Wire & cable and electronic materials: Results at Alphabet

研报英文原文证据摘录

Wire & cable and electronic materials: Results at Alphabet

Global Markets Research

Wire & cable and electronic materials: Results at 23 July 2026Alphabet

EQUITY: JAPAN STEEL, NONFERROUS METALS, WIRE & CABLE

Research AnalystsAlphabet raises capex guidance by around 8%

Japan steel, nonferrous metals,

wire & cable

Yuji Matsumoto - NSCQuick Note yuji.matsumoto@nomura.com

+81 3 6703 1220

Alphabet raises capex guidance by around 8%

Japan chemicals & textilesAlphabet released 26/12 Q2 results and held a briefing in the early morning of 23 July

Daiki Ban - NSCJST. The company raised its 26/12 capex guidance from $180–190bn to $195–205bn,

daiki.ban@nomura.com

with the median of the range now around 8% higher. The midpoint of the new guidance +81 3 6703 1124

range of $200bn is around 7% higher than the most recent Bloomberg consensus forecast

of $187.2bn. Management also said it expects capex to increase sharply in 27/12 as well.

Alphabet's share price fell in after-hours trading, but the share price of major optical

device manufacturer Lumentum Holdings, for which Alphabet is the largest customer, was

up around 2% as of 7:30am JST. We thus think this capex news could be somewhat

positive for optical-related companies that do business with Alphabet.

Products that we estimate have high sales exposure to Alphabet include Furukawa

Electric's [5801] (Buy) water cooling modules (see our 3 March 2026 report on Furukawa

Electric[5801]). We think this business could see a slightly positive impact. Fujikura

[5803] (Buy) has a high market share for optical connectors and cable products and

Sumitomo Electric Industries [5802] (Buy) has a high market share for optical device

products and both of these companies do business with a large number of data centers