Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>STM adds to the gloom for power semis after surprise loss and -16% drop. Fuji Elec and Renesas report today in Japan.</li>
<li>Dow -18% after tariff uncertainty hist exports sending peers lower. Watch Shin Etsu despite its more PVC focus.</li>
<li>Intel's new CEO struggling to turn the ship around with a competitive AI offering still a ways off.</li>
</ul>


STM adds to the gloom for power semis after surprise loss and -16% drop. Fuji Elec and Renesas report today in Japan.
Dow -18% after tariff uncertainty hist exports sending peers lower. Watch Shin Etsu despite its more PVC focus.
Intel's new CEO struggling to turn the ship around with a competitive AI offering still a ways off.


Japan Morning Connection: Mixed Tape for Semi's with AI up and Power and Industrial Down Further

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Samsung Said to Have Give Up Chasing TSMC at the Leading Edge of Chip Manufacturing</li>
<li>Xiaomi’s Tesla-Killer YU7 EV Surges in Orders -- TSMC Rides the Wave as Core Chip Supplier</li>
<li>TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)</li>
</ul>


Samsung Said to Have Give Up Chasing TSMC at the Leading Edge of Chip Manufacturing
Xiaomi’s Tesla-Killer YU7 EV Surges in Orders -- TSMC Rides the Wave as Core Chip Supplier
TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)


Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

<ul>
<li>Wolfspeed formally goes into Chapter 11, but the upside for Renesas makes its recent write off look excessive.</li>
<li>Short interest for some Japanese autos has surged which points to a squeeze once US trade deal reached.</li>
<li>Space names should be back in  focus ahead of next week's 'Space Tide Conference' in Tokyo. Watch iQPS, Synspective and Sky Perfect JSAT for upside.</li>
</ul>


Wolfspeed formally goes into Chapter 11, but the upside for Renesas makes its recent write off look excessive.
Short interest for some Japanese autos has surged which points to a squeeze once US trade deal reached.
Space names should be back in  focus ahead of next week's 'Space Tide Conference' in Tokyo. Watch iQPS, Synspective and Sky Perfect JSAT for upside.


Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>Japan’s <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>.  </li>
<li>Rapidus has to deal with high technical barriers, tight timelines, heavy R&amp;D costs, market and profitability challenges.</li>
<li>Talent shortage in Japan: A lingering pain for the Semiconductor industry</li>
</ul>


Japan’s Fujitsu Ltd (6702 JP) is currently developing a 2nm CPU named “MONAKA” (link). The CPU is planned to be manufactured by Taiwan Semiconductor (TSMC) - ADR (TSM US).  
Rapidus has to deal with high technical barriers, tight timelines, heavy R&amp;D costs, market and profitability challenges.
Talent shortage in Japan: A lingering pain for the Semiconductor industry


TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121


Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Japan

Fujitsu Ltd manufactures semiconductor, computer, and communication equipment. The Company provides comprehensive information technology, network and telecommunication solutions, and Internet services.

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Fujitsu Ltd (6702 JP)

Japan Morning Connection: Mixed Tape for Semi's with AI up and Power and Industrial Down Further

Big moves lower for power semi peers should see JP names lower, Intel failing to impress may follow through to Ibiden, IBM slumped but analyst...

Andrew Jackson

Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...

Vincent Fernando, CFA

Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...

Andrew Jackson

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.

Patrick Liao

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

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Japan Morning Connection: Mixed Tape for Semi's with AI up and Power and Industrial Down Further

Big moves lower for power semi peers should see JP names lower, Intel failing to impress may follow through to Ibiden, IBM slumped but analyst...

Andrew Jackson

Taiwan Tech Weekly: Has Samsung Given Up Chasing TSMC?; Xiaomi Tesla-Killer EV Using Key TSMC Chips

​Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...

Vincent Fernando, CFA

Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

​Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...

Andrew Jackson

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say (II)

​Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.

Patrick Liao

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

Samsung has reportedly stopped trying to catch up to TSMC in chip manufacturing, while TSMC benefits from Xiaomi's surge in EV orders. The threat...

Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...

Fujitsu developing 2nm CPU "MONAKA" with TSMC. Rapidus is facing technical barriers, talent shortage in Japan's Semiconductor industry.