Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>AI lower with the US looking to impose global AI chip sales permits, although memory rallied in a general rotation to laggards.</li>
<li>Broadcom CEO throwing cold water on DC optical connectivity 'scale-up', sending Corning, Lumentum and Coherent lower setting a dour tone for JP cable plays.</li>
<li>Kioxia and PPIH make it into the NKY225, which Advantest gets capped as expected. Small surprise for Kioxia, but ADV is low for all.</li>
</ul>


AI lower with the US looking to impose global AI chip sales permits, although memory rallied in a general rotation to laggards.
Broadcom CEO throwing cold water on DC optical connectivity 'scale-up', sending Corning, Lumentum and Coherent lower setting a dour tone for JP cable plays.
Kioxia and PPIH make it into the NKY225, which Advantest gets capped as expected. Small surprise for Kioxia, but ADV is low for all.


Japan Morning Connection: Oil Spike Starting to Bite with Airlines Tumbling on the Outlook for Fuel

<ul>
<li>NVDA investment in Lumentum and Coherent increases the focus on optical over copper connectivity technologies.</li>
<li>Shipper strength on the prospect for higher rates should continue to be reflected in Japan names.</li>
<li>Defense names were obviously strong following gains in Asia yesterday, but geospatial imaging names lead the way.</li>
</ul>


NVDA investment in Lumentum and Coherent increases the focus on optical over copper connectivity technologies.
Shipper strength on the prospect for higher rates should continue to be reflected in Japan names.
Defense names were obviously strong following gains in Asia yesterday, but geospatial imaging names lead the way.


Japan Morning Connection: Markets Firm in the Face of War with Momentum and Growth Outperforming

<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

<ul>
<li>AI upside took a  break with the SOX index back at the ATH's, although the selling looks fleeting. </li>
<li>Memory names were up buoyed by Kioxia's big earnings print, with 4Q guidance pointing to a big uptick is ASP's.</li>
<li>Softbank booking a $4.2bn valuation gain for OpenAI...yet to be seen if the mkt agrees with the valuation.</li>
</ul>


AI upside took a  break with the SOX index back at the ATH's, although the selling looks fleeting. 
Memory names were up buoyed by Kioxia's big earnings print, with 4Q guidance pointing to a big uptick is ASP's.
Softbank booking a $4.2bn valuation gain for OpenAI...yet to be seen if the mkt agrees with the valuation.


Japan Morning Connection: Logistics Seen as the Next Industry Vulnerable to Disruption from AI

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)

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Andrew Jackson

Japan Morning Connection: Markets Firm in the Face of War with Momentum and Growth Outperforming

Markets were surprisingly calm overnight with tech and AI hardly skipping a beat in the face of war in Iran. Airlines were lower with dented demand...

Andrew Jackson

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

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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

Japan Morning Connection: Logistics Seen as the Next Industry Vulnerable to Disruption from AI

Software continued it's fall as AI fears gripped the market after a period of relative calm. With OpenAI probably listing this year, its likely...

Andrew Jackson

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