I’d like to share that I’ll be leaving Bandai Namco at the end of 2025. With the TEKKEN series reaching its 30th anniversary—an important milestone for a project I’ve devoted much of my life to—I felt this was the most fitting moment to bring one chapter to a close. My roots lie in the days when I supported small local tournaments in Japanese arcades and in small halls and community centers overseas. I still remember carrying arcade cabinets by myself, encouraging people to “Please try TEKKEN,” and directly facing the players right in front of me. The conversations and atmosphere we shared in those places became the core of who I am as a developer and game creator. Even as the times changed, those experiences have remained at the center of my identity. And even after the tournament scene grew much larger, many of you continued to treat me like an old friend—challenging me at venues, inviting me out for drinks at bars. Those memories are also deeply precious to me. In recent years, I experienced the loss of several close friends in my personal life, and in my professional life I witnessed the retirement or passing of many senior colleagues whom I deeply respect. Those accumulated events made me reflect on the “time I have left as a creator.” During that period, I sought advice from Ken Kutaragi—whom I respect as though he were another father—and received invaluable encouragement and guidance. His words quietly supported me in making this decision. Over the past four to five years, I’ve gradually handed over all of my responsibilities, as well as the stories and worldbuilding I oversaw, to the team, bringing me to the present day. Looking back, I was fortunate to work on an extraordinary variety of projects—VR titles (such as Summer Lesson), Pokkén Tournament, the SoulCalibur series, and many others, both inside and outside the company. Each project was full of new discoveries and learning, and every one of them became an irreplaceable experience for me. To everyone who has supported me, to communities around the world, and to all the colleagues who have walked alongside me for so many years, I offer my deepest gratitude. I’ll share more about my next steps at a later date. Thank you very much for everything. 【Postscript】 Although I will be leaving the company at the end of 2025, Bandai Namco has asked me to appear at the TWT Finals at the end of January 2026, so I expect to attend as a guest. For 30 years I kept saying, “I’ll do it someday,” and never once performed as a DJ at a tournament event. So instead, I will be releasing—for the first and last time—a 60-minute TEKKEN DJ-style nonstop mix (DJ mix), personally edited by myself, together with this announcement. Listening to it brings back many memories. Thank you again, sincerely, for all these years. ‘TEKKEN: A 30-Year Journey – Harada’s Final Mix’ by Katsuhiro Harada 1 is on #SoundCloud# December 8, 2025 - The Final Day of TEKKEN’s 30th Anniversary - Katsuhiro Harada [日本語版 (Japanese version)] このたび、2025年末をもちまして、私はバンダイナムコを退職することにいたしました。 長く携わってきた『鉄拳』シリーズが30周年という大きな節目を迎え、ひとつの区切りとして最もふさわしい時期であると考えたためです。 私の原点は、日本のゲームセンターや、海外コミュニティの小さな講堂やコミュニティセンターで、まだ小規模なトーナメントをサポートしていた時代にあります。 アーケード筐体を自ら運び込み、「鉄拳もぜひ遊んでみてほしい」と声をかけながら、目の前の参加者と向き合った日々。 あの場で交わした言葉や空気が、私という開発者の核を形作りました。 時代が変化しても、あの経験が自分の中心にあります。 そしてトーナメントシーンが大きく成長した後も、皆さんは旧知の友人のように私に声をかけ、会場で対戦したり、バーで『一緒に飲もう』と誘ってくれました。 それらもまた、大切な思い出です。 ここ数年間、私生活においては友人達との死別があり、仕事においては、私が尊敬する多くの先輩方の引退や逝去に触れてきました。 そうした出来事の積み重ねが、私に『開発者として残された時間』について考える契機を与えました。 その過程で、私がもう一人の父親のように敬愛する久夛良木健さんにも相談し、貴重な助言と励ましのお言葉をいただきました。 この言葉もまた、今回の決断を静かに後押しするものとなりました。 そして、この4〜5年をかけて私の担ってきたすべての業務やストーリーや世界観、そして責務をチームに段階的に引き継ぎ、今日に至ります。 振り返れば、VR作品（サマーレッスンなど）や『ポッ拳』、ソウルキャリバーシリーズをはじめ、自社他社問わず数多くのプロジェクトに携わる機会に恵まれました。 いずれのプロジェクトも新しい発見と学びに満ち、かけがえのない経験となりました。 これまで支えてくださった皆様、世界中のコミュニティの皆様、そして長年ともに歩んできた仲間たちに深く感謝申し上げます。 次の歩みについては、改めて皆様にお伝えいたします。 これからも、どうぞよろしくお願いいたします。 +あとがき 2025年末をもって退職致しますが、2026年1月末のTWT FINALには顔を出してほしいと会社からお願いされていることもあり、FINALにはゲストとして顔を出すと思います。 これまで30年間『いつかやるよ』と言い続けてやってこなかったトーナメントイベントでのDJですが、その代わりとして“最初で最後のDJ風60分ノンストップ鉄拳ミックス（私による初編集DJ mix）”も、今回のポストに合わせて公開します。 ‘TEKKEN: A 30-Year Journey – Harada’s Final Mix’ by Katsuhiro Harada 1 is on #SoundCloud# 様々な思い出が蘇ります。改めて皆さんありがとうございました。 2025年12月8日 - 鉄拳30周年最終日 - Katsuhiro Harada

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Tesla is still dominating. In the first half of 2026, they secured over 52% of the U.S. EV market. 1. Tesla: 52.3% — 242,100 units sold 2. Chevrolet: 6.1% — 28,267 3. Hyundai: 5.8% — 26,936 4. Cadillac: 4.7% — 21,855 5. Rivian : 4.7% — 21,770 6. Toyota: 4.7% — 21,767 7. Ford: 3.6% — 16,606 8. Kia: 2.7% — 12,627 9. BMW: 2.4% — 10,790 10. Subaru: 2.2% — 10,064 11. Honda: 1.8% — 8,407 12. Lexus: 1.7% — 7,814 13. GMC: 1.4% — 6,645 14. Lucid: 1.1% — 5,208 15. Volvo: 0.9% — 3,964 16. VW: 0.8% — 3,768 17. Mercedes: 0.6% — 3,010 18. Porsche: 0.6% — 2,967 19. Other Brands: 0.6% — 2,596 20. Nissan: 0.4% — 1,774 21. Audi: 0.4% — 1,697 22. Genesis: 0.1% — 560 23. Dodge: 0.1% — 534 24. Jeep: 0.1% — 418 25. Mini: 0.1% — 307 26. Acura: 0.0% — 108 (Data Via Cox Automotive Q2 2026 EV sales)

🇬🇧 England vs Norway 🇳🇴 – All Historical Football Matches 1937: Norway 0-6 England 1938: England 4-0 Norway 1949: Norway 1-4 England 1966: Norway 1-6 England 1980: England 4-0 Norway 1981: Norway 2-1 England 1992: England 1-1 Norway 1993: Norway 2-0 England 1994: England 0-0 Norway 1995: Norway 0-0 England 2012: Norway 0-1 England 2014: England 1-0 Norway England wins: 7 Draws: 3 Norway wins: 2

HERE IS HOW THE MARKET CLOSED TODAY Five of eleven sectors finished green. Technology was the worst at -1.1%, Basic Materials -1.8% and Real Estate -1.1% behind it. Chips led the selling: - Lam Research $LRCX -5.6% - Intel $INTC -5.6% - Micron $MU -4.7% - Advanced Micro Devices $AMD -3.4% - Nvidia $NVDA -2.4% Software and hardware went with them. Oracle $ORCL -5.2%, Dell $DELL -5.4%, Hewlett Packard Enterprise $HPE -6.2%, Palantir $PLTR -2.2%. Apple $AAPL +3.6% was the largest megacap gainer, the day after its iPhone event. Google $GOOGL +0.6% and Microsoft $MSFT +0.2% held up. Meta $META -1.4% and Tesla $TSLA -1.2% did not. Defensives caught the rotation. Philip Morris $PM +2.2%, AbbVie $ABBV +1.6%, Uber $UBER +2.1%, Intuitive Surgical $ISRG +2.0%. Consumer Defensive was the best sector at +0.3%.

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Last wk S&P/Nas/Mag7 +1.0%/+1.6%/+4.7%. The forced asset sale by Situational Awareness helped drive a sharp rally on 7/30. On 7/29, I wrote, “From a technical standpoint, I believe forced liquidations and margin calls in both retail accounts and hedge funds that typically run with leverage over the past couple of weeks is leading to a technical bottom… In summary, my view is that we could have seen at least a short-term bottom today with a strong rally ahead of us in the sectors most caught in the latest speedbump.” On Thursday 7/30, the Morgan Stanley TMT (Tech Media and Telecom) Momentum Index rebounded a record 19% on Thursday and added another 1% on Friday. This followed a decline of 54% from 6/22-7/29. It is now down 44% from 6/22. This is why I focus on avoiding “speed bumps” as I warned about on my 6/20 post. It is hard to predict how bad they will be and down 50% requires a 100% gain to get back to even. I feel like the near-term low on the current speedbump was seen on 7/29. Looking at Mag7 results this earnings season, stock reaction to earnings results mostly came down to two factors: 1) did estimates go up for CQ3 if capex went up and 2) did you report results before or after the Situational Awareness (SA) forced sale. $MSFT results strengthened my recent view that co-Pilot could be a winner in enterprise AI longer-term. As I wrote in my earnings preview. “It operates natively within the Microsoft 365 ecosystem where enterprise work already happens.” There are ~450M M365 paid seats but only ~30M Co-Pilot. Microsoft guided above consensus for CQ3 while capex remained unchanged. Azure also saw growth improve sequentially from 39% to 43% y/y with guidance to 45% for CQ3. Helped by the SA forced sale, the stock saw the 5th highest one day percentage stock move in history at +16% on Thursday. $META unfortunately had both revs & operating income go down for Q3 while revising up capex & opex. They also did not announce any definitive plans around a public cloud offering or API for their foundational models to monetize this spend. The stock declined 8% in reaction on Thursday which likely would have been worse if not for the SA forced sale. $AMZN while guiding both revs & operating income below consensus for Q3 and increasing capex, had AWS rev growth accelerate from 28% in Q1 to 37% in Q2 which was the highest growth rate since Covid in Q4:2021. AWS normalized operating margins expanded 1% sequentially. The stock rallied 15% on Friday in reaction to earnings following a 4% rally on Thursday as investors continued to regross in the AI names. But this brings me to $GOOGL which remains my long-term winner in consumer AI with the complete AI stack. Google like Amazon guided capex higher while implied revs & operating income declined for Q3. But Google Cloud Platform performance crushed AWS performance. GCP saw revs accelerate from 63% in CQ1 to 82% in CQ2 while operating margins expanded 3% sequentially. But Google unfortunately reported a week prior to the SA forced sale and saw their stock decline 7% in reaction the next day. $AAPL was the anti-AI trade leading up to their results and their stock hit an all-time high intra-day on Wednesday. The stock as a result declined 1% on Thursday as investors regrossed AI names on the SA forced sale and fell 7% on Friday in reaction to revenue & gross margin guidance that was below consensus. Big picture, I think the severe drawdown in the AI favorites from 6/22-7/29 was good for the market. It reminded investors of the need to be vigilant and the perils of excessive leverage/risk taking. Long-term bond yields hitting new 20 year highs last week and the unresolved Iran war are factors I am monitoring. In summary, out of the mega-cap earnings the past two weeks and the forced SA sale, my favorites are $GOOGL, $AMZN and $MSFT. I increasingly view value as shifting from the model layer which is increasingly getting commoditized to the infrastructure layer which includes the public clouds. I think the short-term bottom in the current speed bump was on 7/29. Best of luck in the week ahead.