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

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

Bank of China - Surging LDR, Falling NIM, ROE, with Higher Base of Credit Costs/Operating Income

TSMC (2330.TT;TSM.US): Lukewarm 4Q23F Outlook, and Hope to Experience a Healthy Growth in 2024F.

Taiwan AI Supply Chain Names: Four AI Plays to Short as Hedge Vs. An Nvidia Long

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Taiwan Tech Weekly: Taiwan AI Names Rebound; Memory Crashes; Look for Nvidia Hedges

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

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

<ul>
<li>Our Taiwan AI stock short basket of Quanta, Wistron, Gold Circuit, and Asia Vital has underperformed Nvidia by 12.5% since our previous piece.</li>
<li>Most of Taiwan's AI stock plays have underperformed Nvidia over the same period, but by less than our basket names. Analyst recommendations remain overwhelmingly Buy for our Short basket names.</li>
<li>Conclusion: Maintain Quanta, Wistron, Gold Circuit, Asia Vital as a Short Basket vs. Long Nvidia. Nvidia revenue will grow at a higher percentage rate than most Taiwan AI concept stocks.</li>
</ul>


Our Taiwan AI stock short basket of Quanta, Wistron, Gold Circuit, and Asia Vital has underperformed Nvidia by 12.5% since our previous piece.
Most of Taiwan's AI stock plays have underperformed Nvidia over the same period, but by less than our basket names. Analyst recommendations remain overwhelmingly Buy for our Short basket names.
Conclusion: Maintain Quanta, Wistron, Gold Circuit, Asia Vital as a Short Basket vs. Long Nvidia. Nvidia revenue will grow at a higher percentage rate than most Taiwan AI concept stocks.


Taiwan AI Stock Shorts Vs. Nvidia: Nvidia Outperforms, Maintain Taiwan Short Basket

NVIDIA Corp

Taiwan AI Stock Shorts Vs. Nvidia: Nvidia Outperforms, Maintain Taiwan Short Basket