Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>SMCI -33% after federal prosecutors accused officials of smuggling Nvidia chips into China. Bad for Nidec Corp (6594 JP) who makes server cooling modules for SMCI.</li>
<li>Chiyoda looks interesting on Qatar LNG reconstruction given its direct tie-up with Technip once conflict stabilises.</li>
<li>Sumi Forestry looking increasingly ill-timed on its Tri Pointe acquisition as US homebuilder rates hit highest since mid-2026.</li>
</ul>


SMCI -33% after federal prosecutors accused officials of smuggling Nvidia chips into China. Bad for Nidec Corp (6594 JP) who makes server cooling modules for SMCI.
Chiyoda looks interesting on Qatar LNG reconstruction given its direct tie-up with Technip once conflict stabilises.
Sumi Forestry looking increasingly ill-timed on its Tri Pointe acquisition as US homebuilder rates hit highest since mid-2026.


Japan Morning Connection: SMCI's Chip Smuggling Scandal Drags Server and Memory Down

<ul>
<li>Japan saw a deep fade off the open for AI related plays but a more sustained bid expected today with US pushing higher.</li>
<li>Micron begins mass production of HBM4 for Rubin chips, positive for Micronics which is -20% off its recent highs.</li>
<li>News from NVDA’s GTC event drove optical interconnect name Lumentum as much as +16.8% off its opening lows.</li>
</ul>


Japan saw a deep fade off the open for AI related plays but a more sustained bid expected today with US pushing higher.
Micron begins mass production of HBM4 for Rubin chips, positive for Micronics which is -20% off its recent highs.
News from NVDA’s GTC event drove optical interconnect name Lumentum as much as +16.8% off its opening lows.


Japan Morning Connection: Optical Names Plunged Then Swung Back on News from NVDA’s GTC Event

<ul>
<li>NVDA projects $1 trillion in sales through 2027 but fades after popping on the news.</li>
<li>QD Laser now +80% MTD after NVDA's laser technology investments in Lumentum and Coherent sparking a surge.</li>
<li>Softbank trading at August support lows looks like a laggard worth watching.</li>
</ul>


NVDA projects $1 trillion in sales through 2027 but fades after popping on the news.
QD Laser now +80% MTD after NVDA's laser technology investments in Lumentum and Coherent sparking a surge.
Softbank trading at August support lows looks like a laggard worth watching.


Japan Morning Connection: Tech and AI Lead the Charge as Ships Start to Move in the Middle East

<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

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Japan Morning Connection: SMCI's Chip Smuggling Scandal Drags Server and Memory Down

SMCI Nvidia chip smuggling charges hit server and memory names. Japan's SPE names likely muted at open after missing Thursday's US rebound during...

Andrew Jackson

Japan Morning Connection: Optical Names Plunged Then Swung Back on News from NVDA’s GTC Event

NVDA's mixed messages sent optical names see-sawing. Memory roars to record highs. Kokusai still fails to catch a bid despite good positioning.

Andrew Jackson

Japan Morning Connection: Tech and AI Lead the Charge as Ships Start to Move in the Middle East

Mkts liking the move lower in oil and the news that ships were starting to move in the Middle East saw tech and AI lead the way higher. SPE...

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

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