Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.</li>
<li>This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.</li>
<li>Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.</li>
</ul>


News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.
This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.
Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.


Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

<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

<ul>
<li>Expect the usual 'Takaichi trade' suspects to continue trading higher with the election result surpassing expectations.</li>
<li>US switches to risk, with tech and AI surging and NVDA clocking a +7.9% gain after the market decided big tech’s $650bn planned capex for 2026 wasn’t so bad.</li>
<li>Expect big gains for tech and SPE with the markets set to surge after US moves + election win.</li>
</ul>


Expect the usual 'Takaichi trade' suspects to continue trading higher with the election result surpassing expectations.
US switches to risk, with tech and AI surging and NVDA clocking a +7.9% gain after the market decided big tech’s $650bn planned capex for 2026 wasn’t so bad.
Expect big gains for tech and SPE with the markets set to surge after US moves + election win.


Japan Morning Connection: Takaichi Blows the Doors off and Secures a Super-Majority for the LDP

<ul>
<li>KLA dropped -15% after guidance underwhelms while Screen and Lasertec likely underwhelm.</li>
<li>Western Digital drops -10% despite beating across all metrics after its massive run higher.</li>
<li>Deckers +20% on good results for Hoka could be good read for Asics.</li>
</ul>


KLA dropped -15% after guidance underwhelms while Screen and Lasertec likely underwhelm.
Western Digital drops -10% despite beating across all metrics after its massive run higher.
Deckers +20% on good results for Hoka could be good read for Asics.


Japan Morning Connection: Gold and Silver + Soggy Semi-Caps Sets Dour Tone

<ul>
<li>Meta, Tesla and Microsoft all post big capex guidance beats which sets strong tone for JP SPE.</li>
<li>Lam Research numbers beat, while Advantest AH yesterday knocked it out of the park.</li>
<li>Seagate +19% will add fuel to the fire for HDD components and memory names.</li>
</ul>


Meta, Tesla and Microsoft all post big capex guidance beats which sets strong tone for JP SPE.
Lam Research numbers beat, while Advantest AH yesterday knocked it out of the park.
Seagate +19% will add fuel to the fire for HDD components and memory names.


Japan Morning Connection: Huge Earnings After Hours All Point to Increased AI Capex Spending

Japan

Kokusai Electric Corporation manufactures and distributes semiconductor manufacturing systems. The Company produces batch processing systems, single wafer processing systems, and other systems. Kokusai Electric also operates advanced thermal process technology development, training, and other businesses.

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Kokusai Electric (6525 JP)

Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Brent surges as high as $111 this morning as hardliner Mojtaba Khamenei in voted in as Iran's next supreme leader. After the dust settles SPE will...

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

Japan Morning Connection: Takaichi Blows the Doors off and Secures a Super-Majority for the LDP

With risk sentiment shifted up, look to play the bounce with Lasertec which was -17% after earnings miss and Kioxia which was -11% last week.

Andrew Jackson

Japan Morning Connection: Gold and Silver + Soggy Semi-Caps Sets Dour Tone

Asics may get a lift from Deckers Outdoor showing strong growth for brands outside the usual Nike/Adidas space. Lasertec's outlook guidance may...

Andrew Jackson

Japan Morning Connection: Huge Earnings After Hours All Point to Increased AI Capex Spending

Meta is surging +11% after reporting 1Q sales guidance. Tesla plans to invest $2bn in Musk’s xAI. Expect whole SPE ecosystem in Japan to be sharply...

Andrew Jackson

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