Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Advantest, a leader in semiconductor testing, is uniquely positioned to capitalize on the AI chip rally, driven by increasing complexity and the critical need for stringent testing in next-generation devices.</li>
<li>Record-Breaking financial performance and strategic capacity expansions signal long-term growth, despite anticipated near-term revenue fluctuations, setting the stage for future market outperformance.</li>
<li>Technological dominance in areas like chiplet architecture and advanced digital solutions further solidifies Advantest's structural advantage, hinting at a compelling opportunity for discerning investors.</li>
</ul>


Advantest, a leader in semiconductor testing, is uniquely positioned to capitalize on the AI chip rally, driven by increasing complexity and the critical need for stringent testing in next-generation devices.
Record-Breaking financial performance and strategic capacity expansions signal long-term growth, despite anticipated near-term revenue fluctuations, setting the stage for future market outperformance.
Technological dominance in areas like chiplet architecture and advanced digital solutions further solidifies Advantest's structural advantage, hinting at a compelling opportunity for discerning investors.


Advantest: Tests Are the Unsung Hero of the AI Chip Rally

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.</li>
<li>Amazon's AWS growth beat validates its AI spend, offering a positive read-through for Japan's SPE and semi-caps.</li>
<li>Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.</li>
</ul>


Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.
Amazon's AWS growth beat validates its AI spend, offering a positive read-through for Japan's SPE and semi-caps.
Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.


Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

<ul>
<li>Advantest, Micronics and Teraprobe set for a better start after Teradyne posted a blowout 2Q beat and strong 3Q guidance.</li>
<li>Lasertec and TEL may lag as KLA's inline guidance and dipped FCF point to a split between testers and WFE makers to start today.</li>
<li>SK Hynix numbers missed incredibly high expectations this morning making it likely to be a wobbly session again for Kioxia</li>
</ul>


Advantest, Micronics and Teraprobe set for a better start after Teradyne posted a blowout 2Q beat and strong 3Q guidance.
Lasertec and TEL may lag as KLA's inline guidance and dipped FCF point to a split between testers and WFE makers to start today.
SK Hynix numbers missed incredibly high expectations this morning making it likely to be a wobbly session again for Kioxia


Japan Morning Connection: Testers Could Rally Against the Grain After Teradyne's Blowout Numbers

<ul>
<li>MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.</li>
<li>Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.</li>
<li>Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.</li>
</ul>


MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.
Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.
Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.


Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

<ul>
<li>ASML's numbers failed to lift US semi-caps overnight, with Kospi futures pointing -4.4% lower. A dour tone for SPE.</li>
<li>TSMC will report today, so expect to see semi-cap fluctuations based on their capex commentary.</li>
<li>Mitsubishi Heavy may see interest after news that it is shipping cooling systems to NVDA's DSX.</li>
</ul>


ASML's numbers failed to lift US semi-caps overnight, with Kospi futures pointing -4.4% lower. A dour tone for SPE.
TSMC will report today, so expect to see semi-cap fluctuations based on their capex commentary.
Mitsubishi Heavy may see interest after news that it is shipping cooling systems to NVDA's DSX.


Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

Japan

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

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Advantest Corp (6857 JP)

Advantest: Tests Are the Unsung Hero of the AI Chip Rally

US-China meeting to potentially work out a deal on the newly declared 100% tariff on top of previous tariffs on Chinese made goods. No guarantees...

Jay Cameron

Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

Heavily sold AI plays such as Ibiden, Advantest and Kokusai, look likely to continue higher despite the missed US tape given the more constructive...

Andrew Jackson

Japan Morning Connection: Testers Could Rally Against the Grain After Teradyne's Blowout Numbers

Teradyne's beat sets a positive tone for tester names while KLA's guidance causes concern for WFE makers. SK Hynix's disappointing numbers may...

Andrew Jackson

Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

Andrew Jackson

Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

SPE names may give back yesterday's gains as ASML's numbers fail to lift US peers. TSMC will report today, so expect to see semi-cap fluctuations...

Andrew Jackson

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Advantest: Tests Are the Unsung Hero of the AI Chip Rally

US-China meeting to potentially work out a deal on the newly declared 100% tariff on top of previous tariffs on Chinese made goods. No guarantees...

Jay Cameron

Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

Heavily sold AI plays such as Ibiden, Advantest and Kokusai, look likely to continue higher despite the missed US tape given the more constructive...

Andrew Jackson

Japan Morning Connection: Testers Could Rally Against the Grain After Teradyne's Blowout Numbers

​Teradyne's beat sets a positive tone for tester names while KLA's guidance causes concern for WFE makers. SK Hynix's disappointing numbers may...

Andrew Jackson

Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

Andrew Jackson

Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

SPE names may give back yesterday's gains as ASML's numbers fail to lift US peers. TSMC will report today, so expect to see semi-cap fluctuations...

Andrew Jackson

Teradyne's beat sets a positive tone for tester names while KLA's guidance causes concern for WFE makers. SK Hynix's disappointing numbers may...