Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Chipmakers with existing fabs or plans for US expansion will be exempt from the tariffs as Trump pushes his onshoring agenda.</li>
<li>Intel, AMAT, GlobalFoundries are all higher afterhours which should ultimately bide well for JP SPE suppliers.</li>
<li>Power-Semi's are increasingly important for AI which makes the WOLF/Renesas connection look increasingly attractive.</li>
</ul>


Chipmakers with existing fabs or plans for US expansion will be exempt from the tariffs as Trump pushes his onshoring agenda.
Intel, AMAT, GlobalFoundries are all higher afterhours which should ultimately bide well for JP SPE suppliers.
Power-Semi's are increasingly important for AI which makes the WOLF/Renesas connection look increasingly attractive.


Japan Morning Connection: Trump Threatens 100% Chip Tariffs While Tim Cook Kisses the Ring

<ul>
<li>Yields soared after the poor set of jobs data causing home builders to jump. Watch Sumitomo Forestry and Shin Etsu for upside.</li>
<li>TEL's poor look for WFE sends semi cap tumbling, although Lam Research up as it likely takes market share.</li>
<li>Eastman -19% on poor numbers reflecting DOW's woes the week before as tariffs pose significant headwinds for the chemicals industry.</li>
</ul>


Yields soared after the poor set of jobs data causing home builders to jump. Watch Sumitomo Forestry and Shin Etsu for upside.
TEL's poor look for WFE sends semi cap tumbling, although Lam Research up as it likely takes market share.
Eastman -19% on poor numbers reflecting DOW's woes the week before as tariffs pose significant headwinds for the chemicals industry.


Japan Morning Connection: US Lower After Trump Temper Tantrum over Jobs and Increased Tariffs

<ul>
<li>Will be a soft day for pharma after Trump insists drug makers cut costs.</li>
<li>Applied Digital +31% with an additional 150MW order on the table from Correweave.</li>
<li>Expect a U-turn for SPE after yesterdays strength despite the positive longer term outlook.</li>
</ul>


Will be a soft day for pharma after Trump insists drug makers cut costs.
Applied Digital +31% with an additional 150MW order on the table from Correweave.
Expect a U-turn for SPE after yesterdays strength despite the positive longer term outlook.


Japan Morning Connection: TEL Numbers Miss Weighs on US Semi-Caps Despite MSFT and META Capex Plans

<ul>
<li>Markets liking the EU pledges to buy US energy products and military equipment as part of recent deal.</li>
<li>Power-Semi related higher with TXN buoyed by call that multi-year inventory correction is almost over.</li>
<li>Tesla emerges as Samsung's mystery fab customer, is a dramatic turn around for their recently ailing foundry business.</li>
</ul>


Markets liking the EU pledges to buy US energy products and military equipment as part of recent deal.
Power-Semi related higher with TXN buoyed by call that multi-year inventory correction is almost over.
Tesla emerges as Samsung's mystery fab customer, is a dramatic turn around for their recently ailing foundry business.


Japan Morning Connection: Energy Related and Tech Strong Pointing to a Good Start for Japan

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>According to Gartner, PC unit shipments increased 4.1% YoY in Q225 to reach 63.2 million</li>
<li>According to IDC, smartphone unit shipments grew 1% YoY in the second quarter, reaching 295.2 million units</li>
<li>Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026</li>
</ul>


According to Gartner, PC unit shipments increased 4.1% YoY in Q225 to reach 63.2 million
According to IDC, smartphone unit shipments grew 1% YoY in the second quarter, reaching 295.2 million units
Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026


Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

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: Trump Threatens 100% Chip Tariffs While Tim Cook Kisses the Ring

Trump threatenes 100% tarriffs on all chip imports, Apple announces it will invest further on US manufacturing for tariff exemptions, Japan SPE may...

Andrew Jackson

Japan Morning Connection: US Lower After Trump Temper Tantrum over Jobs and Increased Tariffs

Home builders pushed higher by treasuries and yields, poor numbers from TEL send SPE down, numbers from Eastman send chemical related lower.

Andrew Jackson

Japan Morning Connection: TEL Numbers Miss Weighs on US Semi-Caps Despite MSFT and META Capex Plans

Pharma industry faces pressure to cut costs as Trump demands, Applied Digital jumped after numbers beat and announcement on increased AI computing...

Andrew Jackson

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Trump Threatens 100% Chip Tariffs While Tim Cook Kisses the Ring

Trump threatenes 100% tarriffs on all chip imports, Apple announces it will invest further on US manufacturing for tariff exemptions, Japan SPE may...

Andrew Jackson

Japan Morning Connection: US Lower After Trump Temper Tantrum over Jobs and Increased Tariffs

Home builders pushed higher by treasuries and yields, poor numbers from TEL send SPE down, numbers from Eastman send chemical related lower.

Andrew Jackson

Japan Morning Connection: TEL Numbers Miss Weighs on US Semi-Caps Despite MSFT and META Capex Plans

​Pharma industry faces pressure to cut costs as Trump demands, Applied Digital jumped after numbers beat and announcement on increased AI computing...

Andrew Jackson

Japan Morning Connection: Energy Related and Tech Strong Pointing to a Good Start for Japan

Energy related up as EU announces they will be purchasing US fuels, US pausing new restrictions on tech exports to China, Tesla's partnership with...

Andrew Jackson

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026

William Keating

Pharma industry faces pressure to cut costs as Trump demands, Applied Digital jumped after numbers beat and announcement on increased AI computing...