Daily Brief Thematic (Sector/Industry): Ohayo Japan | Intel Surges and more

• Stocks rose as optimism grew ahead of next week’s Trump–Xi summit; Intel jumped on strong earnings; quantum computing stocks rallied on potential US equity stakes, 
• Crude prices surged +4% after Washington imposed sanctions on two major Russian energy firms, aiming to increase pressure on Moscow to end the Ukraine war.
• Japan’s RENGO says it will be seeking wage hikes of 5% or more in 2026 shunto negotiations; Watch today: Sep Core CPI YoY+2.9% Exp.

• Intel sees its PC biz improve. Positive for flip-chip suppliers including Ibiden.
• Honeywell sees strong performance from its commercial aero after-market business. IHI gets a D/G but this may lift.
• Nidec ADR’s take a -25% thumping on numbers and a bevvy of bad news. Could this be the end for Nagamori?

• RHB raises Marco Polo Marine’s target price to 10 cents due to growth potential.
• Hold onto Genting Singapore; renovations signal potential recovery.
• Maybank increases target price for Sanli Environmental after LTA contract win.

• With inference workloads scaling, NAND flash and HBM are now central to AI infrastructure, reshaping demand, pricing, and capex.
• SSD demand is booked through 2026, HDD lead times stretch to 52 weeks, and persistent storage (commodity, you say?) has become mission-critical for inference data trails.
• HBM to cross 43% of DRAM TAM, while packaging complexity and competition from Chinese players raise fresh and long-term questions on valuation and defensibility.

• Companies in the public cloud are refreshing their server infrastructure every four to five years, but may accelerate this cycle due to the performance benefits of new CPUs and GPUs.
• Despite advances in technology, older GPUs are still being used and making money for data centers, leading to questions about the economic lifespan of GPU systems.
• Hyperscalers have adjusted their accounting policies to depreciate server hardware over longer periods, potentially impacting depreciation expenses.

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