reports
- Seth Basham
WDC WESTERN DIGITAL CORPORATION
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
IMAX IMAX CORPORATION
INOD INNODATA
ARGX ARGENX ADS
MSFT MICROSOFT CORPORATION
LYFT LYFT
UBER UBER TECHNOLOGIES INC.
SNOW SNOWFLAKE INC. CLASS A
ARTV ARTIVA BIOTHERAPEUTICS INC
SNDK SANDISK CORP
STUB STUBHUB HOLDINGS INC.
- Pierre FerraguÊ
PSA Enterprise Software / IT Services: Internet Initiative Japan (3774...
IIJ is flying under the radar in the IT Services sector. Its roots as Japan’s first ISP are playing a crucial role in its expansion as Japanese organisations shift to more open cloud-based IT systems, from which IIJ is winning larger project. Coupled with its higher-margin cyber security offerings and smart digital currency strategy, IIJ is in a strong position to improve OPM over the next three fiscal years. Meanwhile, valuations remain attractive. Analyst Lindsay Whipp explains.
- Gary Brode
- William Nestuk
QCOM QUALCOMM INC
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
6383 DAIFUKU CO. LTD.
6954 FANUC CORPORATION
6702 FUJITSU LIMITED
6504 FUJI ELECTRIC CO. LTD.
6503 MITSUBISHI ELECTRIC CORP.
6645 OMRON CORPORATION
6268 NABTESCO CORPORATION
6273 SMC CORPORATION
9984 SOFTBANK GROUP CORP.
6506 YASKAWA ELECTRIC CORPORATION
6324 JT HARMONIC DRIVE SYSTEMS
- Pierre FerraguÊ
Oracle AI cloud margins: Much ado about nothing
The Information reported yesterday that Oracle’s AI cloud margins are in the high teens. Accounting for typical start-up costs, this aligns well with our analysis of the $300bn OpenAI contract. Please see the link for our analysis of Oracle's AI cloud economics over the next 10 years and the implications for overall gross margins.
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly for 2025 Q4
For almost three years the Nikkei 225 has been tracking its performance from the 2003~5 bull market, albeit at levels some 3.3x higher In this report, Pelham Smithers discusses the similarities and asks three key questions: (1) Can we continue to track 2005 through the rest of the year; (2) Whatever happens in Q4, should we fear or be hopeful for 2026? And (3) Who are the upcoming winners and losers.
4689 Z HOLDINGS CORPORATION
7751 CANON INC.
6952 CASIO COMPUTER CO. LTD.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
7762 CITIZEN WATCH CO LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
5803 FUJIKURA LTD
4902 KONICA MINOLTA INC.
6752 PANASONIC CORPORATION
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
5423 TOKYO STEEL MANUFACTURING CO. LTD.
8729 SONY FINANCIAL HOLDINGS INC.
7267 HONDA MOTOR CO. LTD.
7202 ISUZU MOTORS LIMITED
9616 KYORITSU MAINTENANCE CO. LTD.
6981 MURATA MANUFACTURING CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6701 NEC CORP.
6594 NIDEC CORPORATION
7731 NIKON CORP.
2371 KAKAKU.COM INC.
6963 ROHM CO. LTD.
6753 SHARP CORPORATION
6762 TDK CORPORATION
4502 TAKEDA PHARMACEUTICAL CO. LTD.
6857 ADVANTEST CORP.
6976 TAIYO YUDEN CO. LTD.
4186 TOKYO OHKA KOGYO CO. LTD.
8035 TOKYO ELECTRON LTD.
7261 MAZDA MOTOR CORP.
3774 INTERNET INITIATIVE JAPAN
3697 SHIFT
6857 JP ADVANEST
6460 JP SEGA SAMMY
4385 MERCARI INC.
36350 KOEI TECMO
45870 PEPTIDREAM INC
3491 JT GA TECHNOLOGIES
3630 JT DENSAN SYSTEM CO LTD (3630 JT)
4194 VISIONAL
4483 JMDC
WOLF WOLFSPEED INC
TSE: 2980 SRE HOLDINGS CORP
AST VISIONAL INC
5032 JT ASTREE CIE ASSURANCE & REASSURANCE
5253 JT ANYCOLOR INC
9616 JT COVER CORPORATION (5253 JT)
8473 JT KYORITSU MAINTENANCE (9616 JT)
215A SBI HOLDINGS [STRATEGIC BUSINESS INNOVATOR GROUP] (8473 JT)
285A JT TIMEE INC
KIOXIA CORPORATION (285A JT)
- Pierre FerraguÊ
The NSR AI datacenter economics cheat sheet
As we spend our days and many of our nights helping you understand what is going on in the world of AI infrastructure, we refine continuously our understanding of the cost of AI, combining our understanding of the economics of every step of the supply chain. We crystalized that in a digestible format today. Everything you need to know about a 1GW datacenter on a single slide.
