Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>The market should like the news that Tokyo Electron can now deliver chip gear manufacturing equipment to customers in half the time.</li>
<li>Ibiden as well as SPE majors should get a lift from NVDA's +3.7% move.</li>
<li>Kioxia may catch a bid now that Bain Capital has fully exited their stake. </li>
</ul>


The market should like the news that Tokyo Electron can now deliver chip gear manufacturing equipment to customers in half the time.
Ibiden as well as SPE majors should get a lift from NVDA's +3.7% move.
Kioxia may catch a bid now that Bain Capital has fully exited their stake. 


Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

<ul>
<li>Expect semi-cap weakness to spread to Japan peers with Teradyne -9.6%, KLA -7.2%, Lam Research -6.9% in the US.</li>
<li>Rough start for memory is likely as retail margin calls intensify following -11.3% Kioxia move, with WD, SNDK, Micron extending losses overnight.</li>
<li>Space names set for further downside as SpaceX slid -6.8% despite bullish analyst targets.</li>
</ul>


Expect semi-cap weakness to spread to Japan peers with Teradyne -9.6%, KLA -7.2%, Lam Research -6.9% in the US.
Rough start for memory is likely as retail margin calls intensify following -11.3% Kioxia move, with WD, SNDK, Micron extending losses overnight.
Space names set for further downside as SpaceX slid -6.8% despite bullish analyst targets.


Japan Morning Connection: Space Names Face Downside Pressure as SpaceX Slides Despite Bullish Calls

Equity Long-Short

Mo Aziz

Cross Asset Strategy

<ul>
<li>Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     </li>
<li>Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.</li>
<li>Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.</li>
</ul>


Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     
Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.
Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.


SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

<ul>
<li>SOX up ~80% this quarter, one of its biggest ever gains, making quarter-end profit-taking a real risk for high-flying AI names over the next two sessions.</li>
<li>Rohm, Fuji Elec, Renesas and Sanken likely to open weak after Onsemi -24% taken as a warning that there isn’t much upside for power/industrial makers in the DC arena.</li>
<li>European heatwave puts Daikin, Mitsubishi Electric and Panasonic A/C names in focus as a potential distraction from AI volatility into quarter end.</li>
</ul>


SOX up ~80% this quarter, one of its biggest ever gains, making quarter-end profit-taking a real risk for high-flying AI names over the next two sessions.
Rohm, Fuji Elec, Renesas and Sanken likely to open weak after Onsemi -24% taken as a warning that there isn’t much upside for power/industrial makers in the DC arena.
European heatwave puts Daikin, Mitsubishi Electric and Panasonic A/C names in focus as a potential distraction from AI volatility into quarter end.


Japan Morning Connection: AI Names Increasingly Volatile with SOX Reversal and Quarter-End Pressure

<ul>
<li>AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.</li>
<li>There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.</li>
<li>We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.</li>
</ul>


AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.
There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.
We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.


Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

Softbank Group may see interest today ahead of the news that OpenAI is set to release its latest version of GPT-5.6 tomorrow while news of faster...

Andrew Jackson

Japan Morning Connection: Space Names Face Downside Pressure as SpaceX Slides Despite Bullish Calls

The sell off in AI related names accelerated overnight. SpaceX failed to be supported by buy recommendations by analysts overnight, a bad read for...

Andrew Jackson

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Japan Morning Connection: AI Names Increasingly Volatile with SOX Reversal and Quarter-End Pressure

Japanese AI and semi names face a rocky quarter end with power/industrial stocks, memory names and Softbank all under pressure, while A/C names may...

Andrew Jackson

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Mo Aziz

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

Softbank Group may see interest today ahead of the news that OpenAI is set to release its latest version of GPT-5.6 tomorrow while news of faster...

Andrew Jackson

Japan Morning Connection: Space Names Face Downside Pressure as SpaceX Slides Despite Bullish Calls

The sell off in AI related names accelerated overnight. SpaceX failed to be supported by buy recommendations by analysts overnight, a bad read for...

Andrew Jackson

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

​Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Japan Morning Connection: AI Names Increasingly Volatile with SOX Reversal and Quarter-End Pressure

Japanese AI and semi names face a rocky quarter end with power/industrial stocks, memory names and Softbank all under pressure, while A/C names may...

Andrew Jackson

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

​AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Mo Aziz

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...