Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Google research touting a new memory compression technique exacerbated rotation out of memory names with Micron -18% and Sandisk -10% for the week.</li>
<li>Wafer names shrugging off the memory panic with Soitec and Siltronic higher with Sumco and Shin-Etsu set to follow.</li>
<li>SpaceX IPO buzz sent space names surging. QPS, Synspective and Astroscale all set for more upside today.</li>
</ul>


Google research touting a new memory compression technique exacerbated rotation out of memory names with Micron -18% and Sandisk -10% for the week.
Wafer names shrugging off the memory panic with Soitec and Siltronic higher with Sumco and Shin-Etsu set to follow.
SpaceX IPO buzz sent space names surging. QPS, Synspective and Astroscale all set for more upside today.


Japan Morning Connection: Kioxia Running Out of Steam as Memory Rotation Gathers Pace

<ul>
<li>Watch for big dips as an opportunity to buy QD Laser, as sentiment for laser/photonic technology is only going one way.</li>
<li>NTT Global Data Centers announced it is working on 34 projects that will double its capacity which may give  JP SPE names a bit of a boost.</li>
<li>Takaichi in the US and has dinner planned for tonight (JST) with President Trump, so it’s likely that we see outperformance in the heavies and defense plays ahead of this.</li>
</ul>


Watch for big dips as an opportunity to buy QD Laser, as sentiment for laser/photonic technology is only going one way.
NTT Global Data Centers announced it is working on 34 projects that will double its capacity which may give  JP SPE names a bit of a boost.
Takaichi in the US and has dinner planned for tonight (JST) with President Trump, so it’s likely that we see outperformance in the heavies and defense plays ahead of this.


Japan Morning Connection: Micron Blowout Numbers Overshadowed by Capex Concerns

<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

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: Kioxia Running Out of Steam as Memory Rotation Gathers Pace

Memory rotation deepens as Google's compression research spooks the market. Softbank still has room to run on ARM's AI chip. SpaceX IPO buzz keeps...

Andrew Jackson

Japan Morning Connection: Micron Blowout Numbers Overshadowed by Capex Concerns

The big event overnight was Micron’s numbers after market which were blowout however the stock is selling off -5% in AH trading on the news they...

Andrew Jackson

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

Shippers were lower globally after a slightly better day in Asia yesterday. Big drops for US airlines. Continues to look good for long 9202 ANA vs...

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

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

Andrew Jackson

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