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: +20% Premium; Wait for Higher Premium Before Shorting, ADR Headroom Has Increased Further</li>
<li>UMC: -1.6% Discount; Wait for Lower Discount Before Going Long</li>
<li>ASE: -0.1% Discount; Discounts Are Good Level to Long the Spread Given Maxed Headroom</li>
</ul>


TSMC: +20% Premium; Wait for Higher Premium Before Shorting, ADR Headroom Has Increased Further
UMC: -1.6% Discount; Wait for Lower Discount Before Going Long
ASE: -0.1% Discount; Discounts Are Good Level to Long the Spread Given Maxed Headroom


Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity

Technology / Semiconductor / Internet Research

Nicolas Baratte

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>The latest TSMC taking over Intel Foundry was on 13 March and involved joint investments by AMD, Broadcom, Nvidia, Qualcomm. Complicated.</li>
<li>Yesterday, TSMC Board member and Taiwan Minister of National Development Paul LIU flatly denied: “such a topic has never been discussed at the board level”.</li>
<li>As a result, Intel stock declined -6% yesterday. TSMC has corrected by -16% since early Feb. The stock is at average valuations, no obvious upside to Consensus.</li>
</ul>


The latest TSMC taking over Intel Foundry was on 13 March and involved joint investments by AMD, Broadcom, Nvidia, Qualcomm. Complicated.
Yesterday, TSMC Board member and Taiwan Minister of National Development Paul LIU flatly denied: “such a topic has never been discussed at the board level”.
As a result, Intel stock declined -6% yesterday. TSMC has corrected by -16% since early Feb. The stock is at average valuations, no obvious upside to Consensus.


TSMC Takeover of Intel: An Official Denial

<ul>
<li>Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip</li>
<li>Hon Hai CEO: Clients' U.S.-Based Tech Manufacturing Set To Expand</li>
<li>Memory Monitor: Multiple Reports Indicate Rising NAND &amp; DRAM Prices</li>
</ul>


Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip
Hon Hai CEO: Clients' U.S.-Based Tech Manufacturing Set To Expand
Memory Monitor: Multiple Reports Indicate Rising NAND &amp; DRAM Prices


Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

<ul>
<li>TSMC: +19.4% Premium; Consider Shorting if Spread Rises Above 20%</li>
<li>ASE: +0.5% Premium; Ideally Wait for Lower Level But Near-Zero Still a Long Opportunity</li>
<li>ChipMOS: -0.8% Discount; Wait for More Extreme Levels; Short Interest Spiking in Local Shares</li>
</ul>


TSMC: +19.4% Premium; Consider Shorting if Spread Rises Above 20%
ASE: +0.5% Premium; Ideally Wait for Lower Level But Near-Zero Still a Long Opportunity
ChipMOS: -0.8% Discount; Wait for More Extreme Levels; Short Interest Spiking in Local Shares


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds; ChipMOS Local Short Interest Spiking

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>By 2025, AI server to be developed by Intel for BBU and Taiwanese players, aiming to enhance performance and innovation in the market.</li><li>Nvidia visits Samsung amidst supply uncertainty of HBM3E, highlighting the importance of partner collaboration in the semiconductor industry.</li><li>Intel's unveiling of Panther Lake, powered by 18A core ultra chips, signals a new era of technology advancement in the company's product lineup.</li></ul>

By 2025, AI server to be developed by Intel for BBU and Taiwanese players, aiming to enhance performance and innovation in the market.Nvidia visits Samsung amidst supply uncertainty of HBM3E, highlighting the importance of partner collaboration in the semiconductor industry.Intel's unveiling of Panther Lake, powered by 18A core ultra chips, signals a new era of technology advancement in the company's product lineup.

Tech Supply Chain Tracker (14-Mar-2025): AI server BBU, Taiwan players, 2025.

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TSMC Takeover of Intel: An Official Denial

TSMC's rumored takeover of Intel Foundry denied by board member, causing Intel stock to decline -6%. TSMC stock has corrected by -16% since early...

Nicolas Baratte

Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds; ChipMOS Local Short Interest Spiking

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Tech Supply Chain Tracker (14-Mar-2025): AI server BBU, Taiwan players, 2025.

AI server for BBU and Taiwanese players by 2025, Nvidia visits Samsung for HBM3E supply, Intel reveals new Panther Lake chips, and considers...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

TSMC Takeover of Intel: An Official Denial

​TSMC's rumored takeover of Intel Foundry denied by board member, causing Intel stock to decline -6%. TSMC stock has corrected by -16% since early...

Nicolas Baratte

Taiwan Tech Weekly: Mediatek Wins Google AI Chip from Broadcom; Hon Hai to Expand U.S. Production

​Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds; ChipMOS Local Short Interest Spiking

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Tech Supply Chain Tracker (14-Mar-2025): AI server BBU, Taiwan players, 2025.

AI server for BBU and Taiwanese players by 2025, Nvidia visits Samsung for HBM3E supply, Intel reveals new Panther Lake chips, and considers...

Tech Supply Chain Tracker

TSMC's rumored takeover of Intel Foundry denied by board member, causing Intel stock to decline -6%. TSMC stock has corrected by -16% since early...

Google is switching from Broadcom to Mediatek for AI chips, Hon Hai CEO predicts growth in U.S.-based tech manufacturing, and reports show...