Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel's Terafab momentum continues with Ibiden, TEL and Lasertec with more upside likely today.</li>
<li>Meta launches AI model Muse Spark hitting software names. NEC and Fujitsu set to underperform today.</li>
<li>Chiyoda +15.5% after announcing it is already returning to work at Qatar's Ras Laffan LNG plant.</li>
</ul>


Intel's Terafab momentum continues with Ibiden, TEL and Lasertec with more upside likely today.
Meta launches AI model Muse Spark hitting software names. NEC and Fujitsu set to underperform today.
Chiyoda +15.5% after announcing it is already returning to work at Qatar's Ras Laffan LNG plant.


Japan Morning Connection: Risk on as Tech and Memory Names Reach All Time Highs

<ul>
<li>Samsung profits surge 8x on AI memory demand, a positive for Kioxia which is not far from its highs as well as Kokusai and Micronics.</li>
<li>Aehr Test systems +60% for the week ahead of earnings tomorrow, setting a positive tone for Advantest which is -25% from its recent highs.</li>
<li>Space related names continue to be in focus with NASA’s Artemis II mission capturing the world’s attention.</li>
</ul>


Samsung profits surge 8x on AI memory demand, a positive for Kioxia which is not far from its highs as well as Kokusai and Micronics.
Aehr Test systems +60% for the week ahead of earnings tomorrow, setting a positive tone for Advantest which is -25% from its recent highs.
Space related names continue to be in focus with NASA’s Artemis II mission capturing the world’s attention.


Japan Morning Connection: Memory Names Lead the Charge Back to Pre-War Highs on Iran Optimism

<ul>
<li>Intel +8.8% buying back half its Ireland plant reflects confidence from management. A positive read for Intel capex names Lasertec, TEL, Screen as well as Ibiden.</li>
<li>Memory SPE laggards Micronics and Kokusai in focus as sentiment improves.</li>
<li>Japanese heavies set to keep rebounding as EU and US defense names surge on Rheinmetall's Boeing drone partnership.</li>
</ul>


Intel +8.8% buying back half its Ireland plant reflects confidence from management. A positive read for Intel capex names Lasertec, TEL, Screen as well as Ibiden.
Memory SPE laggards Micronics and Kokusai in focus as sentiment improves.
Japanese heavies set to keep rebounding as EU and US defense names surge on Rheinmetall's Boeing drone partnership.


Japan Morning Connection: Space Names Set to Surge as SpaceX Files for IPO and NASA Takes Flight

<ul>
<li>Softbank set to gap and run with ARM +10.5% and OpenAI reaching a $850bn valuation.</li>
<li>Aehr Test +23% on a major new data center customer, a positive read for Advantest, Micronics and Teraprobe after heavy selling last week.</li>
<li>Upside for airlines on the prospect for lower oil and increased travel.</li>
</ul>


Softbank set to gap and run with ARM +10.5% and OpenAI reaching a $850bn valuation.
Aehr Test +23% on a major new data center customer, a positive read for Advantest, Micronics and Teraprobe after heavy selling last week.
Upside for airlines on the prospect for lower oil and increased travel.


Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>TurboQuant triggered the sell-off, but the market appears to have priced a uniform demand shock across memory, despite the impact being limited to inference efficiency.</li>
<li>Supply remains tight; HBM capacity largely locked into 2026; TrendForce revised DRAM and NAND pricing sharply higher after the TurboQuant announcement. </li>
<li>Relevant risks sit elsewhere: early signs of pricing resistance in commodity memory, emerging share gains from Chinese suppliers, and a shift toward more staggered hyperscaler spending</li>
</ul>


TurboQuant triggered the sell-off, but the market appears to have priced a uniform demand shock across memory, despite the impact being limited to inference efficiency.
Supply remains tight; HBM capacity largely locked into 2026; TrendForce revised DRAM and NAND pricing sharply higher after the TurboQuant announcement. 
Relevant risks sit elsewhere: early signs of pricing resistance in commodity memory, emerging share gains from Chinese suppliers, and a shift toward more staggered hyperscaler spending


Memory's TurboQuant Panic Misses Where Demand Actually Sits

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.

Price Gauge
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Kioxia Holdings (285A JP)

Japan Morning Connection: Risk on as Tech and Memory Names Reach All Time Highs

Japan set for a bullish open. Aehr Test earnings beat sets a positive tone for Japan's testing names. Chiyoda heads back to work in Qatar pointing...

Andrew Jackson

Japan Morning Connection: Memory Names Lead the Charge Back to Pre-War Highs on Iran Optimism

Samsung profits up 8x burying TurboQuant fears. Disco prelim numbers pointing to a strong open. Aehr Test Systems has the potential to set a very...

Andrew Jackson

Japan Morning Connection: Space Names Set to Surge as SpaceX Files for IPO and NASA Takes Flight

TurboQuant fears fading, setting a better tone for memory. SpaceX IPO filing puts Japan's space names in focus. Advantest will take a hit off the...

Andrew Jackson

Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

Japan set for a positive open as Iran deal hopes send oil lower and markets anticipate a return to normal travel and shipping through the Straits.

Andrew Jackson

Memory's TurboQuant Panic Misses Where Demand Actually Sits

TurboQuant sell-off triggers panic on inference efficiency. However, supply is tight, and pricing is revised higher. Risks seen in Chinese...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Risk on as Tech and Memory Names Reach All Time Highs

Japan set for a bullish open. Aehr Test earnings beat sets a positive tone for Japan's testing names. Chiyoda heads back to work in Qatar pointing...

Andrew Jackson

Japan Morning Connection: Memory Names Lead the Charge Back to Pre-War Highs on Iran Optimism

Samsung profits up 8x burying TurboQuant fears. Disco prelim numbers pointing to a strong open. Aehr Test Systems has the potential to set a very...

Andrew Jackson

Japan Morning Connection: Space Names Set to Surge as SpaceX Files for IPO and NASA Takes Flight

TurboQuant fears fading, setting a better tone for memory. SpaceX IPO filing puts Japan's space names in focus. Advantest will take a hit off the...

Andrew Jackson

Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

Japan set for a positive open as Iran deal hopes send oil lower and markets anticipate a return to normal travel and shipping through the Straits.

Andrew Jackson

Memory's TurboQuant Panic Misses Where Demand Actually Sits

​TurboQuant sell-off triggers panic on inference efficiency. However, supply is tight, and pricing is revised higher. Risks seen in Chinese...

Mint Finance

TurboQuant sell-off triggers panic on inference efficiency. However, supply is tight, and pricing is revised higher. Risks seen in Chinese...