Fujitsu (6702.T): CPU business: Fujitsu’s top-drawer CPU design capabilities

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Fujitsu (6702.T): CPU business: Fujitsu’s top-drawer CPU design capabilities

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18 Jun 2026 02:35:31 ET │ 17 pages

Fujitsu (6702.T)

CPU business: Fujitsu’s top-drawer CPU design capabilities

CITI'S TAKE

We present our assessment of Fujitsu’s CPU business. Fujitsu’s earnings

have been driven mainly by the SI business, and the market tends to see

Fujitsu as a pure IT services play, but we believe semiconductors, quantum, Buy

and hardware like AI servers are also potential growth areas. Fujitsu Price (17 Jun 26 15:30) ¥3,256.0

designed the CPU in the world-beating 2020 supercomputer debutant

Target price ¥4,900.0Fugaku, and we are very positive on the growth potential. Fujitsu’s ongoing

talks with 30 mainly Japanese potential CPU buyers, with concrete plans for Expected share price return 50.5%

prototype evaluation by 15, signal that the CPU business is more than a Expected dividend yield 1.5%

paper concept. Below, we elaborate on the company’s semiconductor

Expected total return 52.0%business.

Market Cap ¥5,648,438M

Semiconductors — Fujitsu’s involvement in semiconductors dates back a long way. US$35,479M

Business started in 1961 with a transistor-based computer, which was followed by

DRAMs, microcomputers, system LSI chips, and a foundry business. In 1993 the

company achieved a Japan first, topping the TOP500 supercomputer list with

semiconductors of its own design. Although Fujitsu eventually withdrew from Price Performance

DRAMs, microcomputers, system LSI chips, and the foundry business, in part due to

(RIC: 6702.T, BB: 6702 JP)Korean and Taiwanese competition, it retained its semiconductor design operations

and in 2020 returned to world number one in a virtual event with the Fugaku

supercomputer incorporating its A64FX CPU.