Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Silicon Motion: Leader in Powerful Niche for Edge AI Memory; Plus Key Wins for Data Center Solution

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan Dual-Listings: TSMC Spread Slumps Then Fully Rebounds; Shorts Spiking Ahead of IMOS Results

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

TSMC Just Provided Substantial Visibility into Their Long-Term Growth Estimate; ASML Adds Color

Taiwan Dual-Listings Monitor: TSMC & ASE Spreads Surge to Extremes; CHT Shorts Massing Pre-Earnings

Mediatek Seeing Massive Rebound in Mobile; Major AI Data Center Driver on the Horizon

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>Samsung 1Q24 results beat consensus by a wide margin and the company gave strong guidance for its Memory segment, guiding for further strength driven by servers, PCs, &amp; phones needs.</li>
<li>Guided strong demand for PC/Mobile Memory in 2H24E driven by on-device AI, which supports the case of edge AI hardware beginning to drive demand in addition to cloud/server-based AI hardware.</li>
<li>Foundry segment's losses reduced, but still loss-making? Samsung's order backlog is at an all-time high but Samsung Foundry results suggest manufacturing yield performance likely well behind TSMC.</li>
</ul>


Samsung 1Q24 results beat consensus by a wide margin and the company gave strong guidance for its Memory segment, guiding for further strength driven by servers, PCs, &amp; phones needs.
Guided strong demand for PC/Mobile Memory in 2H24E driven by on-device AI, which supports the case of edge AI hardware beginning to drive demand in addition to cloud/server-based AI hardware.
Foundry segment's losses reduced, but still loss-making? Samsung's order backlog is at an all-time high but Samsung Foundry results suggest manufacturing yield performance likely well behind TSMC.


Deep Dive Into Samsung's Memory & Foundry Results: TSMC, AI PC, Server, AI Phone Implications