A change in leadership among AI stocks is said to be approaching, with companies using AI expected to become a key driver of growth. The article reviews the progress of AI adoption by Japanese companies and the current state of market valuations.
Amid the Nikkei 225's strong performance, the view was expressed that leadership among AI-related stocks is set to change. Specifically, after a development phase focused on enhancing AI's general-purpose capabilities, companies that apply AI in the field are expected to become increasingly important.
Although US companies that control foundational technologies remain highly attractive investments, companies using AI and systems integrators are expected to find future sources of revenue in enterprise applications. In Japan, NEC, Fujitsu, NRI and NTT are advancing support for Japanese-language models and adapting their services to the domestic market, positioning them as leaders in promoting AI adoption by leveraging their presence in Japan.
The view was expressed that progress in the fields of AI agents and physical AI will expand the opportunities available to Japanese companies. It was also pointed out that practical applications based not only on the development of general-purpose AI but also on training AI in on-site expertise and domain knowledge will be important.
Regarding market valuations, it was said that the shares of the companies mentioned above are often viewed as undervalued from the perspective of dividend yields, and that careful consideration is advisable when evaluating them as potential investments.