Why are Japanese semiconductor stocks making a fuss over NVIDIA financial results | Read the impact on Lasertec (6920)

[Summary]

NVIDIA's financial results for the first quarter of fiscal year 2027 once again far exceeded market expectations.

Sales were $81.615 billion, an 85% increase compared to the same period last year. Data center revenue was $75.2 billion, an increase of 92% year over year. Non-GAAP EPS was $1.87, up 140% year over year. Additionally, second quarter revenue guidance is $91 billion, plus or minus 2%.

At this point, NVIDIA's financial results are not the results of a single company. This is a market event that moves the prices of AI data center investment, TSMC's advanced manufacturing, HBM, CoWoS, EUV, semiconductor manufacturing equipment, and even semiconductor stocks in Japan.

The reason for the strong reaction in the Japanese market, especially on investment social media, is simple. The stronger NVIDIA's numbers are, the stronger the view that "the capital investment cycle for AI semiconductors is not over yet," and the more likely it is that associated buying will occur in Lasertec (6920), Tokyo Electron (8035), Disco (6146), Advantest (6857), etc.

Among them, Lasertec is one of the stocks that tends to have the strongest leverage in the AI semiconductor market.

What was amazing about NVIDIA's financial results?

There are three main points that the market saw in NVIDIA's financial results.

Item	Contents	Market reading
Sales	$81.615 billion, 85% increase year-on-year	AI demand has not stalled yet
Data center sales	$75.2 billion, 92% increase year-on-year	AI infrastructure investment continues to be the focus
Non-GAAP EPS	$1.87, up 140% YoY	High growth and high profit compatible
Q2 sales forecast	$91 billion, plus or minus 2%	Growth will continue in the next quarter
Shareholder returns	Additional stock buybacks of $80 billion, dividends of $0.25	Strong cash generation ability

Especially important is next quarter's guidance.

If Q1 sales were only strong, they would still be interpreted as "past numbers." However, NVIDIA's Q2 revenue forecast was $91 billion. Furthermore, the official release clearly states that sales of Data Center compute to China are not expected.

This is quite strong. It is natural for the market to accept that the demand for AI will continue.

The dividend has been increased from $0.01 to $0.25, so it is 25 times the amount. In terms of increase rate, this is an increase of 2,400%.

Why is the Japanese market so responsive?

Japanese semiconductor stocks do not directly capture the sales of NVIDIA.

Even so, the reason for the large response is that demand for NVIDIA will spread throughout the semiconductor manufacturing supply chain.

Here's how it goes.

NVIDIAKey point
↓
TSMCKey point
↓
EUV、CoWoS、HBM、Key point
↓
JapanKey point

In the Japanese stock market, this association is quite rapid.

When NVIDIA's financial results are good, semiconductor stocks react first on US time, and the next morning in the Tokyo market, funds tend to go to Tokyo Electron, Advantest, Disco, Lasertec, etc.

In particular, Lasertec's stock price tends to react more strongly to whether the company will increase cutting-edge investments in the future than to actual profits. That's why events such as NVIDIA's financial results that confirm demand for AI infrastructure tend to cause large price movements.

How does it connect to Lasertech?

What is important when looking at Lasertec is that it is not a company that makes GPUs.

The company is a company that manufactures inspection equipment necessary for cutting-edge semiconductor manufacturing. What the market expects from Lasertec is not NVIDIA's GPU sales itself, but cutting-edge investments by companies such as TSMC that have responded to NVIDIA demand.

The path to Lasertech can be summarized as follows.

Stage	Main character	Meaning for Lasertech
AI demand	NVIDIA, cloud giant	Confirms the strength of GPU demand
Manufacturing	TSMC, Samsung, Intel	Advanced process investment required
Packaging	Around CoWoS and HBM	Supply constraints for AI servers continue
Inspection	Lasertech	Expected demand for EUV/advanced mask inspection equipment

Lasertec's strength lies in its highly unique EUV-related inspection equipment. As AI chips move from Blackwell to Vera Rubin, advanced processing and mask inspection become less important.

However, I would like to take a calmer view here.

Just because NVIDIA's financial results are strong doesn't mean Lasertech's sales will immediately jump next quarter. For equipment stocks, there is a time lag between receiving orders, shipping, acceptance inspection, and recording sales.

In other words, Lasertec is not an "immediate profit stock" based on NVIDIA's financial results, but a "stock that is based on expectations for continued cutting-edge investment."

Lasertech's own feet

Lasertec's cumulative sales for the third quarter of the fiscal year ending June 2026 were 169.539 billion yen and operating income was 78.191 billion yen. Sales increased slightly compared to the same period last year, but operating income decreased slightly.

