AI Day: Fujitsu's Value-based Model — Differentiating Through Sovereign AI and Full-Stack AI; Strong Demand for AI Readiness

Morgan Stanley's update note summarizes Fujitsu's AI Day, where the company positioned AI as the foundation of its shift to a value-based business model. Management framed value along three dimensions — speed, business contribution and sustainability — while acknowledging that measuring value and converting existing man-month contracts into value-based agreements remain difficult. Demand for AI readiness is strong, as data preparation, governance and usage policies drive SI project growth, and Fujitsu is shifting from specification-based selling to a consultative approach built on its own internal AI experience. Differentiation is pursued through sovereign AI and a full-stack AI strategy, with investment concentrated in computing (the proprietary MONAKA CPU and quantum computing) rather than spread across all layers, while LLM offerings combine external models with in-house Kozuchi and Takane technologies and routing/orchestration tools to optimize AI costs. AI-driven delivery is alrea