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    Kenji Yasui • UBS Securities

    Kenji Yasui's questions to Advantest Corp (ATEYY) leadership

    Kenji Yasui's questions to Advantest Corp (ATEYY) leadership • Q3 2024

    Question

    Kenji Yasui of UBS Securities asked about the primary driver for 2025 SoC tester demand, questioning whether it would be GPUs or custom ASICs. He also requested more detail on the custom ASIC business and Advantest's market share expectations within that segment.

    Answer

    Executive Douglas Lefever described the topic as sensitive, stating it's difficult to disclose a specific breakdown as Advantest works with all 'Mag 7' companies and their custom ASIC partners. To quantify the TAM, he suggested analysts use public statements from those customers and apply a higher-than-average test intensity. He concluded by confirming that Advantest assumes it will gain market share in the custom ASIC segment.

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    Kenji Yasui's questions to Advantest Corp (ATEYY) leadership • Q3 2024

    Question

    Kenji Yasui asked which application, GPU or custom ASICs, will be a bigger driver for 2025 SoC tester demand and inquired about the company's market share outlook within the custom ASIC segment.

    Answer

    Executive Douglas Lefever declined to specify the larger driver, citing business sensitivity, but confirmed the company works with all 'Mag 7' companies and their custom ASIC partners. He stated that the company is 'very bullish and positive' on its custom ASIC business and assumes it will gain market share in that segment. He suggested the TAM could be estimated by analyzing public statements from those customers and applying a higher-than-average test intensity.

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    Kenji Yasui's questions to Advantest Corp (ATEYY) leadership • Q3 2024

    Question

    Kenji Yasui of UBS asked what will be the bigger driver for 2025 SoC tester demand between GPUs and custom ASICs, and whether Advantest expects to gain market share in the custom ASIC segment.

    Answer

    Executive Douglas Lefever described the topic as sensitive and declined to specify the demand breakdown between GPUs and custom ASICs, noting they work with all 'Mag 7' companies and their partners. However, he confirmed that Advantest is 'very bullish and positive' on its custom ASIC business and stated, 'We assume we will gain' market share in that segment.

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    Kenji Yasui's questions to Hitachi Ltd (HTHIY) leadership

    Kenji Yasui's questions to Hitachi Ltd (HTHIY) leadership • Q2 2025

    Question

    Kenji Yasui of UBS Securities asked for confirmation that the projected 10-20 year energy 'supercycle' implies sustained high performance for Hitachi Energy and inquired about Hitachi's preparations for political uncertainties in the U.S. and Japan.

    Answer

    Hitachi Energy CEO Andreas Schierenbeck affirmed that the long-term supercycle, driven by data center growth and extended grid planning horizons, underpins confidence in sustained strong performance. Executive Tomomi Kato added that while the company monitors political situations, the fundamental need for IT and energy infrastructure replacement in both the U.S. and Japan provides a stable demand base regardless of administration changes.

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    Kenji Yasui's questions to Hitachi Ltd (HTHIY) leadership • Q3 2024

    Question

    Kenji Yasui inquired about the details of the JPY 140 billion in Nuclear Energy orders and the potential for Small Modular Reactor (SMR) projects for data centers. He also asked if the significant growth in power grid orders was anticipated at the start of the year and requested background on the decision to add a JPY 15 billion upside to the forecast.

    Answer

    Executive Tomomi Kato confirmed the robust nuclear orders were driven by a large project in Japan for new standard construction, but noted SMR orders have not yet been received, though a GE-Hitachi JV is a technology partner for a project in Ontario. Regarding the power grid, Kato stated that while an increasing trend was expected, the order flow exceeded initial forecasts, leading to upward revisions each quarter. The JPY 15 billion upside was added to corporate items because the head office sees potential for GEM to outperform its segment-level forecast.

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