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

Memory Monitor: Long Micron Vs. Short Nanya Technology; Nanya Relatively Over-Valued

Taiwan Tech Weekly: U.S. Pushing South Korea China Restrictions, Nanya Says Memory Bottom in 1Q23E

ChipMOS: Semiconductor Packaging & Testing Signs of Recovery, Cheap Through Cycle

China Semiconductor Restrictions: How the Vice Is Becoming Tighter and Tighter

Taiwan Semiconductors Mid-Earnings Season Review: Margins, Inventories Appear Worse Than Expected

AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

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

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>U.S. Commerce Secretary gave a new speech providing additional public detail about the U.S. CHIPS Act aimed at re-shoring the manufacture of semiconductors in the U.S.</li>
<li>Emphasis on national security means that financial cost is now secondary for the U.S. and we should not expect any loosening of chip restrictions for China.</li>
<li>Taiwan companies are straddling a "sweet spot" given they are not restricted, can invest in the U.S. expansion, maintain local non-U.S. advantages, and have had their China-based competition weakened.</li>
</ul>


U.S. Commerce Secretary gave a new speech providing additional public detail about the U.S. CHIPS Act aimed at re-shoring the manufacture of semiconductors in the U.S.
Emphasis on national security means that financial cost is now secondary for the U.S. and we should not expect any loosening of chip restrictions for China.
Taiwan companies are straddling a "sweet spot" given they are not restricted, can invest in the U.S. expansion, maintain local non-U.S. advantages, and have had their China-based competition weakened.


New U.S. CHIPS Act Speech: Commerce Secretary Emphasizes National Security Game Changer; Conclusions