🚨 While investors chase Nvidia, TSMC, and AI software names, Japanese companies quietly dominate the less glamorous but harder-to-replace layers of AI infrastructure . Equipment, wafers, chemicals, substrates, MLCCs, power, cooling, and fiber are all areas where Japanese companies sit near the top. The Nikkei rally is highly concentrated in AI supply chain names. Kioxia is the wildest example. From IPO at 1,455 yen to above 78,000 yen, it became one of Japan’s most explosive AI infrastructure trades. The real winners are bottleneck companies: Lasertec, Disco, Advantest, Ibiden, Shinko, Murata, and Fujikura matter because they own parts of the chain that are extremely hard to replace. AI demand is spreading beyond chips. Read the full article here 👇🏻