AI/GPU Supply Chain — Japan's Hidden Infrastructure Layer
8 companies
Global AI GPU demand is reshaping Japan's semiconductor materials and component industry. NVIDIA GB200 Blackwell requires 30,000 MLCCs, Ibiden FC-BGA substrates, Resonac bonding materials, and Fujikura optical cables per server rack. Japan controls 90% of global photoresist (TOK), dominates CMP slurries (Resonac), and supplies critical packaging substrates (Ibiden). Total hyperscaler capex exceeds $600B in 2026. HBM demand growing 5-10x. Nidec (6594.T) removed due to active accounting investigation.
Recent Updates
Theme created: 8 stocks. Nidec removed (accounting investigation). TDK added (AI power modules).
Updated: 5803.T, 4062.T, 6762.T, 4004.T, 4186.T, 6988.T, 4975.T, 6981.T
Ibiden aigpu evolved: NI guidance +54%, hyperscaler ASIC expansion
Updated: 4062.T
Murata cross-update.
Updated: 6981.T
Evolved 5803.T (Fujikura): DOWNGRADED HIGH→MEDIUM. FY2026 strong but FY2027 NP flat, EPS miss, stock -39% from peak.
Updated: 5803.T
Evolve DD June 2: TDK updated — FY2026 record results, thesis correction (¥47B factory was Murata's), PE 17.9→26.95, peak earnings trap flagged
Updated: 6762.T
Supply Chain Map
Drag nodes to rearrange. Hover to highlight connections. Click tracked companies to view details. Arrows show supplier → customer direction.
Peer Comparison
| Company | Ticker | Conv | PE | Fwd PE | P/B | ROE | Op Margin | D/E | Yield | FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| Fujikura Ltd | 5803.T | MEDIUM | 14.1 | 14.2 | 3.88 | 27.7% | 16.6% | N/A | 0.5% | N/A |
| Ibiden | 4062.T | MEDIUM | 112 | 62 | 7 | 11.5% | 14.5% | 55% | 0.16% | -¥100B |
| TDK CORP | 6762.T | MEDIUM | 26.95 | 21.16 | 2.41 | 10.0% | 10.9% | N/A | 1.5% | +¥105B |
| RESONAC HOLDINGS CORPORATION | 4004.T | MEDIUM | ~40x fwd | 40.4 | 3.4 | ~8.5% (est. FY2026) | ~18.2% EBITDA (Q1 FY2026) | N/A | N/A | +¥43B |
| Tokyo Ohka Kogyo | 4186.T | MEDIUM | 31.3 | — | 5.09 | 15.6% | 20.5% | N/A | 0.7% | N/A |
| Nitto Denko Corporation | 6988.T | MEDIUM | 15.82 | 11.35 | 2 | 12.2% | 17.9% | N/A | 2.05% | +¥84.7B |
| JCU Corporation | 4975.T | MEDIUM-HIGH | 19.9 | — | 3.01 | 17.2% | 41.0% | N/A | 1.36% | N/A |
| Murata | 6981.T | LOW | ~49.7x TTM (fwd ~37x on FY2026 guidance) | 35.8 | 3.01 | 8.0% | 14.8% | N/A | 1.4% | +¥165B |
Companies
Fujikura Ltd
5803.TMEDIUMCore
FY2026: Net sales ¥1,182B (+20.7%), OP ¥188.7B (+39.2%), NP ¥157.2B (+72.5%). FY2027 guidance: revenue ¥1,243B (+5.1%), OP ¥211B (+11.8%), NP ¥156B (f...
Ibiden
4062.TMEDIUMSatellite
Primary FC-BGA substrate supplier for NVIDIA data center GPUs via CoWoS packaging. TSMC has taken a stake in Ibiden. ¥500B capex plan FY2026 to expand...
TDK CORP
6762.TMEDIUMCore
World #1 MLCC maker riding the AI server demand surge — 30,000 MLCCs per AI server vs 1,000 per smartphone = 30x content multiplier. FY2026 was a reco...
RESONAC HOLDINGS CORPORATION
4004.TMEDIUMSatellite
Turnaround confirmed: FY2026 NI guidance ¥77B (2.7x prior year). Semiconductor & Electronic Materials hit record core OP ¥109.1B in FY2025 (+47% YoY)....
Tokyo Ohka Kogyo
4186.TMEDIUMSatellite
Q1 FY2026 confirms acceleration: revenue +23.6% YoY (¥67.1B), OP +53.8% (¥15.0B), NI +55.8% (¥11.7B). AI photoresist driving: Electronics Functional M...
Nitto Denko Corporation
6988.TMEDIUMCore
HOLD — CORRECTED THESIS (prior T-glass attribution was incorrect). Nitto Denko (6988.T) makes semiconductor process tapes and optical films — NOT T-gl...
JCU Corporation
4975.TMEDIUM-HIGHSatellite
Near-monopoly in via-filling plating chemistry (CU-BRITE brand) essential for high-density interconnects in advanced packaging. FY2026 record NI ¥9.07...
Murata
6981.TLOWSatellite
AI revenue already 10% of total and growing 25-30% CAGR. New uPOL power modules specifically for AI GPU power delivery. MLCCs and passive components f...