/1810 HK/981 HK

NIO unveils ET9 car for 2025; Micron settles with Fujian Jinhua; Huawei introduces new Nova devices with mixed reviews.

Blue Lotus Research Institute

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

2024 High Conviction: Low Semiconductor Growth

2024 semiconductor revenue growth will be muted despite forecasts predicting strong growth. This post explains why the year will not see another...

Jim Handy

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Silicon Motion: Next Wave of the Memory Recovery; High-End NAND Prices More Than Doubled From Lows

Silicon Motion shares are down 5% over the last year. They have been weighed down by their terminated acquisition by MaxLinear, but now could offer...

Vincent Fernando, CFA

[Blue Lotus Daily]: NIO/LI/1211 HK/600104 CH/601633 CH/MU/SMIC/1810 HK/981 HK

​NIO unveils ET9 car for 2025; Micron settles with Fujian Jinhua; Huawei introduces new Nova devices with mixed reviews.

Blue Lotus Research Institute

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

Power Semiconductor Specialist Will Benefit from AI Yet Lagging Key Customers' Share Price Rallies

UPI's clients include most of the world's leading tech companies for chip distribution and AI products. UPI shares have lagged the strong...

Vincent Fernando, CFA

2024 High Conviction: Low Semiconductor Growth

2024 semiconductor revenue growth will be muted despite forecasts predicting strong growth. This post explains why the year will not see another...

Jim Handy

NIO unveils ET9 car for 2025; Micron settles with Fujian Jinhua; Huawei introduces new Nova devices with mixed reviews.