Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Huge print from ASML set a positive tone, but the potential for tighter NVDA restrictions weighed on sentiment.</li>
<li>Big selling for Corning off the highs as guidance not enough to justify the run... may see weakness in Fujikura and Furukawa.</li>
<li>Strong numbers from Advantest will also help sentiment for Japan SPE.</li>
</ul>


Huge print from ASML set a positive tone, but the potential for tighter NVDA restrictions weighed on sentiment.
Big selling for Corning off the highs as guidance not enough to justify the run... may see weakness in Fujikura and Furukawa.
Strong numbers from Advantest will also help sentiment for Japan SPE.


Japan Morning Connection: Mixed Signals from Tech and Semi's but After-Mkt Moves Pointing Higher

<ul>
<li>Limited breadth of winners, even in the SOX, with numerous DeepSeek and capex questions outstanding.</li>
<li>Regardless expect JP SPE to be higher to start; watch Advantest into numbers today after its -19% 2-day drop.</li>
<li>IT/SaaS companies are worth a look here with AI R&amp;D costs now potentially much lower including Fujitsu and NEC.</li>
</ul>


Limited breadth of winners, even in the SOX, with numerous DeepSeek and capex questions outstanding.
Regardless expect JP SPE to be higher to start; watch Advantest into numbers today after its -19% 2-day drop.
IT/SaaS companies are worth a look here with AI R&amp;D costs now potentially much lower including Fujitsu and NEC.


Japan Morning Connection: US Tech and Semi Rebound Feel's like a Dead Cat Bounce

<ul>
<li>Softbank pledging $500bn worth of AI investment over the next 4-years will send JP SPE higher.</li>
<li>Plenty of high-quality semi-related names in Japan yet to recover from last years 4Q sell-off.</li>
<li>DR Horton numbers were a beat, but sold off their AM highs despite the weakening yields. Any sell off a buy the dip change for Sumi Forestry.</li>
</ul>


Softbank pledging $500bn worth of AI investment over the next 4-years will send JP SPE higher.
Plenty of high-quality semi-related names in Japan yet to recover from last years 4Q sell-off.
DR Horton numbers were a beat, but sold off their AM highs despite the weakening yields. Any sell off a buy the dip change for Sumi Forestry.


Japan Morning Connection: Trump Opening the Floodgates to AI Investment

<ul>
<li>Yesterday saw a notable rotation out of recent momentum winners in Japan towards oversold quality such as SPE.</li>
<li>EU defence names generally stronger on concerns over Trumps Greenland/Denmark comments may be mild positive for JP heavies.</li>
<li>Power semi weakness in the US at least partially over news Renesas is cutting workforce on weak auto chip sales.</li>
</ul>


Yesterday saw a notable rotation out of recent momentum winners in Japan towards oversold quality such as SPE.
EU defence names generally stronger on concerns over Trumps Greenland/Denmark comments may be mild positive for JP heavies.
Power semi weakness in the US at least partially over news Renesas is cutting workforce on weak auto chip sales.


Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

<ul>
<li>Micron named as memory supplier for NVDA GPU's sent Micronics 12% yesterday.</li>
<li>Ibiden continues to look like a big Blackwell winner with momentum increasing off recent low.</li>
<li>Big outstanding short interest for Nikon making it a squeeze ready take-over target.</li>
</ul>


Micron named as memory supplier for NVDA GPU's sent Micronics 12% yesterday.
Ibiden continues to look like a big Blackwell winner with momentum increasing off recent low.
Big outstanding short interest for Nikon making it a squeeze ready take-over target.


Big Tech Fades on NVDA While Micron, Apple Supplies Gain

Japan

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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Lasertec Corp (6920 JP)

Japan Morning Connection: Mixed Signals from Tech and Semi's but After-Mkt Moves Pointing Higher

ASML's strong print boosts sentiment but weighed by NVDA restriction concerns. Corning off the highs; may see weakness in Fujikura and Furukara....

Andrew Jackson

Japan Morning Connection: US Tech and Semi Rebound Feel's like a Dead Cat Bounce

Opportunities to watch for higher JP SPE, keep an eye on Advantest after recent drop. IT/SaaS companies like Fujitsu and NEC worth looking at with...

Andrew Jackson

Japan Morning Connection: Trump Opening the Floodgates to AI Investment

Softbank's $500bn AI investment pledge to boost JP SPE, high-quality semi-related Japanese names may recover. DR Horton sold off AM highs, may...

Andrew Jackson

Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Rotation from momentum winners into oversold quality such as SPE, EU defense name strength may be positive for JP heavies, US power semi weakness...

Andrew Jackson

Big Tech Fades on NVDA While Micron, Apple Supplies Gain

Micron's partnership with NVDA boosts stock, Ibiden gains momentum, Nikon a potential takeover target due to high short interest.

Andrew Jackson

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Japan Morning Connection: Mixed Signals from Tech and Semi's but After-Mkt Moves Pointing Higher

​ASML's strong print boosts sentiment but weighed by NVDA restriction concerns. Corning off the highs; may see weakness in Fujikura and Furukara....

Andrew Jackson

Japan Morning Connection: US Tech and Semi Rebound Feel's like a Dead Cat Bounce

Opportunities to watch for higher JP SPE, keep an eye on Advantest after recent drop. IT/SaaS companies like Fujitsu and NEC worth looking at with...

Andrew Jackson

Japan Morning Connection: Trump Opening the Floodgates to AI Investment

​Softbank's $500bn AI investment pledge to boost JP SPE, high-quality semi-related Japanese names may recover. DR Horton sold off AM highs, may...

Andrew Jackson

Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Rotation from momentum winners into oversold quality such as SPE, EU defense name strength may be positive for JP heavies, US power semi weakness...

Andrew Jackson

Big Tech Fades on NVDA While Micron, Apple Supplies Gain

​Micron's partnership with NVDA boosts stock, Ibiden gains momentum, Nikon a potential takeover target due to high short interest.

Andrew Jackson

ASML's strong print boosts sentiment but weighed by NVDA restriction concerns. Corning off the highs; may see weakness in Fujikura and Furukara....

Softbank's $500bn AI investment pledge to boost JP SPE, high-quality semi-related Japanese names may recover. DR Horton sold off AM highs, may...

Micron's partnership with NVDA boosts stock, Ibiden gains momentum, Nikon a potential takeover target due to high short interest.