Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Comments on Intel's growth a positive read for Lasertec, TEL and Screen.</li>
<li>Power semis surge on TXN upgrade with analyst expecting 10% price hikes in China. Fuji Electric, Renesas and Sanken set to follow.</li>
<li>Aehr Test lands another hyperscaler order setting a positive tone for Micronics, Teraprobe and Advantest at the open.</li>
</ul>


Comments on Intel's growth a positive read for Lasertec, TEL and Screen.
Power semis surge on TXN upgrade with analyst expecting 10% price hikes in China. Fuji Electric, Renesas and Sanken set to follow.
Aehr Test lands another hyperscaler order setting a positive tone for Micronics, Teraprobe and Advantest at the open.


Japan Morning Connection: Broad Based Tech Rally Set to Lift Chips, Lasers, Memory and Power Semis

<ul>
<li>Navitas Semi surged +24.9% after announcing two new additions to its 5th generation GeneSiC silicon carbide power semiconductor platform.</li>
<li>Sony is reportedly going ahead with the release of its PS6 console sometime in 2027-2028 despite the risk of a memory supply crunch.</li>
<li>Nintendo surged 8.9% after new Pokémon game ‘Pokopia’ was a surprise worldwide hit with physical copies fully sold out in the US.</li>
</ul>


Navitas Semi surged +24.9% after announcing two new additions to its 5th generation GeneSiC silicon carbide power semiconductor platform.
Sony is reportedly going ahead with the release of its PS6 console sometime in 2027-2028 despite the risk of a memory supply crunch.
Nintendo surged 8.9% after new Pokémon game ‘Pokopia’ was a surprise worldwide hit with physical copies fully sold out in the US.


Japan Morning Connection: Markets Grind Higher with Bright Spots Despite Ongoing Uncertainty

<ul>
<li>News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.</li>
<li>This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.</li>
<li>Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.</li>
</ul>


News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.
This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.
Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.


Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

<ul>
<li>NVDA numbers hard to fault to expect continued strength in Japan SPE, and I would watch for a rebound from Ibiden after yesterday's dip.</li>
<li>Software rebounded so watch NEC Hitachi and Fujitsu, although Salesforce weakness AH may take the shine off.</li>
<li>SMCI's C-Node X AI infrastructure stack in partnership with Vast and NVDA may help Nidec catch a bid.</li>
</ul>


NVDA numbers hard to fault to expect continued strength in Japan SPE, and I would watch for a rebound from Ibiden after yesterday's dip.
Software rebounded so watch NEC Hitachi and Fujitsu, although Salesforce weakness AH may take the shine off.
SMCI's C-Node X AI infrastructure stack in partnership with Vast and NVDA may help Nidec catch a bid.


Japan Morning Connection: Navitas Semi Numbers Show Increased Adoption of GaN/SiC Power Components

<ul>
<li>Mkt not liking the Analog Devices read for auto and industrial, nor Allegro's disappointing margins.</li>
<li>Market swiftly digesting WD's Sandisk sell down, but Kioxia will be a lot more to swallow.</li>
<li>Nintendo looks ready to bounce ahead of Zelda's 40th anniversary this w/e which could see a raft of new content announced.</li>
</ul>


Mkt not liking the Analog Devices read for auto and industrial, nor Allegro's disappointing margins.
Market swiftly digesting WD's Sandisk sell down, but Kioxia will be a lot more to swallow.
Nintendo looks ready to bounce ahead of Zelda's 40th anniversary this w/e which could see a raft of new content announced.


Japan Morning Connection: Tech and AI up but Power and Industrial Semi's Sag on Numbers

Japan

FUJI ELECTRIC CO.,LTD manufactures electric machinery and electronic devices. The Company's products include automatic vending machines, factory automation equipment, and power supplies, as well as information and electronic components such as power semiconductors and integrated circuits (ICs).

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Fuji Electric (6504 JP)

Japan Morning Connection: Broad Based Tech Rally Set to Lift Chips, Lasers, Memory and Power Semis

Aehr Test lands another hyperscaler order setting a positive tone for testing names. Power semi price hikes point to upside for Fuji Electric and...

Andrew Jackson

Japan Morning Connection: Markets Grind Higher with Bright Spots Despite Ongoing Uncertainty

Markets managed to put on a brave face despite the higher oil price and mixed messaging. Defense stocks softened after Rheinmetall missed earnings.

Andrew Jackson

Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Brent surges as high as $111 this morning as hardliner Mojtaba Khamenei in voted in as Iran's next supreme leader. After the dust settles SPE will...

Andrew Jackson

Japan Morning Connection: Navitas Semi Numbers Show Increased Adoption of GaN/SiC Power Components

Expectations missed after President's speech yesterday, negative for Sumitomo Forestry which been volatile since announcing new acquisition. Bain...

Andrew Jackson

Japan Morning Connection: Tech and AI up but Power and Industrial Semi's Sag on Numbers

Tech and AI related saw dip buying overnight with the mkt stepping in to pick up heavily sold software names after EDA software maker Cadence +7.6%...

Andrew Jackson

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