Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Both Marvell and Dell were out after-market Friday so the reaction in Japan to start may be less severe.</li>
<li>Sandisk cutting through the static now up for 7th day in a row as sentiment for NAND rises on potential AI growth.</li>
<li>Kokusai Electric may also see a positive change in tone if the market takes another look at NAND production equipment.</li>
</ul>


Both Marvell and Dell were out after-market Friday so the reaction in Japan to start may be less severe.
Sandisk cutting through the static now up for 7th day in a row as sentiment for NAND rises on potential AI growth.
Kokusai Electric may also see a positive change in tone if the market takes another look at NAND production equipment.


Japan Morning Connection: Tech Battered by Marvell and Dell Misses Ahead of Labor Day Break

<ul>
<li>AMAT pricing in weak numbers sent semi-cap lower, while Intel bought its gains to 23% for the week.</li>
<li>Housing name starting to cut through the daily static of Treasury moves as sentiment improves ahead of Sep cut.</li>
<li>Home improvement/suppliers such as Toto and Lixil may see increased interest as global rates outside of Japan trend lower.</li>
</ul>


AMAT pricing in weak numbers sent semi-cap lower, while Intel bought its gains to 23% for the week.
Housing name starting to cut through the daily static of Treasury moves as sentiment improves ahead of Sep cut.
Home improvement/suppliers such as Toto and Lixil may see increased interest as global rates outside of Japan trend lower.


Japan Morning Connection: Markets Calm with No Further Tariffs for China

<ul>
<li>AMAT number after market missed showing a slowdown in Chinese demand and licensing delays.</li>
<li>INTC news positive for SPE suppliers but demand will be tempered in light of AMAT.</li>
<li>Coach owner taking a hit on tariff costs sends a warning to likes of Este Lauder who reports next week.</li>
</ul>


AMAT number after market missed showing a slowdown in Chinese demand and licensing delays.
INTC news positive for SPE suppliers but demand will be tempered in light of AMAT.
Coach owner taking a hit on tariff costs sends a warning to likes of Este Lauder who reports next week.


Japan Morning Connection: US Looking to Take a Stage in INTC Will Ensure Fab Ambitions

<ul>
<li>Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.</li>
<li>Micron beats on HBM, Kioxia on NAND - sets a good tone for memory overall.</li>
<li>NVDA selling Blackwell in China positive for substrate supplier Ibiden.</li>
</ul>


Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.
Micron beats on HBM, Kioxia on NAND - sets a good tone for memory overall.
NVDA selling Blackwell in China positive for substrate supplier Ibiden.


Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

<ul>
<li>CEO Tan heading for the door should be seen as positive longer term, with his replacement likely screened by the WH.</li>
<li>Semi-Caps higher on the prospect for increased US fab capex, JP SPE was lower yesterday so expect rebound.</li>
<li>Trump's pick of Miran for temp Fed Governor addas another dovish voice to the committee as he pushes for lower rates</li>
</ul>


CEO Tan heading for the door should be seen as positive longer term, with his replacement likely screened by the WH.
Semi-Caps higher on the prospect for increased US fab capex, JP SPE was lower yesterday so expect rebound.
Trump's pick of Miran for temp Fed Governor addas another dovish voice to the committee as he pushes for lower rates


Japan Morning Connection: Trump Taking Aim at Intel's Tan as He Pushes for US Production Growth

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

Japan Morning Connection: Tech Battered by Marvell and Dell Misses Ahead of Labor Day Break

Marvell's poor earnings pulled AI related down while NAND related stayed strong. Kokusai Electric is rebounding off its 200 day after a 20%...

Andrew Jackson

Japan Morning Connection: Markets Calm with No Further Tariffs for China

Housing sector sentiment improves and forecast to continue with rate cutting cycle ahead. Intel continued to outperform following the prospect of...

Andrew Jackson

Japan Morning Connection: US Looking to Take a Stage in INTC Will Ensure Fab Ambitions

US talks about a stake in Intel to boost US chipmaking, a positive for those involved in Intel's SPE supply chain. Estee Lauder down on concerns...

Andrew Jackson

Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

JP still needs to price in large cap tech gains in the US from Friday, Intel up after Trump's meeting with CEO Tan, positive for Ibiden if NVDA is...

Andrew Jackson

Japan Morning Connection: Trump Taking Aim at Intel's Tan as He Pushes for US Production Growth

CEO Tan leaving Intel could be a long term positive for the company, SPE should rebound after yesterday's weakness, US homebuilders likely to be...

Andrew Jackson

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