Kioxia, the world's best-performing major stock this year, said it would list its shares in the U.S. as it reaps the benefits of a global memory chip shortage that's ratcheted up prices of the vital component.
The company said it was preparing to list American depositary shares and forecast operating profit of ?1.3 trillion ($8.2 billion) for the quarter ending in June, far higher than the average analyst estimate. It also posted record earnings of ?596.8 billion for the quarter ending in March, surpassing even Toyota, to become one of Japan's most profitable businesses.
The Tokyo-based firm's meteoric rise encapsulates the booming demand for memory as hyperscalers rush to build AI infrastructure. Kioxia's shares are up about 300% so far this year.
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