Top 4 Japanese Chipmaking Stocks, According to Bernstein

Bernstein names Hoya, Advantest, Kokusai and Renesas as top Japanese chipmaking opportunities, citing exposure to AI infrastructure and advanced-node manufacturing. Hoya dominates EUV mask blanks at TSMC and is forecast to grow mask-blank sales ~17% CAGR over the next three years. Advantest was upgraded, holds ~66% SoC tester share, raised its SoC tester capacity target to 10,000 units/year by end-2028 and sees a CY2026 TAM of $8.7–9.5bn as AI-chip testing demand rises. Kokusai’s thermal processing equipment order book is tied to DRAM capacity expansion for AI servers. Renesas has doubled AI-related revenue to 4% of sales in 2025, is gaining share at AWS and is expected to keep benefiting from AI server power demand. Overall, Bernstein’s note is bullish for Japanese semiconductor-equipment and components names and implies positive flow/earnings upside for Japan 225 exposure as AI-driven capex and testing demand accelerate.