Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

<ul>
<li>Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.</li>
<li>Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   </li>
<li>KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. </li>
</ul>


Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 


Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

<ul>
<li>Tape will be weak to start, but may find dip buying given the bullish read from Micron which is helping send futs higher </li>
<li>Chinese ex-ASML engineers have reversed engineered a EUV lithography machine. Not awesome news for Lasertec and Jeol either. </li>
<li>China cooling on Japan has led to a big drop in tourist arrival growth rates. Expected - but still negative for duty free, hotels and rails etc. </li>
</ul>


Tape will be weak to start, but may find dip buying given the bullish read from Micron which is helping send futs higher 
Chinese ex-ASML engineers have reversed engineered a EUV lithography machine. Not awesome news for Lasertec and Jeol either. 
China cooling on Japan has led to a big drop in tourist arrival growth rates. Expected - but still negative for duty free, hotels and rails etc. 


Tech Hit on Financing Worries, but Micron Guidance Smashes Estimates

<ul>
<li>Micron numbers will be amazing, but will they be enough to justify the parabolic price actions? Likely, yes. </li>
<li>Intel hiring a Trump proxy a further sign its aligning itself with the Govt's designs for onshore chip production. </li>
<li>Estee lauder is surging but what about Shiseido and Kose? </li>
</ul>


Micron numbers will be amazing, but will they be enough to justify the parabolic price actions? Likely, yes. 
Intel hiring a Trump proxy a further sign its aligning itself with the Govt's designs for onshore chip production. 
Estee lauder is surging but what about Shiseido and Kose? 


Tech Cautious Ahead of Micron, but Dip Buying Starting to Take Hold

Thematic (Sector/Industry)

<ul>
<li>Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.</li>
<li>JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.</li>
<li>Quantum names all strong on good numbers, but will Socionext catch on this time?</li>
</ul>


Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.
JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.
Quantum names all strong on good numbers, but will Socionext catch on this time?


Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise

<ul>
<li>Marvell's bullish guidance sets strong tone for ASIC with revs set to rise 4x by next year.</li>
<li>Reports that the Trump admin is going to issue executive orders for robotics firms will help Japanese FA.</li>
<li>Microchip Tech numbers will continue to buoy industrial and component names even after yesterdays strength.</li>
</ul>


Marvell's bullish guidance sets strong tone for ASIC with revs set to rise 4x by next year.
Reports that the Trump admin is going to issue executive orders for robotics firms will help Japanese FA.
Microchip Tech numbers will continue to buoy industrial and component names even after yesterdays strength.


Japan Morning Connection: Power/Industrial Semi Strength Offsets Relative Weakness for Tech Big Guns

Trading Japanese equities since 2004 I have worked at several firms in Tokyo, HK and currently Singapore. My main focus since 2015 has been on fundamentally driven, sector neutral L/S strategies for the large-cap Japan universe, with a tilt towards the tech and industrial sectors.