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The world's hunger for artificial-intelligence chips is straining the industry's ability to produce the materials they rely on, creating new pressure points that could slow the boom.

I am initiating on Ajinomoto with a 'Hold' rating, after evaluating its results and outlook. The company's FY2025 EPS beat the consensus forecast, but its FY26 business profit guidance implies a substantial growth deceleration. There is also a significant divergence in the prospects of its Ajinomoto Build-up Film/ABF and frozen foods businesses.