Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Google research touting a new memory compression technique exacerbated rotation out of memory names with Micron -18% and Sandisk -10% for the week.</li>
<li>Wafer names shrugging off the memory panic with Soitec and Siltronic higher with Sumco and Shin-Etsu set to follow.</li>
<li>SpaceX IPO buzz sent space names surging. QPS, Synspective and Astroscale all set for more upside today.</li>
</ul>


Google research touting a new memory compression technique exacerbated rotation out of memory names with Micron -18% and Sandisk -10% for the week.
Wafer names shrugging off the memory panic with Soitec and Siltronic higher with Sumco and Shin-Etsu set to follow.
SpaceX IPO buzz sent space names surging. QPS, Synspective and Astroscale all set for more upside today.


Japan Morning Connection: Kioxia Running Out of Steam as Memory Rotation Gathers Pace

<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>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>NVDA investment in Lumentum and Coherent increases the focus on optical over copper connectivity technologies.</li>
<li>Shipper strength on the prospect for higher rates should continue to be reflected in Japan names.</li>
<li>Defense names were obviously strong following gains in Asia yesterday, but geospatial imaging names lead the way.</li>
</ul>


NVDA investment in Lumentum and Coherent increases the focus on optical over copper connectivity technologies.
Shipper strength on the prospect for higher rates should continue to be reflected in Japan names.
Defense names were obviously strong following gains in Asia yesterday, but geospatial imaging names lead the way.


Japan Morning Connection: Markets Firm in the Face of War with Momentum and Growth Outperforming

<ul>
<li>Watch refiners, shippers, and heavies for upside vs weakness for airlines and companies with shipping exposure to EU.</li>
<li>This rotation could be short lived given the very one-sided outcome of the conflict so far, so expect volatility.</li>
<li>Precious metals and oil are already starting to pare early gains this morning which may be indicative of the longevity of some of these moves.</li>
</ul>


Watch refiners, shippers, and heavies for upside vs weakness for airlines and companies with shipping exposure to EU.
This rotation could be short lived given the very one-sided outcome of the conflict so far, so expect volatility.
Precious metals and oil are already starting to pare early gains this morning which may be indicative of the longevity of some of these moves.


Japan Morning Connection: Japan Set for Short-Term Rotation Away from Tech After Attacks on Iran

Japan

Synspective Inc. provides solutions services with satellite data. The Company provides data collection, modeling, evaluation, solution implementation, and other services. Synspective also offers small synthetic aperture radar satellites development and operation services.

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Synspective (290A JP)

Japan Morning Connection: Kioxia Running Out of Steam as Memory Rotation Gathers Pace

Memory rotation deepens as Google's compression research spooks the market. Softbank still has room to run on ARM's AI chip. SpaceX IPO buzz keeps...

Andrew Jackson

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: 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: Markets Firm in the Face of War with Momentum and Growth Outperforming

Markets were surprisingly calm overnight with tech and AI hardly skipping a beat in the face of war in Iran. Airlines were lower with dented demand...

Andrew Jackson

Japan Morning Connection: Japan Set for Short-Term Rotation Away from Tech After Attacks on Iran

Expect a fairly sharp rotation away from tech and AI into defense and defensives names in Japan today. JP defense names are all trading close to...

Andrew Jackson

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