Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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

<ul>
<li>NVDA investing further in Coreweave may raise circular investment argument again.</li>
<li>Samsung beats out Micron on news that it is set to supply HBM4 to Nvidia.</li>
<li>Fanuc guidance missed, but orders and enquiries for its 'physical AI' cobot surges.</li>
</ul>


NVDA investing further in Coreweave may raise circular investment argument again.
Samsung beats out Micron on news that it is set to supply HBM4 to Nvidia.
Fanuc guidance missed, but orders and enquiries for its 'physical AI' cobot surges.


Japan Morning Connection: Intel Continues to Fall Despite Apple Looking to Use Its 14A Process

<ul>
<li>Intel meltdown on Friday looks largely priced in already, although mood skittish to start.</li>
<li>Takaichi approval already on the wane with tax cuts seen as likely ineffective against inflation.</li>
<li>Trump sending an armada to the Middle East positive for defense.</li>
</ul>


Intel meltdown on Friday looks largely priced in already, although mood skittish to start.
Takaichi approval already on the wane with tax cuts seen as likely ineffective against inflation.
Trump sending an armada to the Middle East positive for defense.


Japan Morning Connection: Semi Caps Mixed but Largely Look Through Intel Capex Headlines

<ul>
<li>Massive capex numbers from TSMC set to propel JP SPE to new highs today.</li>
<li>Softbank is likely to continue to lag as ARM fails to catch a bid despite being -42% from recent highs.</li>
<li>The hottest momo names in JP last year have cooled, but there should be more upside yet.</li>
</ul>


Massive capex numbers from TSMC set to propel JP SPE to new highs today.
Softbank is likely to continue to lag as ARM fails to catch a bid despite being -42% from recent highs.
The hottest momo names in JP last year have cooled, but there should be more upside yet.


Japan Morning Connection: SOX Closes at New Highs After TSMC Numbers and Capex Beat Ests

<ul>
<li>Expectations for Intel's 14A process grows with TSMC leading-node capacity tapped out.</li>
<li>China banning US cybersecurity firm had limited impact, although VMware connection takes Broadcom lower.</li>
<li>Dentsu down -10.5% yesterday after its International sale fell through. Watch for rebound.</li>
</ul>


Expectations for Intel's 14A process grows with TSMC leading-node capacity tapped out.
China banning US cybersecurity firm had limited impact, although VMware connection takes Broadcom lower.
Dentsu down -10.5% yesterday after its International sale fell through. Watch for rebound.


Japan Morning Connection: Mkt Rotation Not Really Hitting Tech and AI but Expect Mild Weakness

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: 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

Japan Morning Connection: Intel Continues to Fall Despite Apple Looking to Use Its 14A Process

Intel taking its 2-day drop to -22.75% after its earnings missed last week despite a report overnight that Apple will start using Intel’s 14A...

Andrew Jackson

Japan Morning Connection: Semi Caps Mixed but Largely Look Through Intel Capex Headlines

Japanese SPE already priced in the Intel miss Friday. Intel's CEO Tan reports that they will be more selective on spending.

Andrew Jackson

Japan Morning Connection: SOX Closes at New Highs After TSMC Numbers and Capex Beat Ests

Likely for Kioxia to hit new highs today with memory names trading well. Strong tone for JP SPE after US tarrifs on Taiwan were lowered.

Andrew Jackson

Japan Morning Connection: Mkt Rotation Not Really Hitting Tech and AI but Expect Mild Weakness

Some rotation from mega tech into smaller cap value plays. China retaliates with tech bans for the US. KDDI may suffer after news of "innapropriate...

Andrew Jackson

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