BofA Japan Tech Investment View: Jul-Sep 2026: From AI sentiment swings to fundamentals-led stock selection

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BofA Japan Tech Investment View: Jul-Sep 2026: From AI sentiment swings to fundamentals-led stock selection

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BofA Japan Tech Investment View

Jul-Sep 2026: From AI sentiment swings to

fundamentals-led stock selection

Industry Overview

16 July 2026

Semiconductor/SPE remains our top pick for Jul-Sep 2026 Equity

Our technology team’s sub-sector focus ranking for Jul-Sep 2026 remains unchanged Japan

from the prior quarter: (1) Semiconductor/SPE, (2) Electronic Components, (3) Electronics

Electronics, and (4) IT Services. We continue to favor Semiconductor/SPE and Electronic

Components, reflecting our view that strong share-price momentum among AI-related MasashiResearch AnalystKubota >>

companies is likely to persist, supported by ongoing robust cloud investment. That said, BofAS Japan

+81 3 6225 7138

following Apr-Jun earnings, investors are likely to become increasingly selective, masashi.kubota@bofa.com

focusing on companies where strong AI-related demand is translating into tangible Mikio Hirakawa >>

earnings growth and superior fundamentals. Research Analyst

BofAS Japan

+81 3 6225 7989

mikio.hirakawa@bofa.comInvestment view for 2H26

Given that we have now reached the midpoint of 2026, pages 7 onward summarize our Hideaki Tanaka >>

Research Analyst

investment view for each sub-sector for the rest of the year. Key stock selection criteria BofAS Japan

are likely to include (1) earnings upside driven by technological innovation, (2) +81 3 6225 8431 hideaki.tanaka@bofa.com

competitive positioning and growth potential in AI markets, (3) company-specific profit

Mayako Ouchi >>

growth drivers, and (4) re-rating opportunities supported by resilient fundamentals Research Analyst

following Apr-Jun results.