Daily Brief Thematic (Sector/Industry): Ohayo Japan | Silver Thursday and more

• NVDA +1.8% hit fresh highs on the UAE deal, but gains failed to ignite broader tech sector. What does that do for Japan’s AI-beneficiaries trade?
• Panasonic +11% WTD has been riding high on strong Tesla sales numbers, so NHTSA investigations into red-light violations could be a red flag
• With LDP–Komeito/Takaichi talks still unresolved, Friday looks like a “wait-and-see.”

• Discussion on NEO clouds and AI infrastructure landlords
• Differentiation between hyperscalers and Neo clouds in terms of business models and focus on AI workloads
• Consideration of critical software in DevOps and AI API software as a factor in defining a hyperscaler’s offerings and differentiation from Neo clouds

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• Kokusai Electric deal yesterday with AMAT selling a 10.7m clip is a mere morsel for the market and helps clear overhead risk.
• This creates a good setup for long Kokusai short Advantest which should see some reticence creep in as it hits the NKY CPAF cap.
• Trump is trying to force homebuilders to build more as a panacea for the housing affordability crisis. Not good for margins.

• Wilmar International may have passed its worst phase.
• RHB downgrades Keppel REIT to neutral following Australian retail acquisition news.
• OCBC: ST Engineering’s growth is intact, but its risk-reward is now balanced.

• Maharashtra cabinet approves gems and jewelry policy 2025 to attract investments of Rs.1 tln
• India becomes net importer of finished steel in September 2025
• Project completions in machinery industry falls to Rs.23.7 billion in September 2025 quarter

• China dominates the global battery market and its manufacturers are expanding production rapidly into international markets.  Players like CATL support global automakers with the most advanced battery technology.
• Growth of renewable energy has increased demand for Energy Storage Solutions (ESS). ESS stores energy from renewable sources, stabilizes the power grid, and provides power for industrial and commercial buildings. 
• China’s battery companies are benefiting from AI data center (AIDC) storage growth, which has created intense demand for specialized energy storage solutions for this sector.

• China’s public sector units are experiencing significant technological advancements, particularly in AI chip performance through innovative methods like hybrid bonding and e-beam metrology.
• The relocation of Semicon West has resulted in a notable increase in attendance, showcasing the growing interest and investment in the US semiconductor industry.
• Beijing is intensifying its tech regulations, particularly concerning rare earth materials, while a Taiwanese drone manufacturer seeks to disrupt DJI’s market position with a substantial military contract.