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AI / Machine Learning Infrastructure

17 companies

Japan's AI infrastructure boom is driven by >$26B hyperscaler investment (AWS $15B, Oracle $8B, Microsoft $2.9B), TSMC Kumamoto Fab 2 upgraded to 3nm (Apr 2026), and Rapidus 2nm targeting 2027. AI chip testing demand at Advantest surged 51% YoY. Government quadrupled chip + physical AI budget in late 2025. Key risk: US export controls on China (~30% of TEL/equipment revenue).

Recent Updates

2026-05-05evolve
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Shin-Etsu (4063.T): FY2026 results (Apr 28). Electronics Materials +8.7% YoY. PB 2.81→1.86. New ¥250B buyback. FY2027 guidance withheld. SK Hynix wafer shortage through 2030.

Updated: 4063.T

2026-05-03evolve
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Evolved Socionext (6526.T): FY2026 beat, margin risk flagged, supply chain strengthened

Updated: 6526.T

2026-05-03evolve
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Evolved SCREEN Holdings: TSMC confirmed supplier

Updated: 7735.T

2026-04-21explore
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Added 6 missing supply chain layers to AI theme: glass cloth (Nittobo, Asahi Kasei), CCL/BT resin (MGC), AI server PCBs (Meiko), CMP slurry (Fujimi), connectors (Hirose). Identified M9 CCL grade as key differentiator.

Updated: 3110.T, 3407.T, 4182.T, 6787.T, 5384.T, 6806.T

2026-04-15evolve
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Deep evolved Shin-Etsu & Keyence: Both UPGRADED. Shin-Etsu CEO 'AI stock' pivot, ¥83B Isesaki plant, 5.9% total yield, GaN-on-QST 800V record. Keyence Q3 +11.4% acceleration, 5 product launches, ROE 12.4%.

Updated: 4063.T, 6861.T

Supply Chain Map

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Peer Comparison

CompanyTickerConvPEFwd PEP/BROEOp MarginD/EYieldFCF
Advantest6857.THIGH54442449.3%44.2%14%0.22%+¥375B est.
Tokyo Electron8035.THIGH40.2130.8510.0623.9%24.2%31%1.4%+¥398B
SCREEN Holdings7735.THIGH23.2917.854.4319.8%19.0%0.011.35%+¥49.4B
DISCO Corp6146.TMEDIUM55.444313.37—42.3%0%0.66%+¥63.7B (OCF ¥133.5B minus capex ¥69.8B; capex doubled FY2025→FY2026)
Lasertec6920.TMEDIUM44.1745.0616.5243.0%46.1%0%0.8%+¥96B
Shin-Etsu Chemical4063.THIGH2523.51.8611.1%24.7%5%1.46%+¥346B
Keyence6861.TMEDIUM43.6439.95.613.5%51.0%0%0.69%+¥451B (cash equivalents; FCF strongly positive given asset-light model)
Renesas Electronics6723.TMEDIUMLoss17.782.29-2.1% GAAP / ~10.5% Non-GAAP33.7% Non-GAAP Q1 2026 (H1 guided 31.3%)50%1.1%+¥364B (confirmed: OCF ¥453B minus capex ¥89B)
SoftBank Group9984.TLOW~6.8x nominal (meaningless — non-recurring OpenAI gains)22.09~1.1x (NAV-based)~43% nominal (OpenAI-inflated)N/A (holding company)132%0.3%-¥1,396B (approx)
SUMCO3436.TLOWLoss—1.53-1.54%-0.8%55%1.0%-¥11B
Socionext6526.TMEDIUM36.7722.442.456.0%7.5%1%2.8%-¥4B
Nitto Boseki3110.THIGH~25x operating basis22513%13%N/A0.5%N/A
Asahi Kasei3407.THIGH13.41217.8%7%N/A3.5%N/A
Mitsubishi Gas Chemical4182.TMEDIUM121118%8%N/A3%N/A
Meiko Electronics6787.TMEDIUM1614315.6%12%N/A1%N/A
Fujimi Inc5384.TMEDIUM1816212%15%N/A2.3%N/A
Hirose Electric6806.TMEDIUM22202.58%15%N/A2%N/A

Companies

Advantest

6857.THIGH

Testing Equipment

12%

FY2025: revenue ¥1.13T (+44.7%), OP ¥499.1B (+118.8%), NI ¥375.4B — all records. FY2026 guidance: ¥1.42T revenue (+25.8%), ¥627.5B OP, flat ~44% margi...

confirmedNVIDIAconfirmedSK Hynix / Samsung / MicronconfirmedTSMC / Intel Foundry / Amkor

Tokyo Electron

8035.THIGH

Semiconductor Equipment

12%

#3 global WFE. ~90% global share coater/developer tracks. FY26 company guidance: sales ¥2,350B, OP margin 24.3%, AI-related equipment ~40% of sales (u...