- Gary Brode
Moody's Ratings assigns a Baa2 rating to Oracle's proposed senior unse...
Moody's Ratings (Moody's) assigned Baa2 rating to Oracle Corporation's ("Oracle") proposed senior unsecured notes offering. Oracle's existing Baa2 senior unsecured and Prime-2 Commercial Paper ratings and negative outlook are unchanged. We expect the net proceeds to be used for general corporate pur...
- Pierre FerraguÊ
Oracle: What will life after giant RPOs look like?
Oracle entered a 4.5GW, $300bn, 5-year contract with OpenAI, starting 2027. In our note yesterday, we showed what we know of the deal suggests balanced and straightforward economics, over the life of the contract. Today we extend the analysis: GPUs aren’t scrapped after 5 years, and Oracle may in reality, after these contracts, boost profitability, monetizing fully depreciated assets, much like TSMC at the lagging edge.
- Pierre FerraguÊ
Oracle & OpenAI: All the economics of the $300bn deal, on a single sli...
Over the weekend we worked through the numbers to estimate the economics of Oracle’s $300bn contract with OpenAI. We have strong visibility on costs, supported by our long-standing work on AI datacenter economics, refined with players in every part of the supply chain, and on the ramp trajectory, informed by RPO maturity and OpenAI’s business plan. This allows us to estimate gross margins, FCF and IRR with a high degree of confidence.
- Lindsay Whipp
PSA IT Services – Visional (4194 JT): Well-Positioned for Growth
Visional: Well-Positioned for Future Growth Visional (4194 JT) is well-positioned for growth as Japanese companies increasingly look to mid-career professionals for recruiting while people continue to be reluctant to change jobs. Please see attached report by analyst Lindsay Whipp for details.
Moody's Ratings says Oracle's $300 billion in contracts highlights ext...
Moody's Ratings (Moody's) commented that Oracle Corporation's (Oracle) disclosed $300 billion of recently signed AI contracts do not affect the company's Baa2 rating or negative outlook. The contract size is staggering — highlighting the tremendous potential for Oracle's AI Infrastructure business. ...
- Gary Brode
- Pierre FerraguÊ
Oracle RPOs: Who will buy all this compute? How big does than make Ora...
Oracle shocked the market this week with RPOs expanding 4x sequentially to nearly half a trillion dollars, calling for more to come and guiding Cloud revenues to 2029, growing 68% p.a. Click the link below for our full and final view.
- Pierre FerraguÊ
- Pierre FerraguÊ
Oracle RPOs: Beginning of the bubble... or beginning of the AI era?
Dear all, After we spent the day trying to figure out where AI compute would sit over the next 10 years, Oracle blessed us with a powerful datapoint: Half a trillion dollar RPOs. We pulled out a note overnight digging into what we learnt last night and confronting it to our deep understanding of the current AI infrastructure landscape. Very interesting findings emerged, follow the link below for details.
- Lindsay Whipp
PSA IT Services: Japanese Banking Industry’s Investment in DX Deepens
The most recent quarterly earnings for the system integrators highlighted the sustained increase in spending by Japanese financial institutions over recent quarters, as they seek to improve products and services amid a shift in interest rates and the introduction of tax-exempt investment accounts, and as interest in digital currencies grows. Analyst Lindsay Whipp reviews some of the DX spending undertaken by Japan’s banking industry and highlights beneficiaries'.
4307 NOMURA RESEARCH INSTITUTE LTD.
8306 MITSUBISHI UFJ FINANCIAL GROUP INC.
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION
3774 INTERNET INITIATIVE JAPAN
7182 JAPAN POST BANK CO. LTD.
3994 MONEY FORWARD
3626 JT TIS INC
8473 JT NTT LTD
9682 JT SBI HOLDINGS [STRATEGIC BUSINESS INNOVATOR GROUP] (8473 JT)
DTS CORP (9682 JT)
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