Nomura Tech Monthly: June 2026

研报英文原文证据摘录

Nomura Tech Monthly: June 2026

Global Markets Research

Nomura Tech Monthly: June 2026 26 June 2026

EQUITY: JAPAN ELECTRONICS

Research Analysts

Sector view Japan technology

Masaya Yamasaki, CFA - NSC

masaya.yamasaki@nomura.com

Strengthening FDE capabilities to spur uptake of physical AI +81 3 6703 1190

Manabu Akizuki - NSC

Lead times lengthening even for analog products owing to rising demand from data manabu.akizuki@nomura.com

centers +81 3 6703 1185

Advances in AI models continue to outpace system deployment, but even so major IT Yu Okazaki - NSC

companies and private equity funds have been strengthening their forward deployed yu.okazaki@nomura.com

engineering (FDE) capabilities to spur uptake of AI agents. Japanese IT majors are +81 3 6703 1210

targeting profit growth of over 15% on a CAGR basis in their medium-term business plans, Atsushi Yoshioka - NSC

and we see prospects for faster profit growth via increased uptake of AI agents. We think atsushi.yoshioka@nomura.com

AI represents substantial business opportunities rather than a threat. Shipments of +81 3 6703 1176

servers and networking equipment for AI have also been rising sharply as companies Virginia Wang - NSC

increase their supply capacity, and demand for conventional servers has been increasing virginia.wang@nomura.com

substantially too. The increase in demand has caused supply-demand conditions to +81 3 6703 1215

tighten, first for GPUs and HBM during the AI learning phase, spreading to ASICs and Kosuke Hatanaka - NSC

SSDs during the inference phase, and now to CPUs, analog semiconductors, and MLCCs kosuke.hatanaka@nomura.com

in the AI agent phase. +81 3 6703 1127

Memory prices: NAND contract price momentum remains strong Japan chemicals & textiles