confirmedTSMCconfirmedSamsung ElectronicsprobableSK Hynix+2 more

SCREEN Holdings

7735.THIGH

Cleaning Equipment

10%

#1 global wet cleaning (single-wafer). 83% revenue from SPE. Foundry 52% of SPE (TSMC 2nm/A16 ramp). Forward PE 17.9x — cheapest Japan semi equipment ...

confirmedTSMCprobableSK Hynix

DISCO Corp

6146.TMEDIUM

Dicing / Grinding

8%

~70%+ global dicing/grinding share. Every AI package (CoWoS, HBM, chiplet) needs DISCO. FY2026: 6th consecutive record — ¥436.9B revenue, 42.3% OP mar...

confirmedTSMCconfirmedSK Hynix / SamsunginferredASE / Amkor+1 more

Lasertec

6920.TMEDIUM

EUV Inspection

6%

100% monopoly in actinic EUV mask blank inspection. 46.1% op margin. ACTIS A200HiT (Oct 2025) extends monopoly to High-NA EUV — locking in every next-...

confirmedASMLconfirmedTSMCconfirmedIntel

Shin-Etsu Chemical

4063.THIGH

Silicon Wafers / Materials

10%

#1 global silicon wafer maker. FY2026 actual (released Apr 28): Revenue ¥2,574B (2nd highest ever), Electronics Materials +8.7% YoY (¥1,115.7B = 43% o...

confirmedTSMCconfirmedSamsungconfirmedSK Hynix+1 more

Keyence

6861.TMEDIUM

Factory Automation / AI Vision

8%

HOLD — FY2025 full-year DELIVERED; 5th consecutive record. Revenue ¥1.17T (+10.4%, beat analyst forecast by 2.3%), OP margin expanded to 51.0% (from 4...

confirmedToyota / major auto OEMsconfirmedSemiconductor fabs (TSMC, Samsung, Intel reshoring)confirmedUS reshoring factories+1 more

Renesas Electronics

6723.TMEDIUM

Chip Design / MCU

8%

#1 auto MCU globally (~18% share). Auto cycle early recovery confirmed Q1 2026: revenue +23.2% YoY, automotive channel inventory fell vs plan (demand-...

confirmedToyota / Toyota GroupconfirmedHonda / Stellantis / BMWconfirmedNVIDIA+1 more

SoftBank Group

9984.TLOW

AI Platform / Investment

6%

Leveraged call option on AI infrastructure via ARM (~90% of Arm equity) and OpenAI (~13% stake). FY2026 results (May 13): Revenue ¥7.8T (+8%), NI ¥5T ...

confirmedAppleconfirmedNVIDIAconfirmedOpenAI

SUMCO

3436.TLOW

Silicon Wafers

4%

Leveraged recovery play on silicon wafer upcycle. Loss-making but 300mm AI/HBM wafer demand structurally growing (+13% Q1 2026 YoY). Miyazaki plant 20...

confirmedTSMCconfirmedSamsung / SK HynixprobableIntel

Socionext

6526.TMEDIUM

Custom SoC Design

6%

Fabless custom SoC on TSMC 3nm/A14 for AI data center and automotive. FY2026 beat by 5.7% — revenue ¥200.8B, strong sequential recovery (Q1 ¥34.6B→Q4 ...

confirmedFujitsuconfirmedTSMCconfirmedArm (Total Design ecosystem)+1 more

Nitto Boseki

3110.THIGH

Materials

6%

90% monopoly in T-glass cloth for AI chip packaging substrates (ABF/BT). Every Nvidia GB200/GB300/Rubin requires T-glass. FY2025 (Mar 2026): Revenue ¥...

confirmedNan Ya Plastics (Taiwan)confirmedNvidia, Google, Amazon (competing for supply)probableIbiden / ABF substrate makers (indirect)

Asahi Kasei

3407.THIGH

Materials

5%

Q Glass (quartz, Df 0.0005) wins M9 CCL specification for Nvidia Rubin-era products. PE 13.4x massively undervalued for M9 winner.

Mitsubishi Gas Chemical

4182.TMEDIUM

Materials

4%

Invented BT resin — the dominant core material for IC packaging substrates. Irreplaceable in advanced semiconductor packaging. Also makes CCL.

Meiko Electronics

6787.TMEDIUM

Manufacturer

4%

Leading AI server PCB maker. High-layer HDI boards for AI servers. ROE 15.6%. Stock surged from 4,545 to 25,510 in 52 weeks.

Fujimi Inc

5384.TMEDIUM

Materials

3%

Leading CMP slurry maker. Gaining HBM market share from Soulbrain at Samsung/SK Hynix. PE 18x, 2.3% yield.

Hirose Electric

6806.TMEDIUM

Integrator

3%

High-speed board-to-board and fiber optic connectors for AI server interconnects. PE ~22x, ROE ~8%.