In early 2026, a British hedge fund sent a letter to the Japanese company TOTO. Yeah. The company making tubs, sinks, and those high-tech bidet toilets. Not because TOTO was doing particularly bad in those businesses. But because TOTO also has an advanced ceramics division that is the world’s leading supplier of electrostatic chucks for the 3D NAND industry.

Now, I know what you guys are thinking. How did a Japanese toilet company get involved in semiconductors? The answer is that TOTO doesn’t see itself as just a toilet company. In today’s video, we travel with TOTO, the Porcelain King.

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