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>U.S. expands China chip restrictions -- Implementing lower performance thresholds and further restricting sales via third party countries.</li>
<li>Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. We will learn more today from Lam and ASML results.</li>
<li>Taiwan AI Plays also to be impacted -- Shares of Wistron, Quanta, Gold Circuit, Asia Vital Gigabyte, Super Micro, Alchip appear precarious.</li>
</ul>


U.S. expands China chip restrictions -- Implementing lower performance thresholds and further restricting sales via third party countries.
Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. We will learn more today from Lam and ASML results.
Taiwan AI Plays also to be impacted -- Shares of Wistron, Quanta, Gold Circuit, Asia Vital Gigabyte, Super Micro, Alchip appear precarious.


U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback

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

Thematic (Sector/Industry)

<ul>
<li>There are signs of a recovery in the chip sector</li>
<li>Memory spot prices are up, and revenues have risen for six consecutive months</li>
<li>Growth is higher than average, indicating the start of another super-cycle</li>
</ul>


There are signs of a recovery in the chip sector
Memory spot prices are up, and revenues have risen for six consecutive months
Growth is higher than average, indicating the start of another super-cycle


Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>Vanguard's order visibility is about two months, and its order backlog is also about two months now.</li>
<li>Vanguard's goal is to establish a 12" wafer Fab, which we estimate will likely be viable around 2026F.</li>
<li>We believe that technology nodes below 28nm HKMG, specifically 40nm and below, would be suitable for transfer.</li>
</ul>


Vanguard's order visibility is about two months, and its order backlog is also about two months now.
Vanguard's goal is to establish a 12" wafer Fab, which we estimate will likely be viable around 2026F.
We believe that technology nodes below 28nm HKMG, specifically 40nm and below, would be suitable for transfer.


VIS (5347:TT): The Outlook Is a Bit Slower in 4Q23F

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>First, let’s talk about Huawei. I want to highlight how lackadaisically the export restrictions have even been applied.</li><li>BIS granted validated end-user status to SMIC in 2007, which meant that as late as 2020, multiple SMIC entities were still receiving tools from American companies.</li><li>BIS got lobbied by tool makers to undo commerce control list regulations in 2018. Also, AMEC has outright stolen tools from US companies.</li></ul>

First, let’s talk about Huawei. I want to highlight how lackadaisically the export restrictions have even been applied.BIS granted validated end-user status to SMIC in 2007, which meant that as late as 2020, multiple SMIC entities were still receiving tools from American companies.BIS got lobbied by tool makers to undo commerce control list regulations in 2018. Also, AMEC has outright stolen tools from US companies.

Huawei and Kirin 9000S, Memory Markets, Intel, Nordic, and Broadcom TPUs

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

<ul>
<li>TSMC, MediaTek, ASPEED and Nanya all announced August revenues with MoM growth, albeit YoY comps remind us that semiconductors are still very much in the depths of a downturn</li>
<li>Global semi sales for July continued their MoM increase for the fifth consecutive month. YTD semi sales are down 18.7% YoY</li>
<li>MediaTek and TSMC announced that the former has just produced its first chip on the latter's 3nm process. Volume production of the Dimensity SOC will be in H2'24. </li>
</ul>


TSMC, MediaTek, ASPEED and Nanya all announced August revenues with MoM growth, albeit YoY comps remind us that semiconductors are still very much in the depths of a downturn
Global semi sales for July continued their MoM increase for the fifth consecutive month. YTD semi sales are down 18.7% YoY
MediaTek and TSMC announced that the former has just produced its first chip on the latter's 3nm process. Volume production of the Dimensity SOC will be in H2'24. 


Semiconductor Events Deserving Your Attention @9/9/23

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)

U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback

Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. Rather than sell...

Vincent Fernando, CFA

Are Semiconductors Finally Recovering?

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

VIS (5347:TT): The Outlook Is a Bit Slower in 4Q23F

Vanguard's order outlook is a bit slower in 4Q23F. Vanguard's goal is to establish a 12" wafer Fab, which we estimate will likely be viable with...

Patrick Liao

Huawei and Kirin 9000S, Memory Markets, Intel, Nordic, and Broadcom TPUs

A news filled week in semiconductors. Let's discuss. First, let’s talk about Huawei. I want to highlight how lackadaisically the export...

Fabricated Knowledge

Semiconductor Events Deserving Your Attention @9/9/23

August revenue numbers for TSMC, ASPEED, MediaTek and Nanya all showing MoM increases but YoY comp are still terrible for most. Semi sales for July...

William Keating

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52-week Range

Market Cap (USDm)

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U.S. Expands China Chip Restrictions: Taiwan AI Names Most at Risk of Pullback

Intel and AMD chips likely also impacted, as well as equipment from ASML, Lam, Applied Materials, Tokyo Electron and others. Rather than sell...

Vincent Fernando, CFA

Are Semiconductors Finally Recovering?

​The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

VIS (5347:TT): The Outlook Is a Bit Slower in 4Q23F

Vanguard's order outlook is a bit slower in 4Q23F. Vanguard's goal is to establish a 12" wafer Fab, which we estimate will likely be viable with...

Patrick Liao

Huawei and Kirin 9000S, Memory Markets, Intel, Nordic, and Broadcom TPUs

A news filled week in semiconductors. Let's discuss. First, let’s talk about Huawei. I want to highlight how lackadaisically the export...

Fabricated Knowledge

Semiconductor Events Deserving Your Attention @9/9/23

August revenue numbers for TSMC, ASPEED, MediaTek and Nanya all showing MoM increases but YoY comp are still terrible for most. Semi sales for July...

William Keating

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...