Daily Brief Thematic (Sector/Industry): Ohayo Japan | Riding High; Kose Needs a Makeover and more

• US Stocks surged to yet another record high as a surge in energy propelled a broader market rally, bolstering sentiment following economic data hinting at potential consumer weakness.
• Company spotlight: Kose’s stock has been pummeled following earnings miss and below-expected guidance. If Travel Retail & China can show some signs of life could be interesting value play
• Japan may have slipped from the Third largest to Fourth largest economy, but the stock market doesn’t seem to care.

• Sam Altman is reportedly looking to raise $5 to $7 trillion for a semiconductor project, but it is unclear who he is talking to or how realistic this goal is.
• The speculation is that Altman and OpenAI may be in negotiations with Nvidia over purchasing their chips, but the terms offered were not satisfactory, leading to Altman’s desire to build their own chips.
• There are concerns about the feasibility of raising such a large amount of money and finding the necessary talent to undertake this project. Intel may be open to partnering with Altman, but the investment potential and business viability are uncertain.

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• China’s luxury market last year failed to recover to 2021 levels amid a slowdown in economic growth and as more consumers made purchases overseas, but a modest pick-up from the previous 12 months has inspired optimism among major luxury houses, according to a new report and brand forecasts.

• The sector grew 12% year-on-year in 2023, indicating a recovery from the previous year’s pandemic-induced decline, consultancy Bain & Co. Inc.’s latest report about the market shows.

• “The solid double-digit rebound is commendable, but China’s luxury market has not fully recovered to its 2021 levels,” said Bruno Lannes, a senior partner at Bain & Co.

• Despite Colombia facing challenges growing oil & gas reserves on a national level, the country’s independent operators are scaling up.
• Relative to the size of national oil & gas reserves, Colombia’s onshore discoveries in recent years may look marginal at best.
• However, the size of the discoveries can be meaningful for smaller operators.