Core Viewpoint - Fujitsu has unveiled its MONAKA processor, which is set to be released in the fiscal year 2027, during the MWC event alongside its spinoff network equipment supplier 1FINITY [2] Group 1: Processor Specifications - The MONAKA processor is the successor to the Arm A64FX processor, which was utilized in the Fugaku supercomputer. The A64FX was manufactured using a 7nm process, while MONAKA's CPU cores will be produced using a 2nm process [4] - MONAKA features a 3D chip structure, with cache and I/O chips both manufactured using a 5nm process, arranged in a combination of 2D and 3D stacking [4][14] - The CPU core utilizes the Armv9-A architecture (compatible with SVE2), supports dual sockets with 144 cores per socket, and is equipped with 12 channels of DDR5 memory, along with support for confidential computing [11] Group 2: Future Developments and Market Demand - Fujitsu has previously announced support for NVIDIA and NVLink Fusion, but the current release does not mention NVLink Fusion, indicating that the first version of MONAKA may not support it, with future versions potentially including this feature [11] - There is a growing demand for domestically produced IT products that do not rely on foreign supply chains or data storage locations, referred to as "sovereign demand." This trend is becoming increasingly significant in the data center industry, making MONAKA's development crucial for Japanese manufacturers [11] - Fujitsu showcased an engineering sample of MONAKA, which includes a package of chips and components, as well as a wafer that stacks SDRAM and CPU chips in a 3D configuration [12]

Core Viewpoint - Investors are shifting capital from volatile growth stocks to safer assets like gold, which has seen significant price increases in recent months [1][2]. Group 1: Gold Price Trends - Gold's spot price increased by 26% in Q4 2025 and 65% over the entire year [1]. - As of early 2026, gold is trading just below $5,000 per ounce, indicating strong investor interest [2]. Group 2: Factors Driving Gold Prices - Gold prices are influenced by macroeconomic factors, particularly uncertainties regarding the Federal Reserve's monetary policy and persistent inflation [3]. - Economists predict potential further reductions in interest rates by the Fed, enhancing gold's appeal as a hedge against inflation and currency devaluation [4]. Group 3: Sovereign Demand for Gold - Geopolitical tensions and changing tariff policies have led central banks to increase their gold reserves, contributing to rising demand [5]. - This sovereign demand is creating a price floor for gold, as the strength of the U.S. dollar becomes more uncertain [6]. Group 4: Investment Considerations - The long-term price of gold will be influenced by interest rates and perceptions of fiat currency risk, with potential for price pullbacks during strong economic growth [7]. - In periods of rising yields, gold may become less attractive compared to other investment vehicles [8].