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Japan’s Kioxia said quarterly profit surged as more companies buy storage for AI systems and it plans to list US depositary shares to reach more investors.
In short: Kioxia said profits surged as demand for flash memory rose with wider use of generative AI, and it plans a US share listing to reach more investors.
Kioxia, a Japanese maker of flash memory used for data storage, reported a sharp jump in profits. The company said net profit in its latest quarter rose to ¥409bn, about $2.6bn, in the three months to March. That was about four times higher than the previous quarter and much higher than the same period a year earlier.
Kioxia said interest from the generative AI industry is driving a rush for memory devices. Think of this memory as the “filing cabinet” for a server, it keeps information even when the power is off. This type is called NAND flash memory, and Kioxia focuses mainly on it.
The company also said it expects another strong quarter. It forecast revenue will rise 75% in the three months to June compared with the prior quarter, and it expects net profit to roughly double to ¥870bn.
Kioxia also announced plans to list American depositary shares. These are a way for US investors to buy a version of a foreign company’s shares on US markets, similar to buying a local receipt that represents the real shares held elsewhere.
AI systems need huge amounts of data to be stored and quickly pulled back when answering questions. When many companies buy the same parts at once, supplies can get tight and prices can rise, which can boost profits for memory makers. Kioxia’s move to make its shares easier to buy in the US could also bring more investor attention to how central data storage has become to the AI boom.
Source: Financial Times