Daily Brief Thematic (Sector/Industry): Ohayo Japan | Anticipation Builds Ahead of Nvidia Earnings and more

• US Stocks closed lower on Tuesday. Tech-heavy Nasdaq fell almost 1%; all eyes on Nvidia, which reports post close
• Nvidia expected to report revenue of $20.4 billion, up +236% YoY, with EPS coming in at $4.60/shr.
• Nikkei Futures point to weaker open; expect directionless trading; Japanese companies benefit from strong demand in China for SPE equipment and global demand for hybrid autos

• Intel is hosting an IFs day event next week dedicated to their foundry services
• Historical data suggests that companies should exit the foundry business if revenue falls below a certain threshold
• TSMC, Intel, and Samsung are the only companies currently competing in the foundry space, with TSMC leading the pack in revenue generation

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• Japanese beer has long been famous for quality and quantity and today its top brands are major exports.
• At home, however, the pandemic worsened a long-term decline in beer consumption (as well as wine and sake) as younger consumers switch to stronger drinks.
• Unit sales have shrunk but alcohol per unit has soared as sales of highballs and Chuhai boom, forcing change on Japan’s biggest beverage businesses like Kirin, Suntory, Sapporo and Asahi.

• Cannabis stocks sold off for the second straight week. The US cannabis MSOS ETF lost 6.44%, while the global YOLO ETF fell 15.19%.
• In the absence of meaningful news, we saw profit taking while we wait for earnings and news from the DEA.
• This week, MSOS had $15,088,000 in inflows. So far in February, total inflows have been $91,345,550, which is $8,304,140 on average per trading session.

• January 2024 retail sales in the furniture and furnishings stores looked ugly, down 9.8% versus January 2023.
• Sequentially, the data shows sales continue to scrape along the bottom.
• Furniture and furnishings retail sales rose ~1.8% versus December and were the highest since July.