Fujitsu (6702.T): IR Day: CPU/AI server an earnings upside factor, IT services shift to value-based pricing

Fujitsu held its annual IR Day from 10:00 JST on September 16. The main topics of discussion included CPUs/AI servers, the pricing model for IT services, Uvance, and modernization. Overall, (1) business opportunities appear abundant and could act as an upside factor to our estimates and consensus, considering the outlook and potential for market expansion for the newly announced in-house CPU and AI server; (2) high growth in the domestic IT services market is expected to continue, centered on offering services/modernization, and Fujitsu plans to gradually shift to a value-based pricing model in anticipation of the widespread adoption of AI;