Kioxia’s AI-Driven NAND Surge Tops Global Tech Rally Amid Memory Market Imbalance
Kioxia Holdings Corp. has emerged as the world's top-performing major stock this year, its 157% rally defying sector-wide volatility as AI-driven demand for NAND flash memory overwhelms supply. The Tokyo-based chipmaker now commands a ¥5.7 trillion ($36B) valuation following its December IPO, outperforming all MSCI World Index constituents.
Microsoft and Apple have joined Kioxia's client roster as hyperscalers scramble to secure storage for AI workloads. The supply-demand imbalance has intensified since November when production constraints collided with accelerating data center buildouts - a dynamic analysts expect to sustain pricing power through 2026.
Investors are positioning across the memory ecosystem, with wafer suppliers like Sumco poised to benefit. The trade remains volatile however - Kioxia shares plunged 23% in a single November session after quarterly earnings disappointed elevated expectations.