In other words, if we only look at the recent financial results, we are not in a phase of explosive profit growth.

Still, the reason why the market continues to look at Lasertec is due to orders and expectations for next-generation equipment. The company is reported to have raised its forecast for orders for the fiscal year ending June 2026 from 200 billion yen to 240 billion yen, and demand for A200HiT and blank inspection equipment is attracting attention.

NVIDIA issued strong guidance at this time, and the market read it as follows.

AIdemandKey point
↓
TSMCKey point
↓
Key point

This is the biggest point this time.

Short-term stock price reaction: Reasons for going up and reasons for selling

In the short term, Lasertec is a strong buy.

NVIDIA's financial results are strong and Q2 guidance is also strong. If money were to return to the AI semiconductor theme, Lasertec would be the first stock to come up.

However, I want to be careful about jumping in.

Lasertec's price movements are large, and it is easy to buy based on anticipation. If the stock spikes after NVIDIA's financial results, it may stall due to short-term profit taking.

There are three points to look at:

Points to check	How to view
Is it an increase accompanied by trading volume	Check the seriousness of theme buying
Are Tokyo Electron and Disco linked?	Check if the entire sector is a buy
Can the price be maintained after a rise	Determine whether it is just a dip or continued buying

Personally, I think it's more practical to wait half a day to a day and see if the price can maintain its high value, rather than buying based on initial momentum.

Medium-term investment strategy

In the medium term, the key to looking at Lasertec is simple.

The first is orders.

It is not enough to say that demand for AI is strong. We need to see whether Lasertec's orders, backlog, and customer evaluations of new products such as A200HiT will actually add up to the numbers.

The second is TSMC's capital investment.

Even if NVIDIA is strong, if TSMC and major customers hold back on investment, it will be a headwind for equipment stocks. Lasertec is a stock linked to advanced manufacturing investment, not NVIDIA.

The third factor is valuation.

Lasertec's PER is likely to be high because expectations are high. Even if the theme is strong, if stock prices are priced in too much, even good news will be difficult to rise.

Spread to Japanese stocks as a whole

NVIDIA's latest financial results are a clear tailwind for Japanese semiconductor equipment stocks.

However, not all products should be purchased the same way.

Stock	View
Lasertec (6920)	Expectations for EUV/advanced inspection are high. Price movements are large
Tokyo Electron (8035)	Favorite for front-end process investment. Susceptible to sector-wide capital inflows
DISCO (6146)	Strong association with HBM, post-processing, and thinning cutting
Advantest (6857)	Easy to see demand for GPU/AI accelerator testing

NVIDIA's financial results did not signal the end of the AI bubble. Rather, the financial results strongly confirm that investment in AI infrastructure is still continuing.

In that sense, Japanese semiconductor stocks have regained energy.

However, in the next market, instead of ``buying any semiconductor'', we will be choosing stocks that are close to orders and profits. Lasertech is a central candidate, but at the same time expectations are high. It is necessary to take a bullish view and keep an eye on orders.

Summary

NVIDIA's FY2027 first quarter financial results strongly indicated the continuation of the AI infrastructure market, with sales of $81.615 billion, data center sales of $75.2 billion, Non-GAAP EPS of $1.87, and Q2 sales forecast of $91 billion.

The Japanese market will react strongly because demand for NVIDIA will spread to TSMC, EUV, HBM, CoWoS, and semiconductor manufacturing equipment.

For Lasertec, this will strengthen expectations for continued cutting-edge investment. However, NVIDIA's strong financial results do not necessarily translate into immediate sales. What matters is whether orders and customer evaluations of the new product actually accumulate.

The recent financial results confirmed that the AI semiconductor market is not over. The question now is which stocks can turn expectations into real orders and profits.

Reference information

NVIDIA Official Announcement: NVIDIA Announces Financial Results for First Quarter Fiscal 2027 https://nvidianews.nvidia.com/news/nvidia-announces-financial-results-for-first-quarter-fiscal-2027
Lasertec Financial Notes for the Third Quarter of the Fiscal Year Ending June 2026 /securities/6920/quarterly/2026-04-30-6920-2026Q3.html
Report on Lasertec order outlook https://jp.investing.com/news/earnings/article-93CH-1512210

This article is for educational and informational purposes only, based on public information. It is not a recommendation or solicitation to buy or sell any specific security or financial product. Although care is taken with accuracy, the content and future investment outcomes are not guaranteed. Final investment decisions should be made at your own judgment and responsibility.