Sovereign AI / Japan AI Stack
8 companies
April 13 2026: SoftBank, NEC, Sony, Honda founded "日本AI基盤モデル開発" — sovereign AI company targeting 1T-parameter model. 3 megabanks + Nippon Steel invested. Government ¥1T/5yr support. SoftBank + NEC build the model, Honda + Sony deploy (autonomous driving, robotics, gaming, semiconductors). Physical AI — training on Japan industrial data for robot/factory control. | 2026-05-02 explore: added NTT (9432.T tsuzumi LLM + AIOWN data centers), NRI (4307.T sovereign cloud via Oracle Alloy), and Nippon Steel (5401.T JV investor + Physical-AI industrial data) — total 8 stocks, covering parent infrastructure, deployment, and physical-AI investor layers.
Recent Updates
Sovereign-AI supply-chain explore: added NTT (9432.T), NRI (4307.T), and Nippon Steel (5401.T).
Updated: 9432.T, 4307.T, 5401.T
Fujitsu (6702.T): FY2026 OP +27%, margin 11.2%, core FCF +24%. PE 12.9→18x. HOLD.
Updated: 6702.T
NEC (6701.T): FY2026 earnings +56%, OP margin 11.1%, 3 new catalysts (Gennai govt AI, Anthropic partnership, CSG $2.9B acquisition). PE 27.3→20.9, ROE 8.8→12.1%.
Updated: 6701.T
Evolved 6758.T (Sony): FY2026 confirmed ROE 14.3%, FCF +¥1.49T, I&SS record results, TSMC JV MOU, peak earnings flag raised
Updated: 6758.T
Honda (7267.T): Honda 0 Series NA cancelled (¥2.5T write-downs), hybrid pivot announced. Japan AI Foundation Model JV strengthened (30 companies, ¥1T NEDO). PB 0.39→0.56. Weight 7→6%. HOLD.
Updated: 7267.T
Supply Chain Map
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Peer Comparison
| Company | Ticker | Conv | PE | Fwd PE | P/B | ROE | Op Margin | D/E | Yield | FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| Fujitsu | 6702.T | HIGH | 17.95 | 18.12 | 3.7 | 15.8% | 11.2% | 7.0% | 1.79% | +¥290B |
| NEC Corporation | 6701.T | MEDIUM | 20.9 | 17.45 | 4.15 | 12.1% | 11.1% | 91.0% | 0.9% | +¥202B |
| Sony | 6758.T | MEDIUM | 17.6 | 15.1 | 2.52 | 14.3% | 11.6% | 86.0% | 0.3% | +¥1,490B |
| Honda | 7267.T | MEDIUM | 10.5 | 11.71 | 0.56 | negative (FY2025 write-down year; normalized ~4-5%) | 2.2% (FY2026 guided; FY2025 reported negative due to ¥2.5T EV impairments) | 106.0% | ~3.3% | negative (FY2025 write-down); recovery guided FY2026 |
| SoftBank Group | 9984.T | MEDIUM | 6.7 | 34.2 | 4.61 | N/A (mark-to-market dominated) | N/A | ~390% (standalone ¥16.3T debt / est equity ¥4.2T) | N/A | N/A |
| NTT (Nippon Telegraph & Telephone) | 9432.T | HIGH | 11.7 | 12 | 1.32 | 11.0% | 12.5% | 100%+ | 3.5% | +¥1.0T+ |
| Nomura Research Institute (NRI) | 4307.T | MEDIUM | 21.8 | 24.4 | 5 | 23.0% | 7.2% | 60% | 1.5% | +¥80B |
| Nippon Steel | 5401.T | MEDIUM | 0.6 | N/A (loss) | N/A | 100%+ | 4.2% | negative (US Steel integration) |
Companies
Fujitsu
6702.THIGHCore
FY2026 confirmed: adj. OP ¥390.5B (+27.1%), adj. margin 11.2% (first >10% ever), core FCF ¥290B (+24%). Japan's sovereign AI anchor: NVIDIA Blackwell ...
NEC Corporation
6701.TMEDIUMSatellite
VALIDATED: Three sovereign AI catalysts confirmed since April. (1) NEC cotomi v3 selected for Japan Digital Agency 'Gennai' government AI platform (Ma...
Sony
6758.TMEDIUMSatellite
CONFIRMED: Accounting artifact from Oct 2025 SFGI spin-off fully cleared. FY2026 actual ROE 14.3%, FCF +¥1,490B — thesis validated. I&SS (image sensor...
Honda
7267.TMEDIUMTactical
HOLD — EV pivot absorbed; AI Foundation Model thesis accelerating. Honda cancelled its North America 0 Series EV programme in March 2026 (¥2.5T write-...
SoftBank Group
9984.TMEDIUMTactical
Japan AI infrastructure architect at ~30% NAV discount. FY2025 NI ¥5.00T (+334%) — driven by OpenAI fair-value gain ¥6.73T (OpenAI now 52B, SBG 13% st...
NTT (Nippon Telegraph & Telephone)
9432.THIGHCore
Pure-play sovereign-AI infrastructure parent. NTT owns the only Digital-Agency-trialed Japanese LLM ('tsuzumi 2', selected for the 'Government AI / Ge...
Nomura Research Institute (NRI)
4307.TMEDIUMSatellite
Japan's #2 IT services firm and the dominant systems integrator for Japanese financial institutions and government. NRI runs Oracle Alloy in its Tokyo...
Nippon Steel
5401.TMEDIUMTactical
Confirmed equity investor in the SoftBank/NEC/Sony/Honda 'Japan AI Foundation Model Development' JV (Apr 2026) alongside Kobe Steel and the three mega...