Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Nickel surges after Freeport's Indonesian closure will have long term pricing impact. Watch SMM, MMS and Mit Materials.</li>
<li>Inrel approaches Apple for partnership, although its unlikely they can push out TSMC for chips.</li>
<li>Memory takes a break after Micon's earnings seen as not quite good enough after recent gains.</li>
</ul>


Nickel surges after Freeport's Indonesian closure will have long term pricing impact. Watch SMM, MMS and Mit Materials.
Inrel approaches Apple for partnership, although its unlikely they can push out TSMC for chips.
Memory takes a break after Micon's earnings seen as not quite good enough after recent gains.


Japan Morning Connection: Tech Takes a Breather but Marvell Doubles Down with Announced Buyback

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.</li>
<li>SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.</li>
<li>While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.</li>
</ul>


Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.
SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.
While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.


Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

Japan Specialist

Mark Chadwick

<ul>
<li>Technology stocks led gains with Tokyo Electron (+20%) and Resonac (+19%) driven by Intel investment news and semiconductor demand recovery expectations.</li>
<li>Bank of Japan surprised markets by announcing ETF sales while maintaining rates, intensifying October rate hike speculation and triggering profit-taking.</li>
<li>Mixed economic data showed fourth consecutive month of export declines, but core inflation eased to 2.7%, lowest since November 2024.</li>
</ul>


Technology stocks led gains with Tokyo Electron (+20%) and Resonac (+19%) driven by Intel investment news and semiconductor demand recovery expectations.
Bank of Japan surprised markets by announcing ETF sales while maintaining rates, intensifying October rate hike speculation and triggering profit-taking.
Mixed economic data showed fourth consecutive month of export declines, but core inflation eased to 2.7%, lowest since November 2024.


Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

<ul>
<li>Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.</li>
<li>Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.</li>
<li>Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.</li>
</ul>


Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.
Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.
Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.


Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

<ul>
<li>Trump's Miram quick to show how dovish a republican picked committee could look.</li>
<li>Quantum names surged higher with D-Wave touting successes in Japan.</li>
<li>Kokusai Elec now +36% in a week as the market finally sees the NAND connection with flash memory pricing to remain tight through 2026.</li>
</ul>


Trump's Miram quick to show how dovish a republican picked committee could look.
Quantum names surged higher with D-Wave touting successes in Japan.
Kokusai Elec now +36% in a week as the market finally sees the NAND connection with flash memory pricing to remain tight through 2026.


Japan Morning Connection: Fed Cuts 25 Bps as Expected, Markets Finish Largely Unchanged

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

Japan Morning Connection: Tech Takes a Breather but Marvell Doubles Down with Announced Buyback

Global defense names did well after Trump's comments of support for Ukraine. Marvell jumped after management announced a $1bn accelerated buyback.

Andrew Jackson

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...

Mark Chadwick

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

Japan Morning Connection: Fed Cuts 25 Bps as Expected, Markets Finish Largely Unchanged

Positive news sent Quantum computing names surging higher. NVDA dropped on news that Chinese Govt is encouraging companies towards Chinese made AI...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Tech Takes a Breather but Marvell Doubles Down with Announced Buyback

Global defense names did well after Trump's comments of support for Ukraine. Marvell jumped after management announced a $1bn accelerated buyback.

Andrew Jackson

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

​Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

​Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...

Mark Chadwick

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

Japan Morning Connection: Fed Cuts 25 Bps as Expected, Markets Finish Largely Unchanged

Positive news sent Quantum computing names surging higher. NVDA dropped on news that Chinese Govt is encouraging companies towards Chinese made AI...

Andrew Jackson

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...