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Nintendo shares surged over 6% after Goldman Sachs projected that the upcoming Switch 2 console, set to be unveiled on April 2, will boost active users and sales. The firm reinstated a buy rating with a price target of JPY 13,600, anticipating a renewed growth phase for Nintendo's earnings alongside new software titles. Analysts believe the phased release of games could mitigate scalping issues experienced with the original Switch.
Japan’s Nikkei share average rose 0.3% to 37,890.15, buoyed by investor optimism over U.S. President Trump's potential flexibility on tariffs. The broader Topix gained 0.2%, with semiconductor stocks like Tokyo Electron and SoftBank Group contributing to the gains. However, a stronger yen pressured Japanese automakers, while Nintendo surged 5%, becoming the top gainer on the index.
Nintendo shares surged over 6% in Tokyo, marking the largest gain in more than seven months, following Goldman Sachs' optimistic outlook on the upcoming Switch 2 console. The investment bank reinstated its coverage with a buy rating and set a 12-month price target of ¥13,600, indicating a potential 26% upside from the previous close.
Nintendo's upcoming console, the Switch 2, is set to retail for over $400, driven by increased production costs, including a new Nvidia chip. Anticipated to launch with popular titles like Mario Kart and Pokémon, it will also support backward compatibility with existing Switch games. More details will be unveiled in an online presentation on April 2.
Scopely, backed by Saudi Arabia’s Public Investment Fund, has acquired Niantic Labs' video game division for $3.5 billion, including the teams behind popular titles like Pokémon GO. This move supports the Kingdom's goal to boost its gaming sector's contribution to GDP to $13 billion by 2030. Niantic will also establish a new firm, Niantic Spatial, focusing on geospatial AI, funded with $250 million.
Phil Spencer emphasizes the importance of local gaming, while Sony cautiously explores cloud gaming with the PlayStation Portal, offering it as an additional feature rather than a primary focus. Despite past failures like Stadia, the potential for success remains, especially with Sony's experience in the market. Meanwhile, the demand for portable gaming continues to grow, prompting speculation about new hardware from both Sony and Microsoft.
Sony is developing a portable console to play PlayStation 5 games, aiming to compete with Nintendo's Switch and potential mobile hardware from Microsoft. While the device is in early stages, it may take years to launch, and Sony could ultimately decide against its release.
Nvidia is set to report its third-quarter earnings, with a focus on the performance of its new Blackwell chip, crucial for sustaining growth in the competitive AI market. Analysts expect around $33.12 billion in revenue, reflecting nearly 83% year-over-year growth, while the data center business continues to dominate sales. CEO Jensen Huang will address demand for Blackwell and potential overheating issues, as the company navigates a significant market cap and evolving industry landscape.
Saudi Arabia’s sovereign wealth fund has reduced its stake in Nintendo Co. to 6.3% from 7.5%, marking a continuation of its selloff that began in August. This decision follows the sale of over 17 million shares over a six-week period leading up to October.
Nintendo's shares surged 5.8% following the announcement that current Switch games will be playable on its upcoming console successor, aiming to excite existing users. This backward compatibility is seen as a strategic move to enhance the new device's appeal and retain current players. As demand for the aging Switch wanes, investors anticipate further details about the successor, expected to be revealed by March 2025.
Nintendo Co., Ltd.
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