AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Equity Bottom-Up

<ul><li>Ajinomoto, the Japanese company best known for seasoning, makes a thin film that sits between the layers of wiring under nearly all high-performance computer processors, by its own account.</li><li>AI chips sit on ever bigger and thicker bases, so by my reading each one needs more of that film than the chip before it.</li><li>Chipmakers rarely switch to a rival film, because testing a new one takes a long time, and that keeps the growth with Ajinomoto.</li></ul>

Ajinomoto, the Japanese company best known for seasoning, makes a thin film that sits between the layers of wiring under nearly all high-performance computer processors, by its own account.AI chips sit on ever bigger and thicker bases, so by my reading each one needs more of that film than the chip before it.Chipmakers rarely switch to a rival film, because testing a new one takes a long time, and that keeps the growth with Ajinomoto.

As AI chip packages grow, Ajinomoto's insulating film grows with them

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel jumping on plans to cut its bloated workforce and streamline management.</li>
<li>EV plays should pick up after Tesla held after mkt gains from yesterday.</li>
<li>Boeing numbers will help the heavies with better FCF and production outlooks.</li>
</ul>


Intel jumping on plans to cut its bloated workforce and streamline management.
EV plays should pick up after Tesla held after mkt gains from yesterday.
Boeing numbers will help the heavies with better FCF and production outlooks.


Japan Morning Connction: Tech Surging with Trump Signalling Zero China Tariffs on a Trade Deal

<ul>
<li>Weak tape for tech over mixed signalling out of White House.</li>
<li>Kyocera earnings missed but management seem to be pulling the right levers (finally) on the restructuring front.</li>
<li>Ibiden tarred by the Shinko brush, but what about its NVDA exposure?</li>
</ul>


Weak tape for tech over mixed signalling out of White House.
Kyocera earnings missed but management seem to be pulling the right levers (finally) on the restructuring front.
Ibiden tarred by the Shinko brush, but what about its NVDA exposure?


Japan Morning Connection: Trump Tariff U-Turn Will Help Markets Start Better

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Japan's markets have again failed to break to new highs creating a potential for a double-top pattern.</li>
<li>Trump's policies which target lower interest rates and a weaker dollar will put pressure on Japan's markets as can be seen from the high correlation between the JPY and TPX.</li>
<li>Sectors such as trading companies, autos and semiconductors could see the most pressure under a Trump presidency.</li>
</ul>


Japan's markets have again failed to break to new highs creating a potential for a double-top pattern.
Trump's policies which target lower interest rates and a weaker dollar will put pressure on Japan's markets as can be seen from the high correlation between the JPY and TPX.
Sectors such as trading companies, autos and semiconductors could see the most pressure under a Trump presidency.


Trump Trades and the JAPAN Market Are Like Oil and Vinegar

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end markets and the digestion of excess inventory.</li><li>The quarterly revenue of the top 40 PCB suppliers fell YoY consecutively in 2023, but managed to grow QoQ in 3Q/4Q, suggesting the industry is bottoming out gradually.</li><li>For 2024, we expect the PCB sector to have a modest recovery, following its emergence from the trough in 2H23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end markets and the digestion of excess inventory.The quarterly revenue of the top 40 PCB suppliers fell YoY consecutively in 2023, but managed to grow QoQ in 3Q/4Q, suggesting the industry is bottoming out gradually.For 2024, we expect the PCB sector to have a modest recovery, following its emergence from the trough in 2H23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China PCB Sector - Modest Growth in Global PCB Sales

Japan

SHINKO ELECTRIC INDUSTRIES CO., LTD. designs, manufactures, and markets advanced electronic materials, such as semiconductor packages, including leadframes, and PLP(Plastics Laminated Packages).  The Company markets its products worldwide through a network of sales offices in such places as the Philippines, Germany, and Hong Kong.

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Shinko Electric Industries (6967 JP)

As AI chip packages grow, Ajinomoto's insulating film grows with them

Ajinomoto, the Japanese company best known for seasoning, makes a thin film that sits between the layers of wiring under nearly all...

The Physical Layer

Japan Morning Connction: Tech Surging with Trump Signalling Zero China Tariffs on a Trade Deal

Intel plans to cut workforce and streamline management, EV plays may continue to rise after Tesla's gains, Boeing's improved numbers to benefit...

Andrew Jackson

Japan Morning Connection: Trump Tariff U-Turn Will Help Markets Start Better

Tech stocks weak over mixed signals from the White House, Kyocera making good restructuring efforts despite earnings miss, Ibiden suffered from...

Andrew Jackson

Trump Trades and the JAPAN Market Are Like Oil and Vinegar

We pointed out that Japan's semi industry may be at risk as part of the "Trump Trade" sentiment. It turns out that Biden has already thrown...

David Mudd

China PCB Sector - Modest Growth in Global PCB Sales

Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

As AI chip packages grow, Ajinomoto's insulating film grows with them

Ajinomoto, the Japanese company best known for seasoning, makes a thin film that sits between the layers of wiring under nearly all...

The Physical Layer

Japan Morning Connction: Tech Surging with Trump Signalling Zero China Tariffs on a Trade Deal

​Intel plans to cut workforce and streamline management, EV plays may continue to rise after Tesla's gains, Boeing's improved numbers to benefit...

Andrew Jackson

Japan Morning Connection: Trump Tariff U-Turn Will Help Markets Start Better

​Tech stocks weak over mixed signals from the White House, Kyocera making good restructuring efforts despite earnings miss, Ibiden suffered from...

Andrew Jackson

Trump Trades and the JAPAN Market Are Like Oil and Vinegar

We pointed out that Japan's semi industry may be at risk as part of the "Trump Trade" sentiment. It turns out that Biden has already thrown...

David Mudd

China PCB Sector - Modest Growth in Global PCB Sales

Following marginal growth of 1.0% YoY in 2022, the global PCB market declined by 15% YoY in 2023 to US$69.5bn, due to subdued demand across end...

CMB International

Intel plans to cut workforce and streamline management, EV plays may continue to rise after Tesla's gains, Boeing's improved numbers to benefit...

Tech stocks weak over mixed signals from the White House, Kyocera making good restructuring efforts despite earnings miss, Ibiden suffered from...