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

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)

<ul>
<li>Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google</li>
<li>AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race</li>
<li>Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected</li>
</ul>


Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google
AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race
Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected


Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

<ul>
<li>
TSMC: +12.7% Premium; Consider Going Long the ADR Spread; Short Interest in Local Shares Approaching Highs</li>
<li>
ASE: +2.0% Premium; Continue to Wait for Near-Parity Before Going Long</li>
<li>
CHT: -0.8% Discount; Wait for More Extreme Level; Short Interest Continues to Spike in ADR</li>
</ul>



TSMC: +12.7% Premium; Consider Going Long the ADR Spread; Short Interest in Local Shares Approaching Highs

ASE: +2.0% Premium; Continue to Wait for Near-Parity Before Going Long

CHT: -0.8% Discount; Wait for More Extreme Level; Short Interest Continues to Spike in ADR


Taiwan Dual-Listings Monitor: TSMC Local Short Interest Approaching Highs; ASE Close to Parity

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

<ul>
<li>
MediaTek and Nvidia expected to unveil joint ARM-based AI PC SoCs at Computex May 19 - 23; a major milestone for Mediatek expanding into the massive Windows PC market.</li>
<li>
We will be looking to see how the new chips are positioned; To highlight full local LLM inference; enabling private, real-time AI at the edge for PCs?</li>
<li>
We maintain our Structural Long view for Mediatek shares; MediaTek is evolving from mobile SoC leader to full-stack AI compute player across smartphones, PCs, and data centers.</li>
</ul>



MediaTek and Nvidia expected to unveil joint ARM-based AI PC SoCs at Computex May 19 - 23; a major milestone for Mediatek expanding into the massive Windows PC market.

We will be looking to see how the new chips are positioned; To highlight full local LLM inference; enabling private, real-time AI at the edge for PCs?

We maintain our Structural Long view for Mediatek shares; MediaTek is evolving from mobile SoC leader to full-stack AI compute player across smartphones, PCs, and data centers.


Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected

Himax Technologies Inc Adr / Equity Bottom-Up

Himax Technologies, Inc. designs and manufactures integrated circuits.  The Company produces liquid crystal displays (LCD).

<ul>
<li>
Auto ICs over 50% of revenue and maintaining market share leading position, but 2Q25 guidance reflects China auto industry caution as China stimulus repeat impact fades and inventory stays lean.</li>
<li>
Himax advances in co-packaged optics (CPO) shipping samples; to supply TSMC and NVIDIA; Separately, Himax's AR display tech may align with META's needs.</li>
<li>
Strong auto positioning with 200+ Tcon design wins and CPO opportunity in AI/HPC supply chain reinforce long-term upside, despite soft near-term visibility. Maintain our Structural Long view on Himax.</li>
</ul>



Auto ICs over 50% of revenue and maintaining market share leading position, but 2Q25 guidance reflects China auto industry caution as China stimulus repeat impact fades and inventory stays lean.

Himax advances in co-packaged optics (CPO) shipping samples; to supply TSMC and NVIDIA; Separately, Himax's AR display tech may align with META's needs.

Strong auto positioning with 200+ Tcon design wins and CPO opportunity in AI/HPC supply chain reinforce long-term upside, despite soft near-term visibility. Maintain our Structural Long view on Himax.


Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

<ul>
<li>
TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand</li>
<li>
Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology</li>
<li>
Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG</li>
</ul>



TSMC’s Next Generation 2nm Node is Experiencing Unprecedented Customer Demand

Showdown Heats Up Between Qualcomm &amp; Mediatek's Next Generation of Mobile Phone SoCs -- And All Roads Lead to TSMC's Process Technology

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG


Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

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

Vincent Fernando, CFA
Managing Director, Zero One
• Zero One

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Local Short Interest Approaching Highs; ASE Close to Parity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

​Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Local Short Interest Approaching Highs; ASE Close to Parity

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected

​MediaTek and Nvidia likely to unveil joint ARM-based AI PC SoCs at Computex, marking a milestone for MediaTek in Windows PC market. Evolving from...

Vincent Fernando, CFA

Himax Advances Optical Chip Solutions for NVIDIA and TSMC; But Fog Lingers Over China Auto Recovery

​Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Gen Node Unprecedented Demand; QCOM/Mediatek Chips' Peformance Leaks

​TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.

Vincent Fernando, CFA

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

MediaTek and Nvidia likely to unveil joint ARM-based AI PC SoCs at Computex, marking a milestone for MediaTek in Windows PC market. Evolving from...

Himax's automotive display IC market position remains extremely stromg; however cautious on China near-term; Successfully advancing in CPO and AR...

TSMC's 2nm node sees high demand, Qualcomm and Mediatek compete using TSMC's technology, Amazon and Google maintain or increase hyperscale capex.