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: 16.5% Premium; Short Interest Remains Near Historical Highs for ADR and Local</li>
<li>ASE: +2.2% Premium; Wait for Closer to Par Before Going Long; Short Interest in Local Shares at Highs</li>
<li>ChipMOS: +1.1% Premium; Short Interest in Local Shares Hits New Highs</li>
</ul>


TSMC: 16.5% Premium; Short Interest Remains Near Historical Highs for ADR and Local
ASE: +2.2% Premium; Wait for Closer to Par Before Going Long; Short Interest in Local Shares at Highs
ChipMOS: +1.1% Premium; Short Interest in Local Shares Hits New Highs


Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS

<ul>
<li>
TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. </li>
<li>
AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. </li>
<li>
Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.</li>
</ul>



TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. 

AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. 

Faraday and UMC results ahead this week -- Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.


Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

<ul>
<li>
TSMC's Arizona Yield Success Silences Doubts: Management confirmed first U.S. fab has achieved yields comparable to Taiwan, validating global replication model and reinforcing alignment with U.S. clients like Apple, Nvidia. </li>
<li>
U.S. Buildout Anchoring TSMC’s Long-Term Dominance: With 30% of N2 and beyond capacity to be in USA, TSMC building footprint across fabs, packaging, and R&amp;D competitors will struggle to match. </li>
<li>
Margins Resilient, AI Demand Accelerating: 1Q25 beat on AI strength despite smartphone softness and earthquake disruption. 2Q25E revenue guidance of +13% QoQ reflects continued momentum in advanced nodes and HPC.</li>
</ul>



TSMC's Arizona Yield Success Silences Doubts: Management confirmed first U.S. fab has achieved yields comparable to Taiwan, validating global replication model and reinforcing alignment with U.S. clients like Apple, Nvidia. 

U.S. Buildout Anchoring TSMC’s Long-Term Dominance: With 30% of N2 and beyond capacity to be in USA, TSMC building footprint across fabs, packaging, and R&amp;D competitors will struggle to match. 

Margins Resilient, AI Demand Accelerating: 1Q25 beat on AI strength despite smartphone softness and earthquake disruption. 2Q25E revenue guidance of +13% QoQ reflects continued momentum in advanced nodes and HPC.


What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC offered a surprisingly robust outlook for the current quarter with revenues expected to rise 13% QoQ to $28.8 billion at the midpoint, their highest ever quarterly revenue.</li>
<li>No change to the previous full year 2025 guidance of mid-20% growth in US$ terms</li>
<li>It's likely too early to see the full impact of tariffs and further China restrictions in TSMC's outlook, but the second half will likely be a different story</li>
</ul>


TSMC offered a surprisingly robust outlook for the current quarter with revenues expected to rise 13% QoQ to $28.8 billion at the midpoint, their highest ever quarterly revenue.
No change to the previous full year 2025 guidance of mid-20% growth in US$ terms
It's likely too early to see the full impact of tariffs and further China restrictions in TSMC's outlook, but the second half will likely be a different story


TSMC. Full Steam Ahead Despite Tariff Threats & China Bans. For Now.

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Revenue expected to be USD$28.4-29.2 bn (+13% QoQ/38% YoY), with gross margin projected to be 57-59% and operating profit margin at 47-49%.</li>
<li>Tariffs still have uncertainties, so our current capability to share is expected to maintain 24-26% YoY.  </li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> plans to build 6 Fabs in Arizona, with 2nm being the main focus there, hence 30% will be allocated there.</li>
</ul>


Revenue expected to be USD$28.4-29.2 bn (+13% QoQ/38% YoY), with gross margin projected to be 57-59% and operating profit margin at 47-49%.
Tariffs still have uncertainties, so our current capability to share is expected to maintain 24-26% YoY.  

Taiwan Semiconductor (TSMC) - ADR (TSM US) plans to build 6 Fabs in Arizona, with 2nm being the main focus there, hence 30% will be allocated there.


TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

Taiwan Semiconductor (TSMC) - ADR (TSM US)

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Taiwan Semiconductor (TSMC) - ADR (TSM US)

Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS

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

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)

TSMC's Arizona fab progress validates global replication model, strengthens ties with U.S. clients like Apple and Nvidia, anchoring long-term...

Vincent Fernando, CFA

TSMC. Full Steam Ahead Despite Tariff Threats & China Bans. For Now.

It's likely too early to see the full impact of tariffs and further China restrictions in TSMC's outlook, but the second half will likely be a...

William Keating

TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly

Taiwan Semiconductor (TSMC) expects strong revenue growth, plans to build 6 Fabs in Arizona with focus on 2nm technology. Tariffs pose uncertainties.

Patrick Liao

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Taiwan Dual-Listings Monitor: TSMC Premium at Mid-Range; Short Interest Highs for ASE & IMOS

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

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC U.S. Bet Pays Off; UMC & Faraday Step Up Next; Latest Mobile Shipments Data

​TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

Vincent Fernando, CFA

What TSMC’s 1Q25 Results Reveal About the Future of Chipmaking in the U.S. (Structural Long)

​TSMC's Arizona fab progress validates global replication model, strengthens ties with U.S. clients like Apple and Nvidia, anchoring long-term...

Vincent Fernando, CFA

TSMC. Full Steam Ahead Despite Tariff Threats & China Bans. For Now.

It's likely too early to see the full impact of tariffs and further China restrictions in TSMC's outlook, but the second half will likely be a...

William Keating

TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly

​Taiwan Semiconductor (TSMC) expects strong revenue growth, plans to build 6 Fabs in Arizona with focus on 2nm technology. Tariffs pose uncertainties.

Patrick Liao

TSMC's Arizona fab achieves Taiwan-level yields, reinforcing global leadership in N2 and advanced packaging, while AI demand offsets smartphone...

TSMC's Arizona fab progress validates global replication model, strengthens ties with U.S. clients like Apple and Nvidia, anchoring long-term...

Taiwan Semiconductor (TSMC) expects strong revenue growth, plans to build 6 Fabs in Arizona with focus on 2nm technology. Tariffs pose uncertainties.