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

ASE Technology: Semiconductor Packaging & Testing Demand Suprisingly Weak At End of Quarter

ASE Q1'23 Revenues Decline 26% QoQ, Q2'23 Outlook Flat Sequentially

Intel, Micron Expanding In Different Directions

Micron Results: Take-Aways for Memory, PC Industry Outlook; Long Micron Vs. Short Nanya

Nvidia, TSMC, ASML Trading Monitor -  TSMC & ASML Results Indicate Cycle Bottom 2Q23E for Leaders

Micron Technology: How This DRAM & NAND Leader Is Surviving In A Challenging Market – Key Drivers

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>SK Hynix and Samsung reported results in the last week, showing major losses for their memory businesses. More evidence of a 'two-track recovery' for different parts of the chip industry.</li>
<li>SK Hynix's inventory situation worsened based on our analysis; Micron appears to be managing inventory moderately better than peers based on recent results.</li>
<li>Long Micron vs. Short Nanya Technology: Micron has continued to outperform Nanya Tech, as well as SK Hynix and Samsung.</li>
</ul>


SK Hynix and Samsung reported results in the last week, showing major losses for their memory businesses. More evidence of a 'two-track recovery' for different parts of the chip industry.
SK Hynix's inventory situation worsened based on our analysis; Micron appears to be managing inventory moderately better than peers based on recent results.
Long Micron vs. Short Nanya Technology: Micron has continued to outperform Nanya Tech, as well as SK Hynix and Samsung.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

Memory Monitor: SK Hynix & Samsung Losses & Conservative Guidance Indicate Two-Track Chip Recovery