Nomura Tech Monthly: June 2026
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Nomura's Tech Monthly highlights that the proliferation of AI agents is compelling IT companies to strengthen their Forward Deployed Engineering (FDE) capabilities. Major Japanese IT firms are targeting mid-term profit CAGRs exceeding 15%, and AI agent adoption could accelerate this trajectory. Demand for AI-related semiconductors remains exceptionally robust, with Nvidia, Broadcom, and Marvell all posting better-than-expected results. Data center sales continue to surge year-over-year.
In the memory sector, NAND contract prices show strong momentum while DRAM spot and contract prices are both rising. Despite recent share price pullbacks driven by specific news flow, Nomura views this as a buying opportunity. Supply chain tightness has broadened beyond GPUs and HBM to encompass CPUs, analog chips, and MLCCs, reflecting sustained AI server investment.
Nvidia's data center sales for February through April surged 92% year-over-year, while Broadcom's semiconductor revenue reached $10.8 billion, up 143%. Marvell raised its fiscal 2027 and 2028 growth expectations. By late May, DDR5 DRAM contract prices rose to $12.8 per GB. Although concerns regarding reduced LPDDR5X capacity initially rattled memory stocks, Nomura maintains that structural supply shortages persist and fundamental demand remains unabated.
Additionally, Japan's top ten electronic component manufacturers reported combined sales of 2.86 trillion yen for the first quarter, with operating profits soaring 66.2%. Nomura's preferred exposure includes Kioxia, Hitachi, Mitsubishi Electric, Fujitsu, Fuji Electric, NEC, Sony Group, Fujifilm, Canon, and Tokyo Seimitsu